DP-120: Computation of S Corporation Gross Business Profits (2024)
New Hampshire · New Hampshire DRA · Used for tax years 2024
Form DP-120 computes an S corporation’s New Hampshire gross business profits using income and deductions from federal Form 1120S, Schedule K, and other income included in gross business profits. The resulting amount is reported on Form NH-1120-WE, Schedule I-A, or Form NH-1120.
Who files this form
Form DP-120 computes an S corporation’s New Hampshire gross business profits using income and deductions from federal Form 1120S, Schedule K.
For S corporations reporting as part of a combined return, file one DP-120 combining all S corporation entities. Include a statement detailing each entity separately.
The form does not state a filing threshold.
When it's due
For calendar year 2024, if distributions were made to New Hampshire shareholders or members, file Form DP-9 under separate cover on or before May 1st after the end of the calendar year.
The form does not print a filing deadline for DP-120 itself.
What you'll need
- Federal Form 1120S, Schedule K, for the income and deduction amounts requested on DP-120.
- Information about other income or losses that belong in gross business profits but are not reported on Schedule K, including global intangible low-taxed income.
- Your business organization name, taxpayer identification number, and taxable-period dates if not using calendar year 2024.
- Information about whether distributions were made to New Hampshire shareholders or members.
- For a combined return, a statement detailing each S corporation entity separately.
How to file
Enter the requested income and deduction amounts, rounded to the nearest whole dollar. Combine lines 1(a) through 1(k), then subtract the total of lines 1(l) through 1(q).
Report the line 2 result on NH-1120-WE, Schedule I-A, line 2, or NH-1120, line 1.
For a combined return, file only one DP-120 covering all S corporation entities and include a separate entity-by-entity statement. If distributions were made to New Hampshire shareholders or members, file DP-9 under separate cover.
The provided form does not specify a mailing address or an e-file method.
Common mistakes
- Not rounding amounts to the nearest whole dollar.
- Overlooking the requirement to apply C corporation limitations to charitable contributions on line 1(m).
- Filing separate DP-120 forms for S corporation entities in a combined return instead of one combined form with an entity-by-entity statement.
- Forgetting to file DP-9 under separate cover when distributions were made to New Hampshire shareholders or members.
Questions people ask
Which federal form supplies the amounts for DP-120?
Most requested amounts come from federal Form 1120S, Schedule K. Line 1(k) also asks for other income or losses that should be included in gross business profits but are not reported on Schedule K.
Where does the final result go?
Report DP-120, line 2, on NH-1120-WE, Schedule I-A, line 2, or NH-1120, line 1.
Do I file a separate DP-120 for each S corporation in a combined return?
No. File one form combining all S corporation entities and include a statement detailing each entity separately.
What if distributions were made to New Hampshire shareholders or members?
Answer “Yes” to the distribution question and file Form DP-9 under separate cover to report the actual distributions.