What is Form 1120-S (S-Corp Annual Return)?
Form 1120-S is the annual federal income tax return for US S-corporations, due 15 March for calendar-year filers. The corporation does not pay federal income tax; instead, each shareholder receives a Schedule K-1 reporting their share of income, deductions and credits.
Current Rate (Annual, calendar year)
N/A — informational return only
Example
Acme S-corp files Form 1120-S by 15 March 2025 reporting 2024 results. Each shareholder receives a K-1 to include on their personal Form 1040.
Related terms
An S-corporation is a US entity that elects pass-through taxation under Subchapter S. The corporation itself pays no federal income tax; profits flow to shareholders' personal returns. Limited to 100 shareholders, all US individuals (or certain trusts), and one class of stock. Owner-employees must pay 'reasonable compensation' as W-2 wages subject to FICA.
Form 1120 is the annual federal income tax return for US C-corporations, due 15 April for calendar-year filers (15th day of the 4th month after fiscal year-end for fiscal-year filers). Six-month automatic extension available via Form 7004.
Form 1065 is the annual return for US partnerships and multi-member LLCs taxed as partnerships, due 15 March for calendar-year filers. The partnership does not pay federal income tax; profits flow to partners via Schedule K-1.
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