IRS Form 1120 U.S. Corporation Income Tax Return

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IRS Form 1120 U.S. Corporation Income Tax Return

What Is Form 1120?

IRS Form 1120, U.S. Corporation Income Tax Return, is a form filed with the Internal Revenue Service (IRS) by domestic corporations to report their income, gains, losses, deductions, and credits, and to figure their income tax liability.

Alternate Name:

  • Corporation Tax Return.

The form was issued by the IRS and last revised in 2019. Corporations may use a fillable Form 1120 available below for download.

Who Files Form 1120?

Form 1120 must be filed by every domestic corporation (including those in bankruptcy), regardless of if the corporation has taxable income, except if the corporation is required, or elects to file a special return instead.

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IRS Form 1120 Instructions

The form must be signed and dated by the corporation's president, vice president, chief accounting officer, treasurer, assistant treasurer, or any corporate officer authorized to sign.

Corporations can electronically file Form 1120, as well as related forms, schedules, and attachments.

Generally, Form 1120 must be filed by the 15th day of the 4th month after the end of the corporation's tax year. The IRS provides separate Instructions for Form 1120. Please refer to them in order to learn about the specific due dates depending on your tax year. If the due date falls on a weekend or a legal holiday, the form may be filed on the next business day.

In cases of late filing, a penalty of 5% of the unpaid tax for the days the return is late will be applied, and the penalty may go up to a maximum of 25%. If the corporation can show that there is a reasonable cause behind the failure to file on time, the penalty will not be imposed.

How to Fill Out Form 1120?

Please follow these steps to fill out the form:

  1. Item A. Identifying Information. Check the appropriate box and attach the applicable schedules and supporting statements.
  2. Item B. Employer Identification Number (EIN). Enter the corporation's EIN.
  3. Item C. Date incorporated. Enter the date of incorporation.
  4. Item D. Total Assets. Enter the corporation's total assets at the end of the tax year.
  5. Item E. Initial Return, Final Return, Name Change, Address Change. Check all that apply.
  6. Section 1. Income. Enter the income amounts on each line, as per the form instructions.
  7. Section 2. Deductions. Enter the appropriate corporation's costs, expenses, contributions, and other deductible amounts on each line.
  8. Section 3. Payments, Refundable Credits, and Section 965 Net Tax Liability. Enter the applicable tax, credits, and payment amounts on each line.

Where to Mail Form 1120?

Form 1120 must be filed to the applicable IRS address. Check on the IRS website if you need to file at the IRS Center in Cincinnati, OH; Ogden, UT; or Kansas City, MO.

IRS Form 1120 Schedules

  1. Schedule B (Form 1120), Additional Information for Schedule M-3 Filers. Filers of Schedule M-3 (Form 1120) use this schedule to provide answers to additional questions.
  2. Schedule D (Form 1120), Capital Gains and Losses, is used to estimate the overall gain or loss from transactions reported on Form 8949, as well as to report certain transactions not reported on Form 8949, and to report capital gain distributions not reported on Form 1120.
  3. Schedule G (Form 1120), Information on Certain Persons Owning the Corporation's Voting Stock, is used to provide information applicable to certain individuals, entities, and estates that own, directly, at least 20%, or own, directly or indirectly, at least 50% of the total voting power of a corporation's voting stock.
  4. Schedule H (Form 1120), Section 280H Limitations for a Personal Service Corporation (PSC), is used by PSCs to determine if they meet the minimum distribution requirement for the tax year, or to estimate the limits on deductions if the requirement were not met.
  5. Schedule M-3 (Form 1120), Net Income (Loss) Reconciliation for Corporations with Total Assets of $10 Million or More, is filed to answer the corporation's financial statements questions and to reconcile financial statement net income (loss) for the corporation to the net and taxable income reported on Form 1120.
  6. Schedule N (Form 1120), Foreign Operations of U.S. Corporations, may be filed if the corporation had assets in or operated a business in a foreign country.
  7. Schedule O (Form 1120), Consent Plan and Apportionment Schedule for a Controlled Group, is used to consent to an apportionment plan and allocated income, taxes, or other items.
  8. Schedule PH (Form 1120), U.S. Personal Holding Company (PHC) Tax, is used by a personal holding company (PHC) to compute tax and is then filed with every PHC return.
  9. Schedule UTP (Form 1120), Uncertain Tax Position Statement, is used by corporations that issue or are included in audited financial statements and have assets equal or greater than $10 million to provide information on tax positions that affect their federal income tax liabilities.

IRS 1120 Related Forms:

Download IRS Form 1120 U.S. Corporation Income Tax Return

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