Internal Revenue Service (IRS) · United States (federal)
Form 1120-S: U.S. Income Tax Return for an S Corporation
Current revision: Tax year 2025 (checked on irs.gov, Oct 28, 2026)
Fill in IRS Form 1120-S (tax year 2025) for an S corporation: page 1, Schedules B and K, shareholder K-1s, the March 15, 2027 deadline and the e-file rule.
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Form
1120-S
- Issued by
- Internal Revenue Service (IRS)
- Applies in
- United States (federal)
- Edition
- Tax year 2025
Official source
PDFBetter is not affiliated with, endorsed by or acting for Internal Revenue Service (IRS). We open the form from irs.gov, and you fill it in our editor. Check the issuer's instructions before you file.
What it is
What Form 1120-S is for
Form 1120-S is the annual return of a corporation that has a valid S election (Form 2553). It reports income and deductions that pass through to shareholders on Schedules K-1, plus the few taxes the corporation itself can owe. The PDF on irs.gov today is the tax-year 2025 edition; the 2026 form usually appears in December–January. A calendar-year 2026 return and the shareholders' K-1s are due March 15, 2027, or September 15, 2027 with Form 7004.
Form 1120-S deadlines, 2027 filing season
Calendar-year 2026 Form 1120-S and shareholder K-1s, or Form 7004 Source: irs.gov
Extended 2026 Form 1120-S and K-1s to shareholders Source: irs.gov
Dates already move past weekends and DC holidays, as the IRS rule says. Checked against irs.gov on October 28, 2026. See the full 2027 tax calendar.
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- 1
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Who files it
- Corporations that filed Form 2553, had the election accepted, and still have it in effect
- LLCs that elected S corporation treatment
- S corporations filing a final return after dissolving (15th day of the 3rd month after dissolution)
- S corporations whose election ended during the year (a short-year 1120-S)
What you need
- EIN, S election effective date, business activity code, date incorporated and total assets
- Number of shareholders during the year and each shareholder's name, address, TIN and share count
- Gross receipts, cost of goods sold (Form 1125-A) and deductions by category
- Officer compensation (Form 1125-E) and salaries
- Separately stated items for Schedule K: interest, dividends, capital gains, section 179, charitable contributions, credits
- Distributions to shareholders and loans from shareholders
- Estimated tax payments and any tax deposited with Form 7004
Line by line
How to fill out Form 1120-S
- 1
Check the year first
The current PDF says “For calendar year 2025.” Use it for a 2025 return. For a calendar-year 2026 return, wait for the 2026 Form 1120-S.
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Header — items A to J
Enter the S election effective date (A), business activity code (B), EIN (D), date incorporated (E) and total assets (F). Answer G (electing S status this year), check H for final, name or address changes, amended return or election termination, and enter the number of shareholders in I.
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Income and deductions — lines 1a–22
Include only trade or business income and expenses here. Enter receipts, cost of goods sold, officer compensation (line 7), salaries (line 8) and other deductions. Line 22 is ordinary business income or loss.
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Tax and payments — lines 23a–28
Line 23a is excess net passive income or LIFO recapture tax and 23b the tax from Schedule D (Form 1120-S). Enter estimated payments (24a) and tax deposited with Form 7004 (24b). Lines 28a–28e handle a credit to 2026 estimated tax or a refund by direct deposit.
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Schedule B — other information
Answer each question. If total receipts and total assets are both under $250,000 (question 11), Schedules L and M-1 aren't required.
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Schedule K and the K-1s
Schedule K totals every pass-through item for all shareholders. Prepare one Schedule K-1 per shareholder with their pro rata share, attach copies to the return and give each shareholder theirs.
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Sign
An authorized officer signs, dates and enters a title. A paid preparer completes the preparer section with a PTIN.
Common Form 1120-S mistakes
- Filing Form 1120-S before the corporation has filed Form 2553 or without attaching it, which the form itself says not to do.
- Putting portfolio income, rental income or other separately stated items on page 1 instead of Schedule K.
- Sending a shareholder a K-1 late or with missing information, which can bring a penalty per K-1.
- Mailing a paper return when the corporation files 10 or more returns in the year and must e-file.
- Missing the March 15 deadline because it's a month earlier than the C corporation date.
Where to send it
S corporations that file 10 or more returns of any type in a calendar year must e-file Form 1120-S; a hardship waiver can be requested. Paper returns go to Kansas City or Ogden depending on the state, total assets and Schedule M-3: https://www.irs.gov/filing/where-to-file-your-taxes-for-form-1120-s. A calendar-year 2026 return is due March 15, 2027 (September 15, 2027 with a timely Form 7004). An authorized officer must sign and date it.
Filing rules change. Confirm the address or portal on irs.gov before you send.
Form 1120-S: questions people ask
Which year is this Form 1120-S for?
The PDF on irs.gov today is the 2025 form, for calendar year 2025 or a tax year beginning in 2025. The 2026 version usually appears in December–January; PDFBetter opens the edition irs.gov posts at the time you open it.
What is the late-filing penalty?
The 2025 instructions (for returns filed in 2026) set it at $255 for each month or part of a month, up to 12 months, times the number of people who were shareholders during the year, plus 5% of any unpaid tax per month up to 25%. The 2027 amounts will be in the 2026 instructions when they're posted.
When do shareholders get their K-1s?
By the day the 1120-S is required to be filed: March 15, 2027 for a calendar-year 2026 return, or September 15, 2027 if Form 7004 was filed. The instructions list a $340 penalty for each K-1 not furnished on time or with incorrect information.
Does the S corporation pay any tax?
Usually not on ordinary income, which passes through to shareholders. It can owe tax on excess net passive income, LIFO recapture or built-in gains (lines 23a–23b), and that tax is due by the original due date.
Can we skip the balance sheet?
Yes, if total receipts for the year and total assets at year-end were both under $250,000 (Schedule B, question 11). Schedules L and M-1 then aren't required.
Who signs Form 1120-S?
The president, vice president, treasurer, assistant treasurer, chief accounting officer, or another officer authorized to sign. E-filed returns are signed through the e-file provider's signature process.