Form 1120-X: Amended U.S. Corporation Income Tax Return
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Form 1120-X: Amended U.S. Corporation Income Tax Return

Form 1120X allows corporations to adjust their returns by filing a claim for refund or election after the prescribed deadline, or to correct an originally filed return. It should not, however, be used for quick refunds of estimated tax or changes in accounting method.

What is Form 1120-X?

Form 1120X is used to correct a Form 1120 as originally filed, make certain elections after the prescribed deadline, and request IRS approval for a change in accounting method. It can also be used to file a carryback claim for an NOL, a capital loss, an unused general business credit, a bad debt or a worthless security. Generally, Form 1120X must be filed within 3 years of filing the original Form 1120, or 2 years after paying the tax, whichever is later. It must also be accompanied by certain attachments such as the relevant Form 1120, Form 3115, and Form 8886 for reportable transactions. Furthermore, if the corporation is eligible and claims a carryback of an unused ESBC, they should write “SBJA 2012” at the top.

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IRS Form 1120-X – Who Needs to Fill It Out?

Form 1120X needs to be filled out by any corporation that needs to correct a Form 1120, make certain elections after the prescribed deadline, or file a carryback claim that involves an NOL, capital loss, or unused general business credit, among other things. Do not use the form if you are applying for a quick refund of estimated tax or requesting IRS approval for a change in accounting method. Those situations require Forms 4466 and 3115, respectively. Additionally, Form 1120X must be filed within 3 years after the date the corporation filed its original return or within 2 years after the date the corporation paid the tax (if filing a claim for a refund), whichever is later. Further, if the corrected amount involves an item that must be supported with an additional form, it must be attached to Form 1120X. If the corporation is claiming an ESBC carryback, they must also enter “SBJA 2012”.

Step-by-Step: Form 1120-X Instructions for Filing Out the Document

Form 1120X should be used to correct a Form 1120 as originally filed, or as later adjusted by an amended return, a claim for refund, or an examination. It can also be used to make certain elections after the prescribed deadline. Do not use Form 1120X to apply for a quick refund of estimated tax; instead, use Form 4466. For a tentative refund of taxes due to a net operating loss (NOL) carryback, net capital loss carryback, or an unused general business credit carryback; use Form 1139. Form 1120X must be filed within 3 years after the date the corporation filed its original return or the date the corporation paid the tax, whichever is later. Attachments may include other forms, schedules, or statements, and Form 8302, if the corporation requests a refund of $1 million or more. For a carryback claim, attach copies of Form 1120 with no processing and for an eligible small business credit (ESBC) carryback, write “SBJA 2012” at the top.

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Below, we present a table that will help you understand how to fill out Form 1120X.

Information Required for Form 1120X Details
Use Correct a Form 1120 as originally filed or as later adjusted
Deadline Must be filed within 3 years after the date the corporation filed its original return or the date the corporation paid the tax, whichever is later
Attachments May include other forms, schedules, or statements, and Form 8302 if the corporation requests a refund of $1 million or more
Special Cases For a carryback claim, attach copies of Form 1120 with no processing, and for an eligible small business credit (ESBC) carryback, write “SBJA 2012” at the top
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Do You Need to File Form 1120-X Each Year?

Generally, Form 1120X should be filed within 3 years of original return filing, or within 2 years of tax payment (if filing a claim for refund). For a net operating loss (NOL), capital loss, or unused general business credit carryback, Form 1120X must be filed within 3 years of due date. Additionally, Form 1139 must be used to obtain a tentative refund of taxes due to an NOL, capital loss, or unused credit if more than one year has passed since the tax year in which the carryback occurred. Private delivery services may be used to meet timely filing status. The necessary forms, schedules, statements, and Form 8302 (for refunds over $1 million) must be attached. If the return is being amended for a tax year in which the corporation participated in a reportable transaction, Form 8886 must be included, along with any other necessary forms or statements.

Download the Official IRS Form 1120-X PDF

On the official IRS website, you will find a link to download Form 1120-X. 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-X

Sources:

https://www.irs.gov/forms-pubs/about-form-1120-x

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