41S: S Corporation Income Tax Return and Instructions 2024 (2024)
Idaho · Idaho Tax Commission · Used for tax years 2024
Idaho Form 41S is the 2024 S Corporation Income Tax Return. It reports income, Idaho additions and subtractions, credits, taxes, and payments to determine the amount due or refund. It includes options for regular, composite, affected business entity, and amended returns.
What you'll need
Include these with your Idaho Form 41S:
- A complete copy of federal Form 1120S, including all federal Schedule K-1s.
- All Idaho Forms ID K-1. Also provide each shareholder with an Idaho Form ID K-1.
- Schedules supporting applicable additions, subtractions, allocated income, and related expenses.
Depending on your return, you may also need:
- Form 42 if the corporation has multistate or multinational operations.
- Form PTE-12 for income reported on the entity’s composite return.
- Form ABE for an affected business entity election. No separate election form is necessary if the ABE box is checked and an authorized person signs the return. If the signer isn’t authorized by the entity, all members’ signatures must be provided on Form ABE.
- Form 44 for business income tax credits or credit recapture.
- Form 75 for applicable fuels taxes, fuel tax refunds, or use tax calculations.
- Form 49ER for recapture of the qualified investment exemption.
- Form 41ESR for underpayment interest.
- A copy of the Idaho Reimbursement Incentive Certificate if claiming that credit.
How to file
Use the 2024 return for calendar year 2024 or a fiscal year beginning in 2024. For a fiscal year, fill in the tax-year dates at the top of the form.
Enter the business name, mailing address, EIN, and NAICS code. Select the return type, answer the applicable questions, and complete the income, tax, credit, and payment lines. An authorized individual must sign for the corporation.
Attach the required federal return, Idaho Forms ID K-1, and other applicable forms and schedules. Don’t staple.
Mail a return with payment to:
Idaho State Tax Commission
PO Box 83784
Boise ID 83707-3784
Mail a return without payment to:
Idaho State Tax Commission
PO Box 56
Boise ID 83756-0056
Common mistakes
- Leaving questions unanswered. The instructions warn that incomplete returns delay processing and unanswered questions in the questions section are assumed to be “no.”
- Entering cents or a dash in the EIN. Round amounts to whole dollars: round down below 50 cents and up at 50 cents or more. Enter the EIN without its dash.
- Including PTE-01 payments on line 60. The instructions specifically say not to include them there.
- Reporting sales or use tax on line 54 when you have an Idaho sales or use tax account. Continue reporting that tax on your sales and use tax returns instead.
- Claiming all corporate credits on a composite return when the corporation isn’t paying tax for all shareholders. The instructions warn against entering the total credit in that situation.
- Making a scholarship donation you may want to reverse. The line 58 donation can’t be changed or refunded later.
- Completing lines 71 through 74 on an original return. These lines are for amended returns only.
Questions people ask
Can I use Form 41S to amend a return?
Yes. Check the amended-return box and enter the reason code: 1 for a federal audit, 2 for a federal amended return, or 3 for another reason. Include an explanation for code 3. Complete the entire form using corrected amounts, including lines 71 through 74.
What is a composite return?
A composite return is one return filed by an entity on behalf of its eligible owners.
What is an affected business entity, or ABE?
For this form, an ABE is an S corporation that elects to be taxed at the entity level.
What if all the corporation’s activity is in Idaho?
Enter 100% on line 37. Corporations with multistate or multinational operations must instead use the apportionment factor from Form 42, Part I, line 21, and include Form 42.
Can I apply an overpayment to next year?
Yes. On an original 2024 return, you can request a refund of some or all of the overpayment on line 70. Any remaining amount is applied to your 2025 tax and won’t be refunded. Refunds of less than $1 aren’t issued.