IRS · Official form

Form 1120-S, U.S. Income Tax Return for an S Corporation

Form 1120-S is the annual income tax return for S corporations. The corporation itself usually pays no income tax; the return reports income and deductions that pass through to shareholders on Schedules K-1.

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What is 1120-S?

A corporation (or other entity) that has elected S status with Form 2553 files Form 1120-S each year to report its income, gains, losses, deductions, and credits. Ordinary business income is computed on page 1, while separately stated items like capital gains, section 179 deductions, and charitable contributions flow through Schedule K. Each shareholder then receives a Schedule K-1 showing their pro rata share to report on their own return.

The return also carries Schedule B general questions, Schedules L, M-1, and M-2 for the balance sheet and reconciliations, and, for some filers, Schedules K-2 and K-3 for items of international relevance. S corporations rarely owe entity-level tax, but built-in gains tax and excess net passive income tax can apply in specific situations.

Who files 1120-S?

Domestic corporations with a valid S election in effect for the tax year
LLCs and other entities that elected corporate treatment and then S status
The corporation also issues a Schedule K-1 to every shareholder
Corporations without an S election file Form 1120 instead

How to fill out 1120-S

Complete the header with the corporation’s name, EIN, S election effective date, and shareholder count.
Report gross receipts, cost of goods sold (Form 1125-A), and business deductions to reach ordinary business income.
Complete Schedule K with the totals of pass-through items, and prepare a Schedule K-1 for each shareholder.
Fill in Schedules B, L, M-1, and M-2 as the instructions require for your size and situation.
Download the finished PDF. Most S corporations e-file; the return is generally due the 15th day of the 3rd month after year end, with Form 7004 available for an extension.

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Page 1 78 fields

Page 2 70 fields

Page 3 62 fields

Page 4 74 fields

Page 4. Schedule K. Shareholders' Pro Rata Share Items (continued). Other Information. 17a. Investment income. Total amount.

17b. Investment expenses.

17c. Dividend distributions paid from accumulated earnings and profits.

18. Income (loss) reconciliation. Combine the total amounts on lines 1 through 10. From the result, subtract the sum of the amounts on

Row: 1. Cash. Column: Beginning of tax year. (b).

Row: 1. Cash. Column: End of tax year. (d).

Row: 2a. Trade notes and accounts receivable. Column: Beginning of tax year. (a).

Row: 2a. Trade notes and accounts receivable. Column: End of tax year. (c).

Row: 2b. Less allowance for bad debts. Column: Open parenthesis. Beginning of tax year. (a). Close parenthesis.

Row: 2b. Less allowance for bad debts. Column: Beginning of tax year. (b).

Row: 2b. Less allowance for bad debts. Column: Open parenthesis. End of tax year. (c). Close parenthesis.

Row: 2b. Less allowance for bad debts. Column: End of tax year. (d).

Row: 3. Inventories. Column: Beginning of tax year. (b).

Row: 3. Inventories. Column: End of tax year. (d).

Row: 4. U.S. government obligations. Column: Beginning of tax year. (b).

Row: 4. U.S. government obligations. Column: End of tax year. (d).

Row: 5. Tax-exempt securities (see instructions). Column: Beginning of tax year. (b).

Row: 5. Tax-exempt securities (see instructions). Column: End of tax year. (d).

Row: 6. Other current assets (attach statement). Column: Beginning of tax year. (b).

Row: 6. Other current assets (attach statement). Column: End of tax year. (d).

Row: 7. Loans to shareholders. Column: Beginning of tax year. (b).

Row: 7. Loans to shareholders. Column: End of tax year. (d).

Row: 8. Mortgage and real estate loans. Column: Beginning of tax year. (b).

Row: 8. Mortgage and real estate loans. Column: End of tax year. (d).

Row: 9. Other investments (attach statement). Column: Beginning of tax year. (b).

Row: 9. Other investments (attach statement). Column: End of tax year. (d).

Row: 10a. Buildings and other depreciable assets. Column: Beginning of tax year. (a).

Row: 10a. Buildings and other depreciable assets. Column: End of tax year. (c).

Row: 10b. Less accumulated depreciation. Column: Open parenthesis. Beginning of tax year. (a). Close parenthesis.

Row: 10b. Less accumulated depreciation. Column: Beginning of tax year. (b).

Row: 10b. Less accumulated depreciation. Column: Open parenthesis. End of tax year. (c). Close parenthesis.

Row: 10b. Less accumulated depreciation. Column: End of tax year. (d).

Row: 11a. Depletable assets. Column: Beginning of tax year. (a).

Row: 11a. Depletable assets. Column: End of tax year. (c).

Row: 11b. Less accumulated depletion. Column: Open parenthesis. Beginning of tax year. (a). Close parenthesis.

Row: 11b. Less accumulated depletion. Column: Beginning of tax year. (b).

Row: 11b. Less accumulated depletion. Column: Open parenthesis. End of tax year. (c). Close parenthesis.

Row: 11b. Less accumulated depletion. Column: End of tax year. (d).

Row: 12. Land (net of any amortization). Column: Beginning of tax year. (b).

Row: 12. Land (net of any amortization). Column: End of tax year. (d).

Row: 13a. Intangible assets (amortizable only). Column: Beginning of tax year. (a).

Row: 13a. Intangible assets (amortizable only). Column: End of tax year. (c).

Row: 13b. Less accumulated amortization. Column: Open parenthesis. Beginning of tax year. (a). Close parenthesis.

Row: 13b. Less accumulated amortization. Column: Beginning of tax year. (b).

Row: 13b. Less accumulated amortization. Column: Open parenthesis. End of tax year. (c). Close parenthesis.

Row: 13b. Less accumulated amortization. Column: End of tax year. (d).

Row: 14. Other assets (attach statement). Column: Beginning of tax year. (b).

Row: 14. Other assets (attach statement). Column: End of tax year. (d).

Row: 15. Total assets. Column: Beginning of tax year. (b).

Row: 15. Total assets. Column: End of tax year. (d).

Row: 16. Accounts payable. Column: Beginning of tax year. (b).

Row: 16. Accounts payable. Column: End of tax year. (d).

Row: 17. Mortgages, notes, bonds payable in less than 1 year. Column: Beginning of tax year. (b).

Row: 17. Mortgages, notes, bonds payable in less than 1 year. Column: End of tax year. (d).

Row: 18. Other current liabilities (attach statement). Column: Beginning of tax year. (b).

Row: 18. Other current liabilities (attach statement). Column: End of tax year. (d).

Row: 19. Loans from shareholders. Column: Beginning of tax year. (b).

Row: 19. Loans from shareholders. Column: End of tax year. (d).

Row: 20. Mortgages, notes, bonds payable in 1 year or more. Column: Beginning of tax year. (b).

Row: 20. Mortgages, notes, bonds payable in 1 year or more. Column: End of tax year. (d).

Row: 21. Other liabilities (attach statement). Column: Beginning of tax year. (b).

Row: 21. Other liabilities (attach statement). Column: End of tax year. (d).

Row: 22. Capital stock. Column: Beginning of tax year. (b).

Row: 22. Capital stock. Column: End of tax year. (d).

Row: 23. Additional paid-in capital. Column: Beginning of tax year. (b).

Row: 23. Additional paid-in capital. Column: End of tax year. (d).

Row: 24. Retained earnings. Column: Beginning of tax year. (b).

Row: 24. Retained earnings. Column: End of tax year. (d).

Row: 25. Adjustments to shareholders' equity (attach statement). Column: Beginning of tax year. (b).

Row: 25. Adjustments to shareholders' equity (attach statement). Column: End of tax year. (d).

Row: 26. Less cost of treasury stock. Column: Open parenthesis. Beginning of tax year. (b). Close parenthesis.

Row: 26. Less cost of treasury stock. Column: Open parenthesis. End of tax year. (d). Close parenthesis.

Row: 27. Total liabilities and shareholders' equity. Column: Beginning of tax year. (b).

Row: 27. Total liabilities and shareholders' equity. Column: End of tax year. (d).

Page 5 40 fields

1. Net income (loss) per books.

2. Income included on Schedule K, lines 1, 2, 3c, 4, 5a, 6, 7, 8a, 9, and 10, not recorded on books this year (itemize): Line 1 of 2.

2. Line 2 of 2.

2. Amount.

Depreciation $

3a. Line 2 of 2.

Travel and entertainment $

3b. Line 2 of 2.

3. Amount.

4. Add lines 1 through 3.

Tax-exempt interest $

5a. Line 2 of 2.

5. Amount.

Depreciation $

6a. Line 2 of 2.

6. Amount.

7. Add lines 5 and 6.

8. Income (loss) (Schedule K, line 18). Subtract line 7 from line 4.

Balance at beginning of tax year. Column: (a) Accumulated adjustments account.

Row: 1. Balance at beginning of tax year. Column: (b) Shareholders’ undistributed taxable income previously taxed.

Row: 1. Balance at beginning of tax year. Column: (c) Accumulated earnings and profits.

Row: 1. Balance at beginning of tax year. Column: (d) Other adjustments account.

Row: 2. Ordinary income from page 1, line 22. Column: (a) Accumulated adjustments account.

Row: 3. Other additions. Column: (a) Accumulated adjustments account.

Row: 3. Other additions. Column: (d) Other adjustments account.

Row: 4. Loss from page 1, line 22. Column: Open parenthesis. (a) Accumulated adjustments account. Close parenthesis.

Row: 5. Other reductions. Column: Open parenthesis. (a) Accumulated adjustments account. Close parenthesis.

Row: 5. Other reductions. Column: Open parenthesis. (d) Other adjustments account. Close parenthesis.

Row: 6. Combine lines 1 through 5. Column: (a) Accumulated adjustments account.

Row: 6. Combine lines 1 through 5. Column: (b) Shareholders’ undistributed taxable income previously taxed.

Row: 6. Combine lines 1 through 5. Column: (c) Accumulated earnings and profits.

Row: 6. Combine lines 1 through 5. Column: (d) Other adjustments account.

Row: 7. Distributions. Column: (a) Accumulated adjustments account.

Row: 7. Distributions. Column: (b) Shareholders’ undistributed taxable income previously taxed.

Row: 7. Distributions. Column: (c) Accumulated earnings and profits.

Row: 7. Distributions. Column: (d) Other adjustments account.

Row: 8. Balance at end of tax year. Subtract line 7 from line 6. Column: (a) Accumulated adjustments account.

Row: 8. Balance at end of tax year. Subtract line 7 from line 6. Column: (b) Shareholders’ undistributed taxable income previously taxed.

Row: 8. Balance at end of tax year. Subtract line 7 from line 6. Column: (c) Accumulated earnings and profits.

Row: 8. Balance at end of tax year. Subtract line 7 from line 6. Column: (d) Other adjustments account.

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Frequently asked questions

Does an S corporation pay income tax itself?

Usually no. Income passes through to shareholders, who pay tax on their individual returns. Entity-level taxes exist only in narrow cases, such as built-in gains for corporations that converted from C status.

When is Form 1120-S due?

Generally March 15 for calendar-year filers, the 15th day of the 3rd month after the tax year ends. Form 7004 provides an automatic extension of time to file. Late filing penalties are charged per shareholder per month, so the deadline matters even when no tax is due.

What do shareholders do with Schedule K-1?

Each shareholder reports the amounts from their K-1 on their own tax return, typically on Schedule E and related forms. The K-1 is issued to the shareholder; it is filed with the IRS as part of the 1120-S, not attached to the shareholder’s return.

Form 1120-S, U.S. Income Tax Return for an S Corporation

What is 1120-S?

Who files 1120-S?

How to fill out 1120-S

Quick fill 1120-S on this page

Frequently asked questions

Related forms

Form 2553, Election by a Small Business Corporation

Form 1120, U.S. Corporation Income Tax Return

Form 7203, S Corporation Shareholder Stock and Debt Basis Limitations