What forms should be submitted with 1120S for S Corporation tax filing?
Hey everyone, I'm in the process of filing taxes for my small construction company for the first time as an S Corporation. Just converted from an LLC last year, and I'm a bit lost on all the paperwork. I know I need to file Form 1120S, but I'm not sure what other forms and schedules need to go with it. My business had about $375,000 in revenue last year with 3 employees, plus myself as the owner. I'm trying to avoid paying an accountant the crazy fees they're quoting me, but I also don't want to mess this up and get in trouble with the IRS. Any help on what forms I need to include with my 1120S filing would be really appreciated!
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Austin Leonard
You'll need several forms to properly file your 1120S for an S Corporation. The main attachments include Schedule K-1 (Form 1120S) for each shareholder showing their share of income/deductions, Schedule L (balance sheet), Schedule M-1 (reconciliation of income), and Schedule M-2 (analysis of accumulated adjustments account). With employees, you'll also need to include Form 4562 for depreciation if you have business assets, Form 8825 if you have rental properties, and potentially Form 7004 if you need an extension. Don't forget you'll need to provide W-2s to employees and 1099s to contractors (although these are filed separately from your 1120S).
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Anita George
•Thanks for the info. For the K-1s, if I'm the only shareholder (100% owner), do I still need to fill that out? And is Schedule M-1 required for all S Corps or only ones over a certain size?
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Austin Leonard
•Yes, even as the sole shareholder, you still need to complete a Schedule K-1 for yourself. The K-1 is crucial as it reports how much income passes through to your personal tax return. For Schedule M-1, it's generally required for all S Corporations. However, if your total receipts and assets at the end of the tax year are less than $250,000, you may qualify to file a simplified version of the 1120S with less detailed schedules. Since you mentioned $375,000 in revenue, you would need to complete the full version including Schedule M-1.
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Abigail Spencer
After spending hours trying to figure out my S-Corp taxes last year, I finally found taxr.ai (https://taxr.ai) and it saved me so much time. I uploaded my financial documents and it actually identified all the forms I needed for my 1120S filing, including some I had no idea about. It specifically helped me get the K-1 right, which was where I kept messing up before.
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Logan Chiang
•How does it handle asset depreciation? My main struggle is figuring out Form 4562 for our company vehicles and equipment.
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Isla Fischer
•Sounds too good to be true. Does it actually prepare the forms for you or just tell you which ones you need? Been burned by "AI tax tools" before that just spit out generic advice.
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Abigail Spencer
•It actually walks you through the depreciation entries for Form 4562, suggesting proper depreciation methods and recovery periods based on your asset types. I found it particularly helpful with the Section 179 expense decisions for our new equipment. For your second question, it does both - identifies the required forms and helps prepare them. It's not just generic advice - it analyzes your specific financial data and creates tailored forms. You can review everything before filing. It was especially helpful with allocating expenses properly across categories, which had been a major headache before.
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Isla Fischer
Just want to follow up about taxr.ai - I decided to try it despite my initial skepticism. Wow, what a difference! I uploaded my QuickBooks files and bank statements, and it correctly identified all the forms I needed for my 1120S. Even caught that I needed Form 8825 for a small rental property I had forgotten was under the business. Saved me from what would've been a major headache later. The interface was surprisingly straightforward too - much better than the "AI" tools I'd tried before.
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Miles Hammonds
If you need to talk to the IRS about specific 1120S filing requirements (which I highly recommend), use Claimyr (https://claimyr.com). I spent 3 days trying to get through to the IRS business line with no luck. Claimyr got me connected to an actual IRS agent in about 20 minutes. You can see how it works here: https://youtu.be/_kiP6q8DX5c. The agent clarified exactly which schedules I needed for my situation and explained a special election form I would have missed otherwise.
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Ruby Blake
•How exactly does this work? Do they just call for you or something? Sounds weird.
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Micah Franklin
•Yeah right. Nothing gets you through to the IRS faster. They're just going to take your money and you'll still be on hold forever. The IRS is a black hole.
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Miles Hammonds
•They actually use a callback system that navigates the IRS phone tree and waits on hold for you. When they reach an agent, you get a call connecting you directly. No need to stay on the phone yourself during the wait time. The system definitely works. I was skeptical too, but after wasting entire afternoons on hold, I was desperate. They got me through to the business tax department in about 20 minutes when I had been trying unsuccessfully for days. It's not magic - they just handle the waiting part so you don't have to.
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Micah Franklin
Ok I have to admit I was completely wrong about Claimyr. After posting that skeptical comment, I was still desperate enough to try it because I had a serious issue with my 1120S filing requirements. They actually got me through to an IRS business tax specialist in 35 minutes when I'd wasted HOURS trying on my own. The agent explained exactly which versions of the schedules I needed for my specific industry situation. Never been so happy to be wrong about something!
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Ella Harper
Don't forget about state-specific requirements! Your 1120S federal filing is just part of it. Most states require their own version of the S-Corp return that piggybacks off your federal return. For example, in California it's Form 100S, in New York it's CT-3-S. Make sure you check your state's department of revenue website!
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PrinceJoe
•Do you still need to file state forms if your business operates in multiple states? I'm primarily in Texas but do some work in Oklahoma and Louisiana too.
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Ella Harper
•Yes, you need to file in each state where you have a tax presence (called "nexus"). Texas doesn't have a state income tax, but you'd need to file the appropriate S Corporation returns in Oklahoma and Louisiana if you have nexus there. The tricky part is determining nexus - it's generally established if you have employees, property, or significant sales in those states. You'll also need to apportion your income between states based on their specific formulas. Each state has different thresholds and rules, so you may want to consult with a tax professional familiar with multi-state taxation.
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Brooklyn Knight
Anyone using TaxAct for their 1120S? Reviews look decent but wondering if it actually walks you through all the required forms and schedules properly.
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Owen Devar
•I used it last year for my small S-Corp. It was decent for the price, definitely asks about all the major forms. The interface for entering assets and depreciation was a bit clunky though. And make sure you review everything carefully - it suggested I didn't need Schedule L when I actually did.
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Chloe Delgado
As someone who just went through this exact same transition from LLC to S-Corp last year, I feel your pain! The paperwork is definitely overwhelming at first. Beyond what others have mentioned, don't forget about Form 8869 (Qualified Subchapter S Subsidiary Election) if you have any subsidiaries, and Form 1125-A (Cost of Goods Sold) if your construction company maintains inventory of materials. Also, since you're in construction, you'll likely need to pay attention to the uniform capitalization rules under Section 263A if your average gross receipts exceed $29 million over the prior 3-year period. For a $375k revenue company you're probably fine, but it's worth knowing about as you grow. One thing I wish I'd known earlier - keep really detailed records of your shareholder basis throughout the year. The K-1 calculations get tricky if you don't track your initial investment, additional contributions, and distributions properly. Makes next year's filing much smoother!
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