1120-S: U.S. Income Tax Return for an S Corporation (2024)

Who files this form

A corporation or other entity must file Form 1120-S if all three conditions apply:

• It elected to be an S corporation by filing Form 2553.
• The IRS accepted the election.
• The election remains in effect.

Use this form to report income, gains, losses, deductions, credits, and other information for a tax year covered by the S corporation election. Do not file it for a tax year before the election takes effect.

The form warns not to file unless the corporation has already filed Form 2553 or is attaching it. If Form 2553 was not filed on time, relief for a late election may be available. See the Instructions for Form 2553.

When it's due

• 2024 calendar-year return: Form 1120-S is due March 17, 2025.
• Extension for the 2024 return: Request an extension using Form 7004, generally by the return's regular due date.
• Tax payment for the 2024 return: Any tax due generally must be paid in full by the regular filing due date, without extensions.

What you'll need

Have the following information and records ready:

• Corporation details: Name, address, employer identification number (EIN), incorporation date, S election effective date, business activity, and number of shareholders during the tax year.
• Financial records: Income, expenses, assets, liabilities, shareholder distributions and loans, and tax payments and credits.
• Election paperwork: Form 2553 if it is being attached to the return.
• Shareholder schedules: Schedules K-1 and any required supporting statements. International reporting may also require Schedules K-2 and K-3.

Depending on the items reported, attachments may include:

• Form 1125-A for cost of goods sold.
• Form 4797 for sales of business property.
• Form 4562 for depreciation or a section 179 deduction.
• Form 8825 for rental real estate income and expenses.
• Schedule D (Form 1120-S) for capital gains and losses.
• Statements for other income and other deductions.
• Form 8050 to request direct deposit of a corporate income tax refund.

These are examples, not a complete list. Attach the forms and statements that apply to the corporation.

How to file

Electronic filing

S corporations can generally e-file Form 1120-S and related forms, schedules, statements, and attachments. E-filing is required if the corporation files 10 or more returns of any type during the calendar year, including income tax, employment tax, excise tax, and information returns. Certain returns are excluded, and hardship waivers or religious exemptions may apply.

For more information, see E-file for Business and Self Employed Taxpayers on IRS.gov.

Filing by mail

Choose the address based on the location of the corporation's principal business, office, or agency, its year-end total assets, and whether it files Schedule M-3.

Connecticut, Delaware, District of Columbia, Georgia, Illinois, Indiana, Kentucky, Maine, Maryland, Massachusetts, Michigan, New Hampshire, New Jersey, New York, North Carolina, Ohio, Pennsylvania, Rhode Island, South Carolina, Tennessee, Vermont, Virginia, West Virginia, or Wisconsin:

If total assets are less than $10 million and Schedule M-3 is not filed, send the return to:

Department of the Treasury

Internal Revenue Service

Kansas City, MO 64999-0013

If total assets are $10 million or more, or Schedule M-3 is filed, send it to:

Department of the Treasury

Internal Revenue Service

Ogden, UT 84201-0013

Alabama, Alaska, Arizona, Arkansas, California, Colorado, Florida, Hawaii, Idaho, Iowa, Kansas, Louisiana, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Mexico, North Dakota, Oklahoma, Oregon, South Dakota, Texas, Utah, Washington, or Wyoming:

For any amount of total assets, send the return to:

Department of the Treasury

Internal Revenue Service

Ogden, UT 84201-0013

A foreign country or U.S. territory:

For any amount of total assets, send the return to:

Internal Revenue Service

P.O. Box 409101

Ogden, UT 84409

For an IRS-designated private delivery service, use IRS.gov/PDSStreetAddresses to find the delivery address. Private delivery services cannot deliver to P.O. boxes.

Before sending

An authorized corporate officer must sign and date the return. If a receiver, trustee, or assignee files on the corporation's behalf, that fiduciary must sign instead.

Attach applicable schedules and forms after page 5 in the order specified in the instructions. Put supporting statements last, in the order of the forms or schedules they support, and include the corporation's name and EIN on each.

Common mistakes

• Filing without the S corporation election paperwork: Do not file Form 1120-S unless Form 2553 has been filed or is attached.
• Putting nonbusiness items on page 1: The form cautions that lines 1a through 22 should include only trade or business income and expenses.
• Overlooking the e-filing requirement: The instructions remind corporations of the 10-return threshold. The count includes different types of returns, not just income tax returns.
• Using a private delivery service for a P.O. box: Use the U.S. Postal Service for items sent to an IRS P.O. box.
• Attaching a penalty explanation to the return: The instructions say not to do this. If the IRS sends a penalty notice after filing, send the explanation then.

Questions people ask

Do all corporations need to complete Schedules L and M-1?

No. A corporation is not required to complete them if both its total receipts for the tax year and its total assets at year-end were less than $250,000. See Schedule B, question 11.

How do I correct a return that was already filed?

File an amended Form 1120-S and check box H(4) on page 1. Attach a statement identifying each changed line, the corrected amount or treatment, and the reason for the change. If shareholder information on Schedule K-1 or K-3 changes, file the amended schedule with the amended return and give a copy to the affected shareholder.

Can the corporation receive its refund by direct deposit?

Yes. Attach Form 8050 to request direct deposit into an account at a U.S. bank or other financial institution.

What if the IRS has not confirmed the S corporation election?

If no acceptance or nonacceptance notice arrives within 2 months after filing Form 2553, call 800-829-4933. Allow 5 months if box Q1 was checked to request a letter ruling.

Official sources

• https://www.irs.gov/pub/irs-prior/f1120s--2024.pdf
• https://www.irs.gov/pub/irs-prior/i1120s--2024.pdf