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Information about Form 1120, U.S. Corporation Income Tax Return, including recent updates, related forms and instructions on how to file. Use this form to report the income, gains, losses, deductions, credits, and to figure the income tax liability of a corporation.
2023 Form 1120. For Paperwork Reduction Act Notice, see separate instructions.
Enter on Form 1120 the totals for each item of income, gain, loss, expense, or deduction, net of eliminating entries for intercompany transactions between corporations within the consolidated group. Attach consolidated balance sheets and a reconciliation of consolidated retained earnings.
Page 1 of Form 1120 focuses on your corporation’s income, deductions, and resulting tax liability. Here’s a quick breakdown: Income section: This includes gross receipts, cost of goods sold, and other income. If your corporation sold products, you’d need to report gross receipts minus COGS to determine gross income.
Corporations use Form 1120, U.S. Corporate Income Tax Return, to report income, gains, losses, deductions, and credits and determine income tax liability. All domestic corporations, regardless of if they have taxable income or not, must file Form 1120 (unless you have tax-exempt status).
What is Form 1120? Form 1120 is the tax form C corporations (and LLCs filing as corporations) use to file their income taxes. Once you’ve completed Form 1120, you should have an idea of how much your corporation needs to pay in taxes.
Both Form 1120 and Form 1120-S report required tax information for a specific type of business entity. Because Form 1120 calculates a C-Corp's tax liability, any amount owed must be remitted to the IRS by the corporation.