Form 1120-S (2023)

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What is IRS Form 1120S?

IRS 1120S is the form created by the Internal Revenue Service for S corporations as an income tax return yearly report. S corporations are business structures that were made the way their owners can avoid double taxation. Each shareholder of such companies must fill out income tax return documents on their own and pay taxes for this business as well.

What I need the IRS 1120 S for?

Form 1120-S screenshot

You need IRS 1120S form if you are an owner of S corporation type business and you have to report on:

  • Company’s income;
  • Business gains during the year;
  • Losses that business may face;
  • Deductions;
  • Credits the company is involved in.

The fillable IRS 1120S form is handy when it comes to the yearly report over taxes the business has to pay to the US. The form must be accompanied by B, K, and L forms. They are required for the IRS report. However, the number of attached documents may vary depending on the requirements of the IRS.

Filling out Tax Return Form 1120-S

You have to send the IRS 1120S form to IRS until the 15th day of the 3rd month of the year. Yet, you can extend the deadline depending on the circumstances. The form requires your complete attention. You have to provide the information on the company’s income, tax, payments, deductions, etc. There are 5 pages in the form.

Organizations that work with tax forms 1120S

Department of the Treasury Internal Revenue Service.

Related to IRS 1120 S Form Documents

1120-S Form Resources

How to Fill Out 1120S?

  • Click the Fill Out Form button to open the fillable form;
  • Start with the 1st page: company’s name and address, phone, income, deductions, tax, and payments;
  • 2nd page offers you to provide Other information, including accounting methods;
  • On the 3rd page you can find Shareholder’s Pro Rata Share Items with Foreign transactions, income, credits and deductions specifications;
  • Page 4 continues the table from page 3, and adds Balance Sheets per Books lines;
  • The 5th page is about Reconciliation of Income per Books With Income per Return and Analysis of Account.

Form Versions

2019 Form 1120-S for 2019 tax year Fill Out Form
2020 Form 1120-S for 2020 tax year Fill Out Form
2021 Form 1120-S for 2021 tax year Fill Out Form
2022 Form 1120-S for 2022 tax year Fill Out Form

FAQ: 1120-S Form Popular Questions

  • How to amend form 1120-S?

    To amend a filed Form 1120-S, you should check box H on page 1 and file a corrected Form 1120-S. You should also attach:

    1. Explanation for every change that you would like to make.
    2. Statement that identifies the line number of each amended item.
    3. Corrected amount or treatment of the item.
  • How is form 1120 different from form 1120-S?

    The difference is pretty simple. Form 1120 - Corporation Income Tax Return should be filed by C Corps to report federal taxes. Form 1120-S should be used by S Corps.

  • When are 1120 forms due?

    The 1120 tax forms deadline is usually on April 15 or April 18 as it was this year. Nevertheless, corporations with a fiscal tax year that ends on June 30 should file the form by March 15.

  • Where can I find 1120 forms?

    You can find the forms 1120 and 1120-S on the official IRS website or here on PDFLiner. Simply enter the name of the form in search bar and click a blue button next to the form that you'd like to fill.

Fillable online Form 1120-S (2023)
(5 / 5) 85 votes
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