1120: U.S. Corporation Income Tax Return (2024)

Who files this form

Unless exempt under section 501, all domestic corporations must file an income tax return, even if they have no taxable income or are in bankruptcy. They generally use Form 1120 unless they are required, or elect, to file a special return.

• A domestic entity that elects to be taxed as a corporation generally files Form 1120 unless a special return applies.
• An LLC can file Form 1120 only if it has filed Form 8832 to elect treatment as an association taxable as a corporation.
• A corporation engaged in farming generally uses Form 1120, except for a subchapter T cooperative.
• A corporation certifying as a qualified opportunity fund must file Form 1120 with Form 8996, even with no income or expenses.
• A domestic disregarded entity wholly owned by a foreign person and covered by section 6038A must file a pro forma Form 1120 with Form 5472 attached.

Certain organizations use other returns. For example, S corporations file Form 1120-S, and LLCs treated as partnerships file Form 1065.

When it's due

For the 2024 tax year, the instructions give these filing rules:

• General deadline: The 15th day of the 4th month after the tax year ends. This generally also applies after a new corporation's short tax period ends or after a corporation dissolves.
• June year-end exception: A corporation with a fiscal tax year ending June 30 must file by the 15th day of the 3rd month after year-end. A short tax year ending anytime in June is treated as ending June 30.
• Weekends and legal holidays: If the filing deadline falls on a Saturday, Sunday, or legal holiday, file by the next business day.
• Extension request: Generally, file Form 7004 by the return's regular due date.
• Tax payment: Generally, pay the full tax due by the filing deadline, not including extensions. A weekend or legal holiday moves the payment deadline to the next business day.
• Estimated tax installments: When required, payments are due by the 15th day of the 4th, 6th, 9th, and 12th months of the tax year, with the same weekend and legal holiday adjustment.

For a short tax year beginning and ending in 2024, do not file before the earlier of its extended due date or January 15, 2025.

What you'll need

Have the corporation's legal name, principal office address, EIN, incorporation date, and year-end total assets available. Gather records supporting income, deductions, credits, and tax payments, plus books and balance sheet information for any required schedules.

Depending on what the corporation reports, attachments may include:

• Form 1125-A for cost of goods sold.
• Schedule D (Form 1120) for capital gain net income, and Form 4797 for the gain or loss reported from that form.
• Form 4562 for depreciation reported on line 20.
• Statements for other income and other deductions.
• Form 851 and supporting statements for a consolidated return. Attach a separate Form 1122 for each subsidiary first included in the consolidated return.
• A copy of Form 8832 for the year of an election to be taxed as a corporation.
• Form 8996 to certify as a qualified opportunity fund, or Form 8997 if the corporation held a qualified investment in such a fund during the year.
• Form 8050 to request direct deposit of a corporate income tax refund.

Additional forms and schedules depend on the corporation's activities and answers on the return.

How to file

E-file

Corporations can generally e-file Form 1120 and its related forms, schedules, and attachments. They can also generally e-file Form 7004 to request an extension. A corporation with a balance due can authorize an electronic funds withdrawal while e-filing.

For returns filed on or after January 1, 2024, a corporation must e-file Form 1120 if it files 10 or more returns of any type during the calendar year. This count includes income tax, employment tax, excise tax, and information returns. Certain returns are excluded, and hardship waivers and religious exemptions are available as described in the instructions.

Paper filing addresses

Choose the address based on the location of the corporation's principal business, office, or agency, its year-end assets, and whether it files Schedule M-3.

Connecticut, Delaware, District of Columbia, Georgia, Illinois, Indiana, Kentucky, Maine, Maryland, Massachusetts, Michigan, New Hampshire, New Jersey, New York, North Carolina, Ohio, Pennsylvania, Rhode Island, South Carolina, Tennessee, Vermont, Virginia, West Virginia, or Wisconsin:

If assets are less than $10 million and Schedule M-3 is not filed, send to:

Department of the Treasury

Internal Revenue Service

Kansas City, MO 64999-0012

If assets are $10 million or more, or Schedule M-3 is filed, send to:

Department of the Treasury

Internal Revenue Service Center

Ogden, UT 84201-0012

Alabama, Alaska, Arizona, Arkansas, California, Colorado, Florida, Hawaii, Idaho, Iowa, Kansas, Louisiana, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Mexico, North Dakota, Oklahoma, Oregon, South Dakota, Texas, Utah, Washington, or Wyoming: Send to the following address regardless of asset amount:

Department of the Treasury

Internal Revenue Service

Ogden, UT 84201-0012

A foreign country or U.S. territory: Send to the following address regardless of asset amount:

Internal Revenue Service

P.O. Box 409101

Ogden, UT 84409

For an IRS-designated private delivery service, get the appropriate street address at IRS.gov/PDSstreetAddresses. Private delivery services cannot deliver to IRS P.O. boxes.

Sign and assemble

An authorized corporate officer must sign and date the return. If a receiver, trustee, or assignee files for the corporation, that fiduciary must sign instead.

Attach applicable schedules and forms after page 6 in the order listed under “Assembling the Return” in the instructions. Put supporting statements last, in the order of the forms they support, and include the corporation's name and EIN on each.

Common mistakes

• Replacing entries with attachment references. Complete every applicable entry space. Do not enter “See Attached” or “Available Upon Request” instead. Show totals on the printed forms.
• Using the registered agent's address. Enter the corporation's principal office or place-of-business address, not its registered agent's address.
• Sending a private delivery service to a P.O. box. Use the U.S. Postal Service for IRS P.O. box addresses.
• Attaching a penalty explanation to the original return. The instructions say not to do this. If the corporation later receives a penalty notice, send the IRS an explanation then.
• Omitting the consolidated-return statement for an NOL carryback waiver election. Schedule K warns that the election is not valid without the required statement under Regulations section 1.1502-21(b)(3).
• Assuming Schedule M-1 is always sufficient. The note on Schedule M-1 reminds corporations that Schedule M-3 may be required.

Questions people ask

Must a corporation file if it has no taxable income?

Yes. Unless exempt under section 501, domestic corporations must file an income tax return whether or not they have taxable income. Form 1120 generally applies unless a special return is required or elected.

Does every corporation need to complete Schedules L, M-1, and M-2?

No. If both total receipts for the tax year and total assets at year-end are less than $250,000, Schedule K, question 13, says these schedules are not required. Instead, enter the total cash distributions and the book value of noncash property distributions made during the year.

Can an overpayment be refunded or applied to estimated tax?

Yes. On the 2024 form, line 37 lets the corporation choose how much of its overpayment to have refunded or credited to 2025 estimated tax. Attach Form 8050 to request direct deposit of the refund into an account at a U.S. bank or other financial institution.

How do I correct a Form 1120 already filed?

Use Form 1120-X, Amended U.S. Corporation Income Tax Return.

How long should the corporation keep its records?

Usually, keep records supporting income, deductions, or credits for 3 years from the return's due date or filing date, whichever is later. Keep property-basis records as long as needed to figure the basis of the original or replacement property. The instructions also say to keep copies of all filed returns.

Official sources

• https://www.irs.gov/pub/irs-prior/i1120--2024.pdf
• https://www.irs.gov/pub/irs-prior/f1120--2024.pdf