IRS Form 1120-L U.S. Life Insurance Company Income Tax Return

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IRS Form 1120-L U.S. Life Insurance Company Income Tax Return

What Is IRS Form 1120-L?

IRS Form 1120-L, U.S. Life Insurance Company Income Tax Return, is a form that domestic life insurance companies file with the Internal Revenue Service (IRS) in order to report their income, gains, losses, deductions, and credits for the tax year, as well as to figure their income tax liability. The form was last revised in 2019. Corporations may use the IRS fillable Form 1120-L available below.

Alternate Name:

  • Life Insurance Company Tax Return.

The applicable address for domestic corporations to send their Life Insurance Company Tax Return is the Department of the Treasury, Internal Revenue Service Center, Ogden, UT 84201-0012, while foreign corporations must send their forms to the Internal Revenue Service Center, PO Box 409101, Ogden, UT 84409.

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IRS Form 1120-L Instructions

IRS 1120-L Form must be filed by all domestic life insurance companies of the United States, as well as any foreign corporation that would qualify as such if it were a United States corporation. 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.

Generally, this income tax return must be filed by the 15th day of the 4th month after the end of the corporation's tax year. However, if the corporation is new and is filing for a short-period return, if it is dissolved, or its tax year ends in June, the dates may differ. If the due date falls on a weekend, or a legal holiday, the return is due on the next business day.

Should a corporation fail to file its income tax return by the due date, including extensions, it may be imposed a penalty of 5% of the unpaid tax for each month or day the return is late, and up to a maximum of 25%. The minimum penalty for a return that is 60 days late or more is the tax due or $210, whichever is smaller. If the corporation is able to demonstrate that their failure to file Form 1120-L on time was due to a reasonable cause, the penalty can be avoided.


IRS 1120-L Related Forms:

Download IRS Form 1120-L U.S. Life Insurance Company Income Tax Return

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