NH-1120: Corporation Business Tax Return (2024)
New Hampshire · New Hampshire DRA · Used for tax years 2024
Form NH-1120 is New Hampshire’s 2024 Business Profits Tax Return for corporations. It reports federal taxable income or loss, New Hampshire adjustments, apportionment, net operating loss deductions, and business profits tax after credits.
What you'll need
The return must include complete, legible copies of the appropriate federal forms and schedules.
Depending on the entries you make, the form also calls for:
- Form DP-120 if you file federal Form 1120S.
- Schedule IV for adjustments on Lines 2(c) and 2(e).
- A schedule of separate entity income or expense items for Line 4.
- A schedule of taxes by state for Line 6(b), and a research contribution computation for Line 6(g).
- A schedule detailing each transaction if you report multiple transactions on Line 6(h).
- Form DP-80, BPT Apportionment Schedule, if New Hampshire apportionment is other than 100%.
- Form DP-132 for the New Hampshire net operating loss deduction.
- Form BET Credit Worksheet for a BET-only credit, or Form DP-160 for other credits, including BET.
Common mistakes
- Not rounding amounts. The form says to round to the nearest whole dollar.
- Leaving out federal attachments. Complete, legible copies of the appropriate federal forms and schedules must accompany the return.
- Entering negative amounts where zero is required. Enter zero if the calculation for Line 9 or Line 11 is negative. Line 14 also cannot be less than zero.
- Forgetting to transfer the result. Report the tax from Line 14 on BT-Summary, Line 1(b).
Questions people ask
What income amount goes on Line 1?
If you file federal Form 1120, use the amount from federal Form 1120, Line 28. If you file federal Form 1120S, use DP-120, Line 2, and attach DP-120 to the return.
What tax rate does the 2024 form use?
Line 12 instructs you to multiply New Hampshire taxable business profits on Line 11 by 7.5%.
What if my New Hampshire apportionment is not 100%?
Complete Form DP-80, BPT Apportionment Schedule. Enter the percentage from DP-80, Line 1(c), on NH-1120, Line 8.
Can I claim a New Hampshire net operating loss deduction?
The form provides Line 10 for this deduction and requires Form DP-132 as an attachment. It also asks for the deduction available, the amount used this tax period, and the amount to carry forward.
Where do I enter credits?
For a BET-only credit, use Line 13(a) and attach the BET Credit Worksheet. For other credits, including BET, use Line 13(b) and attach Form DP-160.