Thank you for your question. Your S-Corp return will have a K-1 that will flow to your personal return. You will need to wait for that K-1 in order to complete your personal tax returns. If you need further clarification, please let me know. I look forward to your response. Stephanie
I have my K-1 in order, as I do my own taxes and I know what the amount will be. However, apparently the IRS is not accepting business returns at this time? Do I still need to wait until I actually file my K-1 before I can do personal taxes? Thanks
Different expert here - the IRS has announced it will begin accepting business tax returns (including 1120S) on February 4, 2013 with some exceptions. Please see the following: http://www.irs.gov/uac/Many-Business-Tax-Filers-Can-File-for-2012-Starting-Feb.-4.
As long as your 1120S is complete and you have the K-1 information for your personal 1040, you may file your personal 1040. The IRS began processing personal income tax returns on January 30, 2013.
Please let me know if you require further information or clarification. Thank you.