IRS · Official form

Form 1120, U.S. Corporation Income Tax Return

Form 1120 is the annual income tax return for domestic C corporations. It reports the company’s income, deductions, and credits, and works out the federal tax the corporation owes.

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What is 1120?

Form 1120 is how a domestic corporation reports its income, gains, losses, deductions, and credits to the IRS and figures its income tax liability. The core return runs through gross income and deductions to taxable income, then applies the corporate tax rate and any credits and payments.

The return carries several built-in schedules: Schedule C for dividends, Schedule J for the tax computation, Schedule K for general information, and Schedules L, M-1, and M-2 for the balance sheet and the reconciliation of book income to taxable income. Larger corporations with total assets of $10 million or more reconcile on Schedule M-3 instead of M-1.

Who files 1120?

Domestic corporations taxed as C corporations, including those with no taxable income for the year
Limited liability companies that have elected to be taxed as corporations
Corporations in bankruptcy, which still must file unless exempt
Not S corporations, which file Form 1120-S instead

How to fill out 1120

Enter the corporation’s name, address, EIN, incorporation date, and total assets in the header.
Report gross receipts, cost of goods sold (attach Form 1125-A), dividends, interest, and other income to reach total income.
List deductions such as officer compensation, salaries, rents, taxes, interest, and depreciation, then compute taxable income.
Work through Schedule J for the tax, credits, and payments, and complete Schedules K, L, M-1 or M-3, and M-2 as required.
Download the finished PDF. Most corporations e-file; large filers are generally required to. Check the current instructions for the due date and filing method that apply to you.

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Dividends from less-than-20%-owned domestic corporations (other than debt-financed stock). Column: (a) Dividends and inclusions.

Row: 1. Dividends from less-than-20%-owned domestic corporations (other than debt-financed stock). Column: (c) Special deductions (a)

Row: 2. Dividends from 20%-or-more-owned domestic corporations (other than debt-financed stock). Column: (a) Dividends and inclusions.

Row: 2. Dividends from 20%-or-more-owned domestic corporations (other than debt-financed stock). Column: (c) Special deductions (a)

Row: 3. Dividends on certain debt-financed stock of domestic and foreign corporations. Column: (a) Dividends and inclusions.

Row: 3. Dividends on certain debt-financed stock of domestic and foreign corporations. Column: (c) Special deductions (a) multiplied by (b).

Row: 4. Dividends on certain preferred stock of less-than-20%-owned public utilities. Column: (a) Dividends and inclusions.

Row: 4. Dividends on certain preferred stock of less-than-20%-owned public utilities. Column: (c) Special deductions (a) multiplied by (b).

Row: 5. Dividends on certain preferred stock of 20%-or-more-owned public utilities. Column: (a) Dividends and inclusions.

Row: 5. Dividends on certain preferred stock of 20%-or-more-owned public utilities. Column: (c) Special deductions (a) multiplied by (b).

Row: 6. Dividends from less-than-20%-owned foreign corporations and certain F S Cs. Column: (a) Dividends and inclusions.

Row: 6. Dividends from less-than-20%-owned foreign corporations and certain F S Cs. Column: (c) Special deductions (a) multiplied by (b).

Row: 7. Dividends from 20%-or-more-owned foreign corporations and certain F S Cs. Column: (a) Dividends and inclusions.

Row: 7. Dividends from 20%-or-more-owned foreign corporations and certain F S Cs. Column: (c) Special deductions (a) multiplied by (b).

Row: 8. Dividends from wholly owned foreign subsidiaries. Column: (a) Dividends and inclusions.

Row: 8. Dividends from wholly owned foreign subsidiaries. Column: (c) Special deductions (a) multiplied by (b).

Row: 9. Subtotal. Add lines 1 through 8. See instructions for limitations. Column: (a) Dividends and inclusions.

Row: 9. Subtotal. Add lines 1 through 8. See instructions for limitations. Column: (c) Special deductions (a) multiplied by (b).

Row: 10. Dividends from domestic corporations received by a small business investment company operating under the Small Business Investment

Row: 11. Dividends from affiliated group members. Column: (a) Dividends and inclusions.

Row: 11. Dividends from affiliated group members. Column: (c) Special deductions (a) multiplied by (b).

Row: 12. Dividends from certain F S Cs. Column: (a) Dividends and inclusions.

Row: 12. Dividends from certain F S Cs. Column: (c) Special deductions (a) multiplied by (b).

Row: 13. Foreign-source portion of dividends received from a specified 10%-owned foreign corporation (excluding hybrid dividends) (see

Row: 14. Dividends from foreign corporations not included on line 3, 6, 7, 8, 11, 12, or 13 (including any hybrid dividends). Column: (a)

Row: 16a. Subpart F inclusions derived from the sale by a controlled foreign corporation (C F C) of the stock of a lower-tier foreign

Row: 16b. Subpart F inclusions derived from hybrid dividends of tiered corporations (attach Form(s) 5471) (see instructions). Column: (a)

Row: 16c. Other inclusions from C F Cs under subpart F not included on line 16a, 16b, or 17 (attach Form(s) 5471) (see instructions).

Row: 17. Global Intangible Low-Taxed Income (G I L T I) (attach Form(s) 5471 and Form 8992). Column: (a) Dividends and inclusions.

Row: 18. Gross-up for foreign taxes deemed paid. Column: (a) Dividends and inclusions.

Row: 19. I C-D I S C and former D I S C dividends not included on line 1, 2, or 3. Column: (a) Dividends and inclusions.

Row: 20. Other dividends. Column: (a) Dividends and inclusions.

Row: 21. Deduction for dividends paid on certain preferred stock of public utilities. Column: (c) Special deductions (a) multiplied by (b).

Row: 22. Section 250 deduction (attach Form 8993) (see instructions for limitations). Column: (c) Special deductions (a) multiplied by (b).

Row: 23. Total dividends and inclusions. Add column (a), lines 9 through 20. Enter here and on page 1, line 4. Column: (a) Dividends and

Row: 24. Total special deductions. Add column (c), lines 9 through 22. Enter here and on page 1, line 29b.

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Page 3. Schedule J. Tax Computation and Payment (see instructions). 1a. Income tax (see instructions).

1b. Tax from Form 1120-L (see instructions).

1c. Section 1291 tax from Form 8621.

1d. Tax adjustment from Form 8978.

1e. Additional tax under section 197(f).

1f. Base erosion minimum tax from Form 8991.

1g. Amount from Form 4255, Part I, line 3, column (q).

1z. Other chapter 1 tax.

2. Total income tax. Add lines 1a through 1z.

3. Corporate alternative minimum tax from Form 4626, Part I I, line 13 (attach Form 4626).

4. Add lines 2 and 3.

5a. Foreign tax credit (attach Form 1118).

5b. Credit from Form 8834 (see instructions).

5c. General business credit (see instructions—attach Form 3800).

5d. Credit for prior year minimum tax (attach Form 8827).

5e. Bond credits from Form 8912.

5f. Adjustment from Form 8978.

6. Total credits. Add lines 5a through 5f.

7. Subtract line 6 from line 4.

8. Personal holding company tax (attach Schedule P H (Form 1120)).

9a. Amount from Form 4255, Part I, line 3, column (r).

9b. Recapture of low-income housing credit (attach Form 8611).

9c. Completed long-term contract look-back interest due (attach Form 8697).

9d. Interest due under the look-back method—income forecast method (attach Form 8866).

9e. Alternative tax on qualifying shipping activities (attach Form 8902).

9f. Interest/tax due under section 453A(c).

9g. Interest/tax due under section 453(l).

9z. Other (see instructions—attach statement).

10. Total. Add lines 9a through 9z.

11a. Total tax before deferred taxes. Add lines 7, 8, and 10.

11b. Deferred tax on the corporation's share of undistributed earnings of a qualified electing fund.

11c. Deferred L I F O recapture tax (section 1363(d)).

12. Total tax. Subtract the sum of lines 11b and 11c from 11a. Enter here and on page 1, line 31.

13. Preceding year’s overpayment credited to the current year.

14. Current year’s estimated tax payments.

15. Open parenthesis. Current year’s refund applied for on Form 4466. Close parenthesis.

17. Tax deposited with Form 7004.

18. Withholding (see instructions).

19. Total payments. Combine lines 13 through 18.

20. Refundable credits from: a. Form 2439.

20b. Form 4136.

20c. Credit for tax withheld under chapter 3 or 4 from Form 1042-S, Form 8805, or Form 8288 (attach the applicable form).

20z. Other (attach statement—see instructions).

21. Total credits. Add lines 20a through 20z.

22a. Elective payment election amount from Form 3800.

22b. Section 1062 applicable net tax liability. Enter amount from Form 1062, line 14.

23. Total payments and credits. Add lines 19, 21, 22a, and 22b. Enter here and on page 1, line 33.

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Row: 1. Cash. Column: Beginning of tax year. (b).

Row: 1. Cash. Column: End of tax year. (d).

Row: 2a. Trade notes and accounts receivable. Column: Beginning of tax year. (a).

Row: 2a. Trade notes and accounts receivable. Column: End of tax year. (c).

Row: 2b. Less allowance for bad debts. Column: Open parenthesis. Beginning of tax year. (a). Close parenthesis.

Row: 2b. Less allowance for bad debts. Column: Beginning of tax year. (b).

Row: 2b. Less allowance for bad debts. Column: Open parenthesis. End of tax year. (c). Close parenthesis.

Row: 2b. Less allowance for bad debts. Column: End of tax year. (d).

Row: 3. Inventories. Column: Beginning of tax year. (b).

Row: 3. Inventories. Column: End of tax year. (d).

Row: 4. U.S. government obligations. Column: Beginning of tax year. (b).

Row: 4. U.S. government obligations. Column: End of tax year. (d).

Row: 5. Tax-exempt securities (see instructions). Column: Beginning of tax year. (b).

Row: 5. Tax-exempt securities (see instructions). Column: End of tax year. (d).

Row: 6. Other current assets (attach statement). Column: Beginning of tax year. (b).

Row: 6. Other current assets (attach statement). Column: End of tax year. (d).

Row: 7. Loans to shareholders. Column: Beginning of tax year. (b).

Row: 7. Loans to shareholders. Column: End of tax year. (d).

Row: 8. Mortgage and real estate loans. Column: Beginning of tax year. (b).

Row: 8. Mortgage and real estate loans. Column: End of tax year. (d).

Row: 9. Other investments (attach statement). Column: Beginning of tax year. (b).

Row: 9. Other investments (attach statement). Column: End of tax year. (d).

Row: 10a. Buildings and other depreciable assets. Column: Beginning of tax year. (a).

Row: 10a. Buildings and other depreciable assets. Column: End of tax year. (c).

Row: 10b. Less accumulated depreciation. Column: Open parenthesis. Beginning of tax year. (a). Close parenthesis.

Row: 10b. Less accumulated depreciation. Column: Beginning of tax year. (b).

Row: 10b. Less accumulated depreciation. Column: Open parenthesis. End of tax year. (c). Close parenthesis.

Row: 10b. Less accumulated depreciation. Column: End of tax year. (d).

Row: 11a. Depletable assets. Column: Beginning of tax year. (a).

Row: 11a. Depletable assets. Column: End of tax year. (c).

Row: 11b. Less accumulated depletion. Column: Open parenthesis. Beginning of tax year. (a). Close parenthesis.

Row: 11b. Less accumulated depletion. Column: Beginning of tax year. (b).

Row: 11b. Less accumulated depletion. Column: Open parenthesis. End of tax year. (c). Close parenthesis.

Row: 11b. Less accumulated depletion. Column: End of tax year. (d).

Row: 12. Land (net of any amortization). Column: Beginning of tax year. (b).

Row: 12. Land (net of any amortization). Column: End of tax year. (d).

Row: 13a. Intangible assets (amortizable only). Column: Beginning of tax year. (a).

Row: 13a. Intangible assets (amortizable only). Column: End of tax year. (c).

Row: 13b. Less accumulated amortization. Column: Open parenthesis. Beginning of tax year. (a). Close parenthesis.

Row: 13b. Less accumulated amortization. Column: Beginning of tax year. (b).

Row: 13b. Less accumulated amortization. Column: Open parenthesis. End of tax year. (c). Close parenthesis.

Row: 13b. Less accumulated amortization. Column: End of tax year. (d).

Row: 14. Other assets (attach statement). Column: Beginning of tax year. (b).

Row: 14. Other assets (attach statement). Column: End of tax year. (d).

Row: 15. Total assets. Column: Beginning of tax year. (b).

Row: 15. Total assets. Column: End of tax year. (d).

Row: 16. Accounts payable. Column: Beginning of tax year. (b).

Row: 16. Accounts payable. Column: End of tax year. (d).

Row: 17. Mortgages, notes, bonds payable in less than 1 year. Column: Beginning of tax year. (b).

Row: 17. Mortgages, notes, bonds payable in less than 1 year. Column: End of tax year. (d).

Row: 18. Other current liabilities (attach statement). Column: Beginning of tax year. (b).

Row: 18. Other current liabilities (attach statement). Column: End of tax year. (d).

Row: 19. Loans from shareholders. Column: Beginning of tax year. (b).

Row: 19. Loans from shareholders. Column: End of tax year. (d).

Row: 20. Mortgages, notes, bonds payable in 1 year or more. Column: Beginning of tax year. (b).

Row: 20. Mortgages, notes, bonds payable in 1 year or more. Column: End of tax year. (d).

Row: 21. Other liabilities (attach statement). Column: Beginning of tax year. (b).

Row: 21. Other liabilities (attach statement). Column: End of tax year. (d).

Row: 22. Capital stock: a. Preferred stock. Column: Beginning of tax year. (a).

Row: 22. Capital stock: a. Preferred stock. Column: End of tax year. (c).

Row: 22. Capital stock: b. Common stock. Column: Beginning of tax year. (a).

Row: 22. Capital stock: b. Common stock. Column: Beginning of tax year. (b).

Row: 22. Capital stock: b. Common stock. Column: End of tax year. (c).

Row: 22. Capital stock: b. Common stock. Column: End of tax year. (d).

Row: 23. Additional paid-in capital. Column: Beginning of tax year. (b).

Row: 23. Additional paid-in capital. Column: End of tax year. (d).

Row: 24. Retained earnings—Appropriated (attach statement). Column: Beginning of tax year. (b).

Row: 24. Retained earnings—Appropriated (attach statement). Column: End of tax year. (d).

Row: 25. Retained earnings—Unappropriated. Column: Beginning of tax year. (b).

Row: 25. Retained earnings—Unappropriated. Column: End of tax year. (d).

Row: 26. Adjustments to shareholders' equity (attach statement). Column: Beginning of tax year. (b).

Row: 26. Adjustments to shareholders' equity (attach statement). Column: End of tax year. (d).

Row: 27. Less cost of treasury stock. Column: Open parenthesis. Beginning of tax year. (b). Close parenthesis.

Row: 27. Less cost of treasury stock. Column: Open parenthesis. End of tax year. (d). Close parenthesis.

Row: 28. Total liabilities and shareholders' equity. Column: Beginning of tax year. (b).

Row: 28. Total liabilities and shareholders' equity. Column: End of tax year. (d).

1. Net income (loss) per books.

2. Federal income tax per books.

3. Excess of capital losses over capital gains.

4. Income subject to tax not recorded on books this year (itemize): Line 1 of 2.

4. Line 2 of 2.

4. Amount.

5. Expenses recorded on books this year not deducted on this return (itemize): a. Depreciation

5b. Charitable contributions

5c. Travel and entertainment. Line 1 of 2

5c. Line 2 of 2.

5. Amount.

6. Add lines 1 through 5.

7. Income recorded on books this year not included on this return (itemize): Tax exempt interest. Line 1 of 3

7. Line 2 of 3.

7. Line 3 of 3.

7. Amount.

8. Deductions on this return not charged against book income this year (itemize): a. Depreciation

8b. Charitable contributions. Line 1 of 3

8b. Line 2 of 3.

8b. Line 3 of 3.

8. Amount.

9. Add lines 7 and 8.

10. Income (page 1, line 28)—line 6 less line 9.

Schedule M-2. Analysis of Unappropriated Retained Earnings per Books (Schedule L, Line 25). 1. Balance at beginning of year.

2. Net income (loss) per books.

Other increases (itemize):

3. Line 2 of 3.

3. Line 3 of 3.

3. Amount.

4. Add lines 1, 2, and 3.

5. Distributions: a. Cash.

5b. Stock.

5c. Property.

Other decreases (itemize):

6. Amount.

7. Add lines 5 and 6.

8. Balance at end of year (line 4 less line 7).

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Frequently asked questions

When is Form 1120 due?

Generally the 15th day of the 4th month after the end of the corporation’s tax year, so April 15 for calendar-year filers. Form 7004 extends the filing deadline, but not the time to pay. Check the current instructions for exceptions, such as certain June 30 year ends.

Does a corporation with no income still file?

Yes. A domestic corporation must file Form 1120 every year it exists, whether or not it has taxable income, until it is formally dissolved.

What is the difference between Form 1120 and Form 1120-S?

Form 1120 is for C corporations, which pay tax at the corporate level. Form 1120-S is for corporations that have elected S status with Form 2553; their income generally passes through to shareholders.

Form 1120, U.S. Corporation Income Tax Return

What is 1120?

Who files 1120?

How to fill out 1120

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Frequently asked questions

Related forms

Form 1120-S, U.S. Income Tax Return for an S Corporation

Form 1125-A, Cost of Goods Sold

Form 7004, Application for Automatic Extension of Time To File Certain Business Income Tax, Information, and Other Returns