DP-120: Computation of S-Corporation Gross Business Profits (2025)
New Hampshire · New Hampshire DRA · Used for tax years 2025
Form DP-120 calculates an S-corporation’s gross business profits for New Hampshire using income and deductions from federal Form 1120S, Schedule K, along with other income that must be included. The result is reported on Form NH-1120-WE, Schedule I-A, or Form NH-1120.
Who files this form
Form DP-120 is used to compute S-corporation gross business profits for reporting on Form NH-1120 or NH-1120-WE, Schedule I-A.
For S-corporation entities reporting as part of a combined return, file only one DP-120 combining all entities. Include a statement detailing each entity separately.
When it's due
For tax year 2025, the form says that if distributions were made to New Hampshire shareholders or members, Form DP-9 must be filed under separate cover on or before May 1 after the end of the calendar year.
The supplied text does not state a filing deadline for DP-120 itself.
What you'll need
Have the following ready to complete DP-120:
- Federal Form 1120S, Schedule K, for the income, loss, deduction, and foreign tax amounts requested.
- Your business organization name, taxpayer identification number, and taxable period.
- Information about any other income or loss that belongs in gross business profits but is not reported on Schedule K, including global intangible low-taxed income.
- Information about whether distributions were made to New Hampshire shareholders or members.
- For a combined return, a statement detailing each S-corporation entity separately, similar to the method used for consolidated federal pages.
How to file
- Report the DP-120 line 2 result on NH-1120-WE, Schedule I-A, line 2, or NH-1120, line 1.
- For a combined return, file one DP-120 combining all S-corporation entities and include a statement detailing each entity separately.
- If distributions were made to New Hampshire shareholders or members, file Form DP-9 under separate cover to report the actual distributions.
The supplied text does not give a mailing address or e-filing instructions for DP-120.
Common mistakes
- Not rounding amounts: The form directs you to round to the nearest whole dollar.
- Overlooking charitable contribution limits: Line 1(m) says Form 1120S charitable contributions must follow C-corporation limitations.
- Filing separate DP-120 forms for entities in a combined return: File only one form combining all S-corporation entities, with a statement detailing each separately.
- Missing the separate DP-9 filing: If distributions were made to New Hampshire shareholders or members, the form directs you to file DP-9 under separate cover.
Questions people ask
How do I calculate line 2?
Combine lines 1(a) through 1(k). From that result, subtract the sum of lines 1(l) through 1(q).
Where do I report the line 2 result?
Report it on NH-1120-WE, Schedule I-A, line 2, or NH-1120, line 1.
What if an income item is not on federal Schedule K?
Line 1(k) asks for other income or loss not reported on Federal Form 1120S, Schedule K, that should be included in gross business profits, including global intangible low-taxed income.
Can I use DP-120 for a taxable period other than the calendar year?
Yes. The form provides spaces for the beginning and ending dates of another taxable period, as an alternative to calendar year 2025.