IRS Form 1120-SF U.S. Income Tax Return for Settlement Funds (Under Section 468b)

What Is IRS Form 1120-SF?

IRS Form 1120-SF, U.S. Income Tax Return for Settlement Funds, also known as the Qualified Settlement Fund Tax Return, is a form filed with the Internal Revenue Service (IRS) by Section 468B designated and qualified settlement funds, in order to report their transfers received, income earned, deductions claimed, distributions made, and to estimate their income tax liability.

This form was issued by the IRS and last revised in November 2018. A fillable version of the Form 1120-SF is available below.

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1120-SF
U.S. Income Tax Return for Settlement Funds
Form
(Under Section 468B)
(Rev. November 2018)
OMB No. 1545-0123
Go to www.irs.gov/Form1120SF for instructions and the latest information.
Department of the Treasury
Internal Revenue Service
For calendar year 20
Employer identification number of fund (see instructions)
Name of fund
Number, street, and room or suite no. (If a P.O. box, see instructions.)
City or town, state or province, country, and ZIP or foreign postal code
Name and address of administrator (see instructions for definition)
Check applicable boxes:
(1)
Final return
(2)
Name change
(3)
Address change
(4)
Amended return
Part I
Income and Deductions (see instructions)
1
1
Taxable interest
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Dividends
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2
3
Capital gain net income (attach Schedule D (Form 1120)) .
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3
4
4
Items of income or gain from a partnership interest .
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5
Other income (attach statement) .
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5
6
Gross income. Add lines 1 through 5
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6
7
7
Trustee/administrator fees .
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8
Taxes .
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8
9
Accounting and legal services (attach statement)
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9
10
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Notification of claimants and claim processing expenses .
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11
11
Other deductions (attach statement) .
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12
Net operating loss deduction .
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12
13
Total deductions. Add lines 7 through 12 .
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13
Part II
Tax Computation (see instructions)
14
Modified gross income. Subtract line 13 from line 6 .
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14
15
Total tax. Multiply the amount on line 14 by 37% (0.37)
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15
16
Credits and payments:
a Overpayment from prior year allowed as
a credit
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16a
b Current year estimated tax payments
16b
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c Refund
of
overpaid
estimated
tax
applied for on Form 4466
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16c
d Subtract line 16c from the total of lines 16a and 16b
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16d
e Tax deposited with Form 7004
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16e
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16f
Total credits and payments (add lines 16d and 16e) .
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17
Estimated tax penalty. See instructions. Check if Form 2220 is attached .
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17
18
Tax due. If the total of lines 15 and 17 is more than line 16f, enter amount owed .
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18
19
Overpayment. If line 16f is more than the total of lines 15 and 17, enter amount overpaid
19
Enter amount of line 19 you want: Credited to next year’s estimated tax
20
Refunded
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Under penalties of perjury, I declare that I have examined this return, including accompanying schedules and statements, and to the best of my knowledge and belief, it is true,
correct, and complete. Declaration of preparer (other than taxpayer) is based on all information of which preparer has any knowledge.
Sign
May the IRS discuss this return
Here
with the preparer shown below?
Yes
No
See instructions.
Title
Signature of fund administrator
Date
Print/Type preparer’s name
PTIN
Preparer’s signature
Date
Paid
Check
if
self-employed
Preparer
Firm’s name
Firm’s EIN
Use Only
Firm’s address
Phone no.
1120-SF
For Paperwork Reduction Act Notice, see separate instructions.
Form
(Rev. 11-2018)
Cat. No. 14989I
1120-SF
U.S. Income Tax Return for Settlement Funds
Form
(Under Section 468B)
(Rev. November 2018)
OMB No. 1545-0123
Go to www.irs.gov/Form1120SF for instructions and the latest information.
Department of the Treasury
Internal Revenue Service
For calendar year 20
Employer identification number of fund (see instructions)
Name of fund
Number, street, and room or suite no. (If a P.O. box, see instructions.)
City or town, state or province, country, and ZIP or foreign postal code
Name and address of administrator (see instructions for definition)
Check applicable boxes:
(1)
Final return
(2)
Name change
(3)
Address change
(4)
Amended return
Part I
Income and Deductions (see instructions)
1
1
Taxable interest
.
.
.
.
.
.
.
.
.
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2
Dividends
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2
3
Capital gain net income (attach Schedule D (Form 1120)) .
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.
3
4
4
Items of income or gain from a partnership interest .
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.
5
Other income (attach statement) .
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5
6
Gross income. Add lines 1 through 5
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6
7
7
Trustee/administrator fees .
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8
Taxes .
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8
9
Accounting and legal services (attach statement)
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9
10
10
Notification of claimants and claim processing expenses .
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11
11
Other deductions (attach statement) .
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12
Net operating loss deduction .
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12
13
Total deductions. Add lines 7 through 12 .
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13
Part II
Tax Computation (see instructions)
14
Modified gross income. Subtract line 13 from line 6 .
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.
.
.
.
.
.
.
.
.
.
14
15
Total tax. Multiply the amount on line 14 by 37% (0.37)
.
.
.
.
.
.
.
.
.
.
.
15
16
Credits and payments:
a Overpayment from prior year allowed as
a credit
.
.
.
.
.
.
.
.
.
.
.
16a
b Current year estimated tax payments
16b
.
c Refund
of
overpaid
estimated
tax
applied for on Form 4466
.
.
.
.
.
16c
d Subtract line 16c from the total of lines 16a and 16b
.
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.
.
16d
e Tax deposited with Form 7004
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.
16e
f
16f
Total credits and payments (add lines 16d and 16e) .
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.
17
Estimated tax penalty. See instructions. Check if Form 2220 is attached .
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.
.
17
18
Tax due. If the total of lines 15 and 17 is more than line 16f, enter amount owed .
.
.
18
19
Overpayment. If line 16f is more than the total of lines 15 and 17, enter amount overpaid
19
Enter amount of line 19 you want: Credited to next year’s estimated tax
20
Refunded
.
.
.
.
.
.
.
.
.
.
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20
Under penalties of perjury, I declare that I have examined this return, including accompanying schedules and statements, and to the best of my knowledge and belief, it is true,
correct, and complete. Declaration of preparer (other than taxpayer) is based on all information of which preparer has any knowledge.
Sign
May the IRS discuss this return
Here
with the preparer shown below?
Yes
No
See instructions.
Title
Signature of fund administrator
Date
Print/Type preparer’s name
PTIN
Preparer’s signature
Date
Paid
Check
if
self-employed
Preparer
Firm’s name
Firm’s EIN
Use Only
Firm’s address
Phone no.
1120-SF
For Paperwork Reduction Act Notice, see separate instructions.
Form
(Rev. 11-2018)
Cat. No. 14989I
2
Form 1120-SF (Rev. 11-2018)
Page
Schedule L
Balance Sheets
(a) Beginning of year
(b) End of year
Assets
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Cash
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1
2
U.S. Government obligations
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State and local government obligations .
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4
Other investments (attach statement) .
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4
5
Other assets (attach statement)
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5
6
6
Total assets. Add lines 1 through 5
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Liabilities and Fund Balance
7
Liabilities .
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7
8
8
Fund balance
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9
Total. Add lines 7 and 8 .
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9
Additional Information
Yes No
1 a Enter the amount of cash and the fair market value of property, valued at the date of the transfer,
$
transferred to the fund during the tax year .
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b For transfers of property included on line 1a, attach a copy of each qualified appraisal and the statements received
from a transferor under Regulations sections 1.468B-3(b) and 1.468B-3(e).
c Were amounts transferred to the fund during the tax year by a person other than a transferor? .
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$
2
Enter the amount of tax-exempt interest received or accrued during the tax year
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3a Were direct and indirect distributions made to claimants during the tax year?
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$
b If “Yes,” enter the amount of the total distributions
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4 a Did the fund make any distributions (including deemed distributions) to a transferor or related party during the tax
year? .
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b If “Yes,” enter the amount of the total distributions and attach a statement showing the name,
$
identifying number, and the amount of distributions to each transferor or related party
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5a Check the type of liability (or liabilities) for which the fund was established.
Tort
Breach of Contract
Violation of Law
CERCLA
Other
b If “Other” is checked, enter the percent (by value) of the assets of the fund that are allocated to the
“Other” liability .
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%
Attach a statement describing the type of liability (or liabilities).
6
If the fund was established by a court order, enter the Court Order Number under which the fund
was established .
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1120-SF
Form
(Rev. 11-2018)

Download IRS Form 1120-SF U.S. Income Tax Return for Settlement Funds (Under Section 468b)

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IRS Form 1120-SF Instructions

Detailed information is provided in the IRS-distributed Form 1120-SF Instructions. In general terms, Form 1120-SF shall be filed by the 15th day of the 4th month after the end of the settlement fund's tax year. If the fund's tax year ends on June 30, the fund is required to file the 1120-SF Form by the 15th day of the 3rd month after the end of the fund's tax year. If the due date falls on a weekend or legal holiday, the form may be filed on the next business day. Funds may file Form 7004 to request an extension of time to file.

If a fund does not meet the filing deadline, including extensions, a penalty of 5% of the unpaid tax for each month or day the return is late, and up to a maximum of 25%, shall apply. The minimum penalty for a return that is 60 or more days late: $210 or the tax due, whichever is smaller. If the fund can demonstrate that failure to file the Form 1120-SF on time was due to reasonable cause, the penalty will not be imposed.

The 1120-SF Form must be signed and dated either by the administrator of the fund or by anyone who is paid to prepare the return.

For the funds whose principal office is located in the United States, the applicable IRS address where they must file the return is the following: Department of the Treasury, Internal Revenue Service Center, Ogden, UT 84201-0012

The funds located in a foreign country must file this return at the following address:

Internal Revenue Service Center, P.O. Box 409101, Ogden, UT 84409

IRS 1120-SF Related Forms

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