What is an 1120 tax form?

[EvelyneKir]

I’m trying to learn more about business taxes, and I keep coming across something called an “1120 tax form.” I know it has to do with corporations, but I’m not totally clear on who actually needs to file it or what information goes on it. Can someone explain in simple terms what an 1120 tax form is and when a business is required to use it? Also, how is it different from other business tax forms like the 1065 or Schedule C?

 

[Benjamin]

Form 1120 is the U.S. federal income tax return used by C corporations to report their profits, losses, deductions, and credits. Corporations file it annually with the IRS to calculate how much tax they owe. It also includes details about the company’s shareholders, income sources, and business activities for the tax year.

 

[Olowricha]

IRS Form 1120 "U.S. Corporation Income Tax Return" is the primary document where a C corporation reports its yearly income, gains, losses, deductions, and credits. Eventually, this form is used to compute the corporation's federal income tax liability.

 

[Sam]

If your business is registered as a regular corporation (not an LLC taxed as something else, not an S-corp), then the corporation itself files the 1120 and pays taxes on its profits.
It reports income, deductions, salaries, depreciation, etc.
If you’re a sole owner or a partnership, you don’t touch the 1120 that’s where Schedule C (sole proprietors) and Form 1065 (partnerships) come in.

 

[Elisa]

Form 1120 is the U.S. corporate income tax return that C-corporations use to report their income, deductions, and tax liability to the IRS.

 

[James Miller]

Form 1120 is the U.S. corporate income tax return used by C-corporations to report income, deductions, credits, and tax liability. It is filed annually with the IRS.