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S Corp Tax Return: U.S. Income Tax Return for an S Corporation
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Form 1120-S in short
Form 1120-S is the yearly income tax return for a corporation or other entity that has elected S corporation status. It reports the company's income, deductions and credits, which generally pass through to shareholders on Schedule K-1. The form itself says not to file it unless Form 2553 has been filed or is attached. The current form is for tax year 2025.
| Issued by | Internal Revenue Service (IRS) |
|---|---|
| Current version | 2025 (checked 2026-10-25) |
| Who fills it in | A corporation or other entity that elected S corporation status on Form 2553, had the election accepted by the IRS, and still has the election in effect. Do not file it for any year before the election takes effect. |
| Who receives it | The IRS receives Form 1120-S with a Schedule K-1 for each shareholder. Each shareholder also gets a copy of their Schedule K-1. |
| Where to send it | S corporations that file 10 or more returns of any type during the calendar year are required to e-file, unless they get a waiver. If you mail it, the address depends on the state of the principal business, office or agency and on total assets. Entities in 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 with total assets under $10 million and no Schedule M-3 use Kansas City, MO 64999-0013. Those same states with $10 million or more in assets, or filing Schedule M-3, use Ogden, UT 84201-0013. All other states use Ogden, UT 84201-0013. A foreign country or U.S. territory uses Internal Revenue Service, P.O. Box 409101, Ogden, UT 84409. Check the Where To File table in the instructions before mailing. |
| Deadline | The 15th day of the 3rd month after the tax year ends. For calendar year 2025 returns the instructions give March 16, 2026, because March 15 fell on a Sunday. Form 7004 requests an automatic extension of time to file. |
| Official links | Official page · Official PDF · Official instructions |
What changed
For returns required to be filed in 2026, the minimum penalty for a return more than 60 days late is the smaller of the tax due or $525. Direct deposit fields were added on lines 28c to 28e. The instructions also cover new section 174A for domestic research costs in tax years beginning after 2024, and a due date rule for section 336(e) elections.
How to fill out Form 1120-S, line by line
| Header | Name, address and items A to F S election effective date, business activity code, Schedule M-3 check box, EIN, date incorporated and total assets at year end. |
| Item G | Electing S status this year Answer Yes only if the corporation is electing to be an S corporation beginning with this tax year. |
| Item H | Return type Check final return, name change, address change, amended return or S election termination as they apply. |
| Item I | Number of shareholders Count everyone who was a shareholder at any time during the tax year. |
| Lines 1a to 6 | Income Gross receipts, cost of goods sold (with Form 1125-A) and other trade or business income only. |
| Line 7 | Compensation of officers Total pay to officers. The instructions say payments to a corporate officer must be treated as wages to the extent they are reasonable pay for services. Form 1125-E is required when total receipts are $500,000 or more. |
| Lines 8 to 21 | Other deductions Employee wages, rent, taxes, interest, depreciation from Form 4562, advertising, retirement plans and other business deductions. |
| Line 22 | Ordinary business income (loss) Line 6 minus line 21. This amount passes through to shareholders on Schedule K and K-1. |
| Lines 23a to 28e | Tax and payments Corporate level taxes such as excess net passive income tax or built-in gains tax, payments, amount owed or overpayment, and direct deposit details. |
| Signature | Officer signature Signed by the president, vice president, treasurer, assistant treasurer, chief accounting officer or another authorized officer. |
| Schedule B | Other information Questions about accounting method, ownership, interest expense and more. Question 11 lets small S corporations skip Schedules L and M-1 when both receipts and assets are under $250,000. |
| Schedule K and K-1 | Shareholders' pro rata share items Totals of separately stated items for all shareholders, and each shareholder's share on their own Schedule K-1. |
Common mistakes to avoid
- Filing Form 1120-S before Form 2553 has been filed or accepted.
- Leaving officer compensation at zero while making distributions to officers who work in the business.
- Forgetting Form 1125-E when total receipts are $500,000 or more.
- Assuming there is no late filing penalty because no tax is due. The penalty is figured per shareholder, per month.
- Not giving each shareholder a Schedule K-1 on time.
- Mailing to the wrong service center when Schedule M-3 is attached or assets are $10 million or more.
Questions about Form 1120-S
What is the difference between Form 1120-S and Form 1120?
Form 1120-S is for corporations with a valid S election, where income generally passes through to shareholders. Form 1120 is for regular C corporations, which pay corporate income tax.
When is Form 1120-S due?
By the 15th day of the 3rd month after the tax year ends. For calendar year 2025 returns that was March 16, 2026.
Do I need to file Form 2553 first?
Yes. The form says not to file it unless the corporation has filed or is attaching Form 2553.
What is the late filing penalty for Form 1120-S?
When no tax is due, the instructions list $255 per month or part of a month, up to 12 months, multiplied by the number of shareholders. If tax is due, 5% of the unpaid tax per month is added, up to 25%.
Can an S corporation skip the balance sheet?
If total receipts and total assets at year end are both under $250,000, Schedule B question 11 says Schedules L and M-1 are not required.
How does an S election end?
It can end automatically, for example if the company stops qualifying as a small business corporation, or by revocation with the consent of shareholders holding more than 50% of the shares.
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Checked against the official sources on 2026-10-25. PDF Editor Hub is not affiliated with the Internal Revenue Service or any government agency. This page is general information, not legal or tax advice.