Can you amend a 1040 to switch from schedule c to 1120s?

Forum|Forum|1 year ago
November 5, 2024
3 replies
15 views

Can an amendment be done on a 1040 that filed a schedule C to be replaced with a K-1? I have a new client that has been filing their business return with the a relative using schedule c but they should’ve filed as s-corp years ago. They filed using freetaxusa and I want to file them with ProConnect. I am a new user (2weeks) of ProConnect so I need help navigating this. Thanks!

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IRonMaN

Level 15

It can be done, but before you do it, make sure you are doing the correct thing. Were they running the business as an S corp or were they running it like a schedule C? Did they pay themselves wages or did they take draws? Did the IRS ever send a notice looking for a sub S tax return over those years? Have you seen the approved S election?

Slava Ukraini!

C

CsbsAuthor

Level 2

Hey IRonMaN. Are you the one that people were saying should be freed? lol. I hope so because I love a people’s hero 😊

They were running the business like a schedule C. They didn’t pay themselves any wages nor did they take any draws. No notices from the IRS and no approved S Election. I feel like I may have just answered my own question 😬

IRonMaN

Level 15

"Hey IRonMaN. Are you the one that people were saying should be freed?"

That's me, but they have yet to build a prison that could hold me 😜

Glad that you got things figured out.

Slava Ukraini!

George4Tacks

Level 15

Short answer to your question is YES. See @IRonMaN post and review all of the questions to be sure it doesn't get more screwed up. 1st job is to input the 1040 into ProConnect so it EXACTLY matches the 1040 (and state) as originally filed.

Instructions are here.

https://accountants.intuit.com/support/en-us/help-search?document_type=Articles&filter=ProConnect+Tax+Online&filter=location&filter=ProConnect+Tax&q=1040x&uid=m34u81gf

Answers are easy. Questions are hard!

C

CsbsAuthor

Level 2

Ok. I answered those questions but after thinking about it, I fear screwing it up might just be what would happen. Thanks for the instructions.

qbteachmt

Level 15

Not sure what "with a relative" might mean. I start with the EIN they used. If it isn't formalized (just their SSN), you have nothing to amend. If it's an EIN, you have some research to do.

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