Filing taxes for a corporation or LLC? Whether it’s your first time completing 1120 or you just need a refresher, learn what IRS Form 1120 is and how to complete it for this tax season.
What is Form 1120?
IRS Form 1120 is a standard income tax return form for corporations, LLCs (Limited Liability Companies), Foreign corporations, and other specified entities. This 6-page document is used to calculate and report the businesses’ gross income, deductions, gains, losses, and credits. Depending on the type of business, there are several different versions of this form to meet the companies’ special needs. Businesses required to file this form are typically those that elect to be taxed as corporations, or fraught LLCs with more than one owner. There are also certain exceptions and qualifications, like standard filing deadlines and other information that must be reported.
IRS Form 1120 – Who Needs to Fill It Out?
IRS Form 1120 is the U.S. Corporation Income Tax Return that corporations and LLCs need to fill out in order to calculate their income tax liability. It must be completed by all non-exempt corporations, including businesses that elect to be taxed as a corporation, LLCs taxed as a corporation, foreign-owned domestic disregarded entities, and qualified opportunity funds. It is important to note that those who are completing their small business taxes do not need to complete this form. The form is 6 pages long, with seven sections, and can include different versions depending on the industry. To help you along, instructions are provided for each section. Additionally, the filing date may vary depending on the corporation’s tax year, but the general guideline is to file the form by the 15th day of the fourth month after the corporation’s tax year ends.
Step-by-Step: Form 1120 Instructions For Filling Out the Document
Filing IRS Form 1120, the U.S. Corporation Income Tax Return, is necessary for incorporated businesses such as corporations and LLCs. The form is 6 pages long, with 7 sections including income, deductions, balances, allocations, and tax computation. Requirements for completing the form vary – for example, Schedule C includes dividends and inclusions, whereas Schedule G you’ll need to complete if the cooperative have total receipts and total assets of over $250,000. You’ll also need to keep in mind filing deadlines, taking into account the optional extenuating circumstances like fiscal tax year, short-period returns, or dissolution of the company. With the proper understanding of instructions, IRS Form 1120 will be no problem.
Below, we present a table that will help you understand how to fill out Form 1120.
| Information Required for IRS Form 1120 | Details |
|---|---|
| Filing Form | IRS Form 1120 (U.S. Corporation Income Tax Return) |
| Applicable Businesses | Incorporated businesses, including corporations and LLCs |
| Form Length | 6 pages |
| Sections | 7 sections, including income, deductions, balances, allocations, and tax computation |
| Schedule C | Complete for dividends and inclusions |
| Schedule G | Complete if the cooperative has total receipts and total assets of over $250,000 |
| Filing Deadlines | Consider optional extenuating circumstances like fiscal tax year, short-period returns, or dissolution of the company |
| Understanding Instructions | Proper understanding of instructions is crucial for completing IRS Form 1120 |
Do You Need to File Form 1120 Each Year?
If you own a corporation or LLC, you must file the U.S. Corporation Income Tax Return (IRS Form 1120) each year. The form should be filed according to the year your tax year began. For instance, if your 2019 tax year began in 2019 and ended in 2020, your 2019 taxes must be filed in 2020. Form 1120 is the 6 page document used to total your corporation’s income, gains, losses, deductions, credits, and figure the income tax liability. There are also special versions of IRS Form 1120 for certain industries. Even if your corporation has a net operating loss, bankruptcy, or is not generating taxable income, it must still file the form. Be sure to file on time – by the 15th day of the 4th month after your tax year ends. If your due date falls on a weekend or holiday, file on the next business day.
Download the official IRS Form 1120 PDF
On the official irs.gov website, you will find a link to download Form 1120: Corporation Income Tax Return Form. However, to make it easier for you, we are providing the link in our article, which comes directly from the official irs.gov website! Click to download: Form 1120
Sources:
https://www.irs.gov/forms-pubs/about-form-1120
https://www.irs.gov/instructions/i1120
