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How Do I Amend a Federal or State S-Corporation Return (Form 1120S)?

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How Do I Amend a Federal or State S-Corporation Return (Form 1120S)?

How do I amend an 1120S s corporation return?

Solution Description

Form 1120S

  1. From HomeBase select the return and from the File menu, select Client File Maintenance, and Copy/Backup to backup up the original return. (See How Do I Copy or Backup My Client Files Using ProSeries). An alternative would be to use the File>Save As function to make a copy of the return. *Note, you will need to use the original when preparing the amendment.
  2. Open the originally filed return.
  3. On Form 1120S, p1-2, check box H(4) to indicate an amended return.
  4. Make the necessary changes to the return.
  5. If Schedule K-1(s) result in a change go to the Schedule K-1(s) and check the box Amended K-1 at the top (see Schedule K-1 information below).
  6. Attach a statement that identifies the line number of each amended item, the corrected amount or treatment of the item, and an explanation of the reasons for each change. This statement should be mailed with the amended return.
  7. Save the return.
  8. If you will be mailing the amended return, print and mail it to the service center where the original return was filed.
  9. If you will be electronically filing the amended Form 1120S return, please follow the instructions on the How Do I Electronically File an Amended S-Corporation Return? web page.

Schedule K-1

If the amended return results in a change to income or the distribution of income or other information provided to a shareholder, an amended Schedule K-1 must also be filed and given to the shareholder. Ensure the Amended K-1 box is checked on each Schedule K-1 to indicate that it is amended.

State Returns

Amendments to the federal return may affect the state return. To amend the state return:

  1. Complete the amended federal return, then go to the state return. ProSeries will transfer the updated federal information to the state.
  2. Make any necessary state adjustments.
  3. Check the Tax Help and Government Instructions, or contact the state taxing authority for detailed information on amending the state return. To indicate an amended return, you may have to check a box on the main form or write Amended at the top of the form. You may also need to attach a statement of changes made to the return. (The originally filed state return is still attached to the original federal return in the original file.)

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