Laws calm legal forms guide Form 1120 is a United States Internal Revenue Service tax form used for corporate tax returns of companies claiming C corporation tax designation. The Form 1120 can be obtained through the IRS's website or by obtaining the documents through a local tax office. The tax form is to be filed by a corporate taxpayer in order to calculate corporate taxes for the year. To begin, provide the name of the corporation along with contact information at the top of the form. Additionally, provide the employer identification number, date of incorporation, and total assets as required under the tax codes. Record the gross income of the corporation in lines one through ten, including gross receipts, goods sold, gross profits, dividends, interests, rents, royalties, capital gains, net gains, and any other income sources. Add all of this and enter the total amount of gross income in line 11. Next, list all deductions from the year in lines 12 through 28. Add the total amount of deductions and enter that amount in line 29. Calculate the total taxes paid and tax credits in lines 30 through 35 to determine your tax obligation or tax refund. The officer of the corporation can sign the tax return, and the preparer must provide their information in the final section. Additional schedules will be required for attachment with your Form 1120 if your company is deducting the cost of goods sold from gross income. These amounts must be accounted for in Schedule A. If dividends or special deductions have been claimed on the Form 1120, they must be listed in Schedule C. For the compensation of corporate officers, these amounts must be accounted for in Schedule E. Additionally, Schedules J and K must be attached indicating the accounting method used by the corporation and additional information...
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