s-corp return

If you paid yourself a salary and withheld payroll taxes, you will need to prepare Forms W-2 and W-3 to meet the IRS requirements. The deadline to file was January 31, so there may be late penalties.

If you did not actually pay yourself a salary during the year, you should not claim wages you were not paid. As you know, employees have withholding taxes, and employers pay their share of Social Security and Medicare. Withheld taxes must be paid according to certain deadlines, all of which have passed for last year. Finally, employees receive a W-2 no later than January 31 of the following year. If you did none of that, you cannot report wages.

TurboTax Business is used to prepare an S-Corp Form1120S tax return. Under Business Info >> Shareholder Information, you can enter the amount of distributions made for the year. (Note that only S-Corps that were once C-Corps pay out dividends.)

While this is may be a fairly simple S-Corp return, consider signing up for TurboTax Assisted Business, which provides unlimited expert help as you work on your return.