1120-H PDF Details

Navigating the complexities of tax requirements, the Form 1120-H emerges as a critical document for Homeowners Associations (HOAs) across the United States, providing a simplified method to comply with federal tax obligations. Issued by the Department of the Treasury, this specific form caters to condominium management associations, residential real estate associations, and timeshare associations, acknowledging their unique financial activities. The form facilitates these organizations in reporting income, deductions, and taxes payable to the Internal Revenue Service (IRS) for the specified tax year. With sections dedicated to exempt function income and expenditures, the form mandates compliance with the 60% gross income test and the 90% expenditure test, essential for maintaining tax-exempt status on certain incomes. It also delineates categories for gross income, deductions directly connected to income production, and taxable income calculations, culminating in a section for tax and payments. Moreover, adjustments for overpayments, estimated tax payments, and specifics regarding tax credits and deposits highlight the form's comprehensive nature in addressing the tax liability of homeowner associations, ensuring adherence to federal tax law requirements while facilitating potential benefits under the tax code.

QuestionAnswer
Form NameForm 1120-H
Form Length1 pages
Fillable?Yes
Fillable fields1
Avg. time to fill out27 sec
Other names2003, 940-EZ, EFTPS, 1120-H

Form Preview Example

23c
23d
23e
23f
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Refunded 26

Form 1120-H

 

 

 

U.S. Income Tax Return

 

 

OMB No. 1545-0123

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

for Homeowners Associations

 

 

 

 

 

Department of the Treasury

 

 

 

2022

 

 

Go to www.irs.gov/Form1120H for instructions and the latest information.

 

 

 

 

 

 

 

 

 

Internal Revenue Service

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For calendar year 2022

or tax year beginning

 

, 2022, and ending

 

 

, 20

 

 

 

Name

 

 

 

 

 

 

Employer identification number

 

TYPE

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Number, street, and room or suite no. If a P.O. box, see instructions.

 

 

Date association formed

OR

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PRINT

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

City or town, state or province, country, and ZIP or foreign postal code

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Check if:

(1)

Final return

(2)

Name change

(3)

Address change

(4)

 

Amended return

 

A

Check type of homeowners association:

Condominium management association

Residential real estate association

Timeshare association

B

Total exempt function income. Must meet 60% gross income test. See instructions

 

 

B

 

 

C

Total expenditures made for purposes described in 90% expenditure test. See instructions . . . .

 

 

C

 

 

D

Association’s total expenditures for the tax year. See instructions

 

 

D

 

 

E

Tax-exempt interest received or accrued during the tax year

 

 

E

 

 

 

 

 

 

Gross Income (excluding exempt function income)

 

 

 

 

 

1

Dividends

 

 

1

 

 

2

Taxable interest

 

 

2

 

 

3

Gross rents

 

 

3

 

 

4

Gross royalties

 

 

4

 

 

5

Capital gain net income (attach Schedule D (Form 1120))

 

 

5

 

 

6

Net gain or (loss) from Form 4797, Part II, line 17 (attach Form 4797)

 

 

6

 

 

7

Other income (excluding exempt function income) (attach statement)

 

 

7

 

 

8

Gross income (excluding exempt function income). Add lines 1 through 7

 

 

8

 

 

Deductions (directly connected to the production of gross income, excluding exempt function income)

9

Salaries and wages

10

Repairs and maintenance

11

Rents

12

Taxes and licenses

13

Interest

14

Depreciation (attach Form 4562)

15

Other deductions (attach statement)

16

Total deductions. Add lines 9 through 15

17Taxable income before specific deduction of $100. Subtract line 16 from line 8 . . . . . . . .

18 Specific deduction of $100 . . . . . . . . . . . . . . . . . . . . . . . . .

Tax and Payments

9

10

11

12

13

14

15

16

17

18

$100

19 Taxable income. Subtract line 18 from line 17 . . . . . . . . . . . . . . . . . .

20Enter 30% (0.30) of line 19. (Timeshare associations, enter 32% (0.32) of line 19.) . . . . . . .

21

Tax credits (see instructions)

22Total tax. Subtract line 21 from line 20. See instructions for recapture of certain credits . . . . .

23a

2021 overpayment credited to 2022 . .

23a

 

 

b

2022 estimated tax payments . . . .

23b

 

c Total

d

Tax deposited with Form 7004

e

Credit for tax paid on undistributed capital gains (attach Form 2439) . . .

f

Credit for federal tax paid on fuels (attach Form 4136)

g

Add lines 23c through 23f

24Amount owed. Subtract line 23g from line 22. See instructions . . . . . .

25 Overpayment. Subtract line 22 from line 23g . . . . . . . . . . . .

26Enter amount of line 25 you want: Credited to 2023 estimated tax

19

20

21

22

Sign Here

Under penalties of perjury, I declare that I have examined this return, including accompanying schedules and statements, and to the best of my knowledge and belief, it is

true, correct, and complete. Declaration of preparer (other than taxpayer) is based on all information of which preparer has any knowledge.

 

 

 

 

 

May the IRS discuss this return

 

 

 

 

 

 

 

 

 

 

with the preparer shown below?

 

 

 

 

 

See instructions.

 

Yes

 

No

 

 

 

 

 

 

 

Signature of officer

Date

 

Title

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Paid

Print/Type preparer’s name

Preparer’s signature

 

Date

Check

if

PTIN

 

 

 

 

 

Preparer

 

 

 

 

self-employed

 

 

 

 

 

 

 

 

Firm’s name

 

 

 

Firm’s EIN

 

 

Use Only

 

 

 

 

 

Firm’s address

 

 

 

Phone no.

 

 

 

 

 

 

 

 

For Paperwork Reduction Act Notice, see separate instructions.

Cat. No. 11477H

 

Form 1120-H (2022)

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