Fillable Form 1120x - Amended U.s. Corporation Income Tax Return (Page 3 of 4) in pdf

Form 1120X (Rev. 1-2011)

Page

What's New

What To Attach

Beginning in 2010, certain eligible small business credits are

If the corrected amount involves an item of income, deduction,

carried back five years. If Form 1120-X is used to claim the

or credit that must be supported with a schedule, statement, or

carryback of any such unused credit, see Carryback of an

form, attach the appropriate schedule, statement, or form to

eligible small business credit (ESBC), below.

Form 1120X. Include the corporation’s name and employer

identification number on any attachments. See the instructions

General Instructions

for Form 1120 or 1120-A (if applicable) for the tax year of the

claim for a list of forms that may be required.

Section references are to the Internal Revenue Code unless

In addition, if the corporation requests that the IRS

otherwise noted.

electronically deposit a refund of $1 million or more, attach

Purpose of Form

Form 8302, Electronic Deposit of Tax Refund of $1 Million or

More.

Use Form 1120X to:

Tax Shelters

• Correct a Form 1120 (or Form 1120-A, if applicable) as

originally filed, or as later adjusted by an amended return, a

If the corporation’s return is being amended for a tax year in

claim for refund, or an examination, or

which the corporation participated in a “reportable transaction,”

attach Form 8886, Reportable Transaction Disclosure

• Make certain elections after the prescribed deadline (see

Statement. If a reportable transaction results in a loss or credit

Regulations sections 301.9100-1 through 3).

carried back to a prior tax year, attach Form 8886 for the

carryback years.

Do not use Form 1120X to... Instead, use . . .

If the corporation’s return is being amended to include any

Apply for a quick refund of

Form 4466, Corporation

item (loss, credit, deduction, other tax benefit, or income) from

estimated tax

Application for Quick Refund

an interest in a tax shelter required to be registered, attach any

of Overpayment of Estimated

applicable Forms 8271, Investor Reporting of Tax Shelter

Tax

Registration Number, due or required to be filed before August

3, 2007.

Obtain a tentative refund of

taxes due to:

Carryback Claims

If Form 1120X is used as a carryback claim, attach copies of

• A net operating loss (NOL)

Form 1139, Corporation

Form 1120, (or Form 1120-A, if applicable), pages 1 and the tax

carryback

Application for Tentative

computation page, for both the year the loss or credit originated

Refund

• A net capital loss carryback

and for the carryback year. Also attach any other forms,

Note. Use Form 1139 only if 1

• An unused general business

schedules, or statements that are necessary to support the

year or less has passed since

credit carryback

claim, including a statement that shows all adjustments required

the tax year in which the

to figure any NOL that was carried back. At the top of the forms

• A claim of right adjustment

carryback or adjustment

or schedules attached, write “Copy Only—Do Not Process.”

under section 1341(b)(1)

occurred. Otherwise, use Form

Carryback of an eligible small business credit (ESBC). If the

1120X.

corporation is an eligible small business (as defined in section

Request IRS approval for a

Form 3115, Application for

38(c)(5(B)) and is using Form 1120X to claim a carryback of an

change in accounting method

Change in Accounting Method

unused ESBC, enter “SBJA 2012” at the top of Form 1120X. For

details and special rules regarding an ESBC, see the

Instructions for Form 3800.

When To File

Information on Income, Deductions, Tax

File Form 1120X only after the corporation has filed its original

return. Generally, Form 1120X must be filed within 3 years after

Computation, etc.

the date the corporation filed its original return or within 2 years

For information on income, deductions, tax computation, etc.,

after the date the corporation paid the tax (if filing a claim for a

see the instructions for the tax return for the tax year being

refund), whichever is later. A return filed before the due date is

amended.

considered filed on the due date. A Form 1120X based on an

NOL carryback, a capital loss carryback, or general business

Caution: Deductions for such items as charitable contributions

credit carryback generally must be filed within 3 years after the

and the dividends-received deduction may have to be refigured

due date (including extensions) of the return for the tax year of

because of changes made to items of income or expense.

the NOL, capital loss, or unused credit. A Form 1120X based on

Where To File

a bad debt or worthless security must be filed within 7 years

after the due date of the return for the tax year in which the debt

File this form at the applicable Internal Revenue Service Center

or security became worthless. See section 6511 for more

where the corporation filed its original return.

details and other special rules.

Note. It often takes 3 to 4 months to process Form 1120X.

Specific Instructions

Private delivery services. See the instructions for the

corporation’s income tax return for information on certain

Tax Year

private delivery services designated by the IRS to meet the

In the space above the employer identification number, enter

“timely mailing as timely filing/paying” rule for tax returns and

the ending month and year of the calendar or fiscal year for the

payments.

tax return being amended.

Caution: Private delivery services cannot deliver items to P.O.

boxes. Use the U.S. Postal Service to send any item to an IRS

Address

P.O. box address.

If the post office does not deliver mail to the street address and

the corporation has a P.O. box, show the box number instead of

the street address.

Form 1120x - Amended U.s. Corporation Income Tax Return Page 3

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