Skip to main content
Level 2
May 16, 2025
Solved

1120 S Information sheet error

  • May 16, 2025
  • 2 replies
  • 20 views

I am getting error on 1120 S Information worksheet, it asks "Date Incorporated" = 6/14/2024

Then on Form 1120S it asks " S election effective date" = 9/09/2024

I get error "Effective date S election you have entered an effective date of S election that is later than the beginning date of the tax year"

I tried to change S election date to 01/01/2024, it gives me error indicating S election date is prior to "incorporated date".

It works only if I change both (incorporation date & Selection date to " 01/01/2024"

Any suggestions?

This topic has been closed for replies.
Best answer by IRonMaN

Sounds like you are doing a short year return.  Have you entered the appropriate start date on the information worksheet?

2 replies

IRonMaN
IRonMaNAnswer
Level 15
May 16, 2025

Sounds like you are doing a short year return.  Have you entered the appropriate start date on the information worksheet?

Slava Ukraini!
TaxHeroAuthor
Level 2
May 16, 2025

Thank you Sir

IRonMaN
Level 15
May 16, 2025

You betcha!

Slava Ukraini!
Accountant-Man
Level 13
May 19, 2025

If the election filing date is within the allowable window from the incorporation date, wouldn't the effective date also be 6/14/24, not 9//09/24?

"For a newly formed corporation, the election must be filed on or before the 15th day of the third month of the first tax year."

Example 2. Determining when the election becomes effective when a newly formed corporation elects S status: A newly formed corporation begins business on June 15, 2018, and decides to immediately elect S status. For the election timing rule, the company’s first month ends on July 14, and the company’s second month ends on Aug. 14. Therefore, the 15th day of the third month falls on Aug. 29, 2018, which is the deadline for the company to file its S election.

I think you might be late for 2024.

** I'm still a champion... of the world! Even without The Lounge.