IRS Form 1120-S: U.S. Income Tax Return for an S Corporation
Form 1120-S is the yearly federal return for an S corporation. It reports the business's income, deductions and credits. The corporation usually does not pay income tax itself; each shareholder receives a Schedule K-1 showing their share to report on their own return.
What this form is for
It reports S corporation results for the year and produces a Schedule K-1 for each shareholder.
When people usually use it
Companies that made the Form 2553 election file it every year. Shareholders run into it when their K-1 does not match what the IRS has.
What to have ready
- The corporation's books for the year
- Shareholder ownership details
- Last year's Form 1120-S
Related forms
- Form 2553: Election by a Small Business Corporation
- Form 1065: U.S. Return of Partnership Income
- Form SS-4: Application for Employer Identification Number (EIN)
Read the IRS page
IRS.gov page for Form 1120-S (opens in a new tab). The IRS page is the final word on this form.
Frequently asked questions
What is IRS Form 1120-S?
Form 1120-S is the yearly federal return for an S corporation. It reports the business's income, deductions and credits. The corporation usually does not pay income tax itself; each shareholder receives a Schedule K-1 showing their share to report on their own return.
Where do I get Form 1120-S?
The current version and instructions are on the IRS page for Form 1120-S at https://www.irs.gov/forms-pubs/about-form-1120-s. Download it there so you have the right revision.
Do I need to file Form 1120-S?
It depends on your situation. Read the IRS page and the instructions, and if a letter mentioned Form 1120-S, read what that letter asks for. OweRight does not give tax advice.
What should I have ready for Form 1120-S?
A good starting list is: the corporation's books for the year; shareholder ownership details; last year's form 1120-s. The instructions on IRS.gov list everything the form asks for.
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OweRight is not the IRS and does not give tax or legal advice.