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S Corporation owners need to file a personal tax return using Form 1040 every year. Additionally, they must also file a Form 1120-S: U.S. Income Tax Return for an S Corporation.
Remember, Form 1120-S is for the corporate entity (your S Corp), while Form 1040 is for your personal taxes. To file your personal taxes, you need to first complete your S Corp tax return. You must file your business and personal returns separately.
Use Form 1120-S to report the income, gains, losses, deductions, credits, etc., of a domestic corporation or other entity for any tax year covered by an election to be an S corporation.
Form 1040 is used by U.S. taxpayers to file an annual income tax return.
Form 1120-S is the annual tax return for businesses that are registered as S corporations. The form is used to report income, gains, losses, credits, deductions, and other information for S corporations.