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What is Form 1120: US Corporate Income Tax Return?

Form 1120: US Corporate Income Tax Return is one of the IRS tax forms used by C-Corporations to report income, gains, losses, deductions, and credits to determine tax liability.

A C-Corporation is separate from its owners (shareholders) in terms of income taxes. This means that the owners do not pay taxes for the corporation, the corporation is responsible for all tax liabilities.

The schedules that need to be filed with an 1120 are as follows. Not all of them are required:

Schedule A: Cost of Goods Sold
Schedule C: Dividends and Special Deductions
Schedule J: Detail on tax computation
Schedule K: Information about accounting method, business type, NAICS classification, ownership of stock, information about shareholders
Schedule L: Balance Sheet per books
Schedule M-1: Reconciliation of Income/Loss per books with income per return
Schedule M-2: Analysis of un-appropriated retained earnings per books
Compensation of Officers

To complete Form 112s, filers may need information from the following, if applicable:

Form 1125-A: Cost of Goods Sold
Schedule K: Other Information
Schedule L: Balance Sheet
Form 4562: Depreciation and Amortization
Form 4797: Sale of Assets
Form 1099: Miscellaneous Income

Form 1120 is due in April, typically the 15th of the year. An extension grants an extra six months, making the return due in October.

An extension grants an extra six months, making the return due in September.

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