Form 1120 W PDF Details

The 1120W is the IRS form businesses use to report income earned and taxes paid on that income. The form is relatively simple to complete, but it's important to understand all of the requirements in order to avoid penalties from the IRS. This guide will provide an overview of what you need to know about filing a 1120W. If you're a business owner, you'll need to file a 1120W every year in order to report your income and taxes. The form is fairly simple to complete, but there are a few things you need to know in order to avoid penalties from the IRS. In this guide, we'll provide an overview of what you need to know about filling out a 1120W. So, what exactly is the 1120W? And more importantly, what do you need to do in order to file it correctly? Keep reading for answers!

QuestionAnswer
Form NameForm 1120 W
Form Length3 pages
Fillable?No
Fillable fields0
Avg. time to fill out45 sec
Other names1120 w, 1120 form, form 1120 w tax, form1120w

Form Preview Example

Form 1120-W

(WORKSHEET)

Department of the Treasury Internal Revenue Service

Estimated Tax for Corporations

For calendar year 2021, or tax year beginning

, 2021, and ending

, 20

Go to www.irs.gov/Form1120W for instructions and the latest information.

Keep for the corporation’s records—Do not send to the Internal Revenue Service.

OMB No. 1545-0123

2021

Estimated Tax Computation

1

Taxable income expected for the tax year

1

 

 

 

2

Multiply line 1 by 21% (0.21)

2

 

3

Tax credits. See instructions

3

 

4

Subtract line 3 from line 2

4

 

5

Other taxes. See instructions

5

 

6

Total tax. Add lines 4 and 5

6

 

7

Credit for federal tax paid on fuels and other refundable credits. See instructions

7

 

8Subtract line 7 from line 6. Note: If the result is less than $500, the corporation is not required to

make estimated tax payments

8

9a Enter the tax shown on the corporation’s 2020 tax return. See instructions. Caution: If the tax is zero or

 

the tax year was for less than 12 months, skip this line and enter the amount from line 8 on line 9b . .

9a

bEnter the smaller of line 8 or line 9a. If the corporation is required to skip line 9a, enter the

amount from line 8 . . .

. . . . . . . . . . . . . . . . . . . . . . . .

9b

 

 

 

(a)

(b)

(c)

(d)

10 Installment due dates.

See

 

 

 

instructions

. 10

 

 

 

11Required installments. Enter 25% of line 9b in columns (a) through (d). If the corporation uses the annualized income installment method, or adjusted seasonal

installment method, or is a “large

 

 

 

corporation,” see the instructions

 

 

 

for the amount to enter . . . .

11

 

 

For Paperwork Reduction Act Notice, see instructions.

Cat. No. 11525G

Form 1120-W (2021)

Form 1120-W (WORKSHEET) 2021

 

 

 

 

Page 2

 

 

 

 

 

 

 

 

Schedule A

Adjusted Seasonal Installment Method and Annualized Income Installment Method

 

 

 

 

(see instructions)

 

 

 

 

 

 

 

 

 

 

 

 

Part I

Adjusted Seasonal Installment Method

 

 

 

 

 

Use this method only if the base period percentage for any 6

 

(a)

(b)

(c)

(d)

consecutive months is at least 70%.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

First 3 months

First 5 months

First 8 months

First 11 months

1

Enter taxable income for the following periods:

 

 

 

 

 

 

 

 

 

 

a

Tax year beginning in 2018.

1a

 

 

 

 

b

Tax year beginning in 2019.

1b

 

 

 

 

c

Tax year beginning in 2020.

1c

 

 

 

 

2

Enter taxable income for each period for the tax year beginning in

 

 

 

 

 

 

2021. See instructions for the treatment of extraordinary items.

2

 

 

 

 

 

 

 

 

 

First 4 months

First 6 months

First 9 months

Entire year

3

Enter taxable income for the following periods:

 

 

 

 

 

 

 

 

 

 

a

Tax year beginning in 2018.

3a

 

 

 

 

b

Tax year beginning in 2019.

3b

 

 

 

 

c

Tax year beginning in 2020.

3c

 

 

 

 

4

Divide the amount in each column on line 1a by the amount in

 

 

 

 

 

 

column (d) on line 3a.

4

 

 

 

 

5

Divide the amount in each column on line 1b by the amount in

 

 

 

 

 

 

column (d) on line 3b.

5

 

 

 

 

6

Divide the amount in each column on line 1c by the amount in

 

 

 

 

 

 

column (d) on line 3c.

6

 

 

 

 

7

Add lines 4 through 6.

7

 

 

 

 

8

Divide line 7 by 3.0.

8

 

 

 

 

9a

Divide line 2 by line 8.

9a

 

 

 

 

b

Extraordinary items (see instructions).

9b

 

 

 

 

c

Add lines 9a and 9b.

9c

 

 

 

 

10

Figure the tax on the amount on line 9c by following the same

 

 

 

 

 

 

steps used to figure the tax on page 1, line 2.

10

 

 

 

 

11a

Divide the amount in columns (a) through (c) on line 3a by the

 

 

 

 

 

 

amount in column (d) on line 3a.

11a

 

 

 

 

b

Divide the amount in columns (a) through (c) on line 3b by the

 

 

 

 

 

 

amount in column (d) on line 3b.

11b

 

 

 

 

c

Divide the amount in columns (a) through (c) on line 3c by the

 

 

 

 

 

 

amount in column (d) on line 3c.

11c

 

 

 

 

12

Add lines 11a through 11c.

12

 

 

 

 

13

Divide line 12 by 3.0.

13

 

 

 

 

14

Multiply the amount in columns (a) through (c) of line 10 by the

 

 

 

 

 

 

amount in the corresponding column of line 13. In column (d),

 

 

 

 

 

 

enter the amount from line 10, column (d).

14

 

 

 

 

15

Reserved.

 

15

 

 

 

 

16

Enter any other taxes for each payment period. See instructions.

16

 

 

 

 

17

Add lines 14 and 16.

17

 

 

 

 

18

For each period, enter the same type of credits as allowed on

 

 

 

 

 

 

page 1, lines 3 and 7. See instructions.

18

 

 

 

 

19

Subtract line 18 from line 17. If zero or less, enter -0-.

19

 

 

 

 

Form 1120-W (2021)

Form 1120-W (WORKSHEET) 2021

 

 

 

 

 

 

 

 

 

 

 

 

Page 3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Part II

Annualized Income Installment Method

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(a)

(b)

(c)

(d)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

First

First

First

First

20

Annualization periods (see instructions).

 

20

 

 

 

 

 

 

 

 

 

 

 

 

 

months

months

months

months

21

Enter taxable income for each annualization period. See

 

 

 

 

 

 

 

 

 

 

 

 

 

 

instructions for the treatment of extraordinary items.

 

21

 

 

 

 

 

 

 

 

 

 

 

 

22

Annualization amounts (see instructions).

 

22

 

 

 

 

 

 

 

 

 

 

 

 

23a

Annualized taxable income. Multiply line 21 by line 22.

 

23a

 

 

 

 

 

 

 

 

 

 

 

 

b

Extraordinary items (see instructions).

 

23b

 

 

 

 

 

 

 

 

 

 

 

 

c

Add lines 23a and 23b.

 

23c

 

 

 

 

 

 

 

 

 

 

 

 

24

Figure the tax on the amount in each column on line 23c by

 

 

 

 

 

 

 

 

 

 

 

 

 

 

following the same steps used to figure the tax on page 1,

 

 

 

 

 

 

 

 

 

 

 

 

 

 

line 2.

 

24

 

 

 

 

 

 

 

 

 

 

 

 

25

Reserved.

 

25

 

 

 

 

 

 

 

 

 

 

 

 

26

Enter any other taxes for each annualization period. See

 

 

 

 

 

 

 

 

 

 

 

 

 

 

instructions.

 

26

 

 

 

 

 

 

 

 

 

 

 

 

27

Total tax. Add lines 24 and 26.

 

27

 

 

 

 

 

 

 

 

 

 

 

 

28

For each annualization period, enter the same type of credits

 

 

 

 

 

 

 

 

 

 

 

 

 

 

as allowed on page 1, lines 3 and 7. See instructions.

 

28

 

 

 

 

 

 

 

 

 

 

 

 

29

Total tax after credits. Subtract line 28 from line 27. If zero or

 

 

 

 

 

 

 

 

 

 

 

 

 

 

less, enter -0-.

 

29

 

 

 

 

 

 

 

 

 

 

 

 

30

Applicable percentage.

 

30

25%

 

50%

 

75%

 

100%

 

31

Multiply line 29 by line 30.

 

31

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Part III

Required Installments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Note: Complete lines 32 through 38 of one column before

 

 

1st installment

2nd installment

3rd installment

4th installment

completing the next column.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

32

If only Part I or Part II is completed, enter the amount in

each

 

 

 

 

 

 

 

 

 

 

 

 

 

 

column from line 19 or line 31. If both parts are completed,

 

 

 

 

 

 

 

 

 

 

 

 

 

 

enter the smaller of the amounts in each column from line 19

 

 

 

 

 

 

 

 

 

 

 

 

 

 

or line 31.

 

32

 

 

 

 

 

 

 

 

 

 

 

 

33

Add the amounts in all preceding columns of line 38. See

 

 

 

 

 

 

 

 

 

 

 

 

 

 

instructions.

 

33

 

 

 

 

 

 

 

 

 

 

 

 

34

Adjusted seasonal or annualized income installments.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Subtract line 33 from line 32. If zero or less, enter -0-.

 

34

 

 

 

 

 

 

 

 

 

 

 

 

35

Enter 25% of page 1, line 9b, in each column. Note: “Large

 

 

 

 

 

 

 

 

 

 

 

 

 

 

corporations,” see the instructions for page 1, line 11, for the

 

 

 

 

 

 

 

 

 

 

 

 

 

 

amount to enter.

 

35

 

 

 

 

 

 

 

 

 

 

 

 

36

Subtract line 38 of the preceding column from line 37 of the

 

 

 

 

 

 

 

 

 

 

 

 

 

 

preceding column.

 

36

 

 

 

 

 

 

 

 

 

 

 

 

37

Add lines 35 and 36.

 

37

 

 

 

 

 

 

 

 

 

 

 

 

38

Required installments. Enter the smaller of line 34 or line 37

 

 

 

 

 

 

 

 

 

 

 

 

 

 

here and on page 1, line 11. See instructions.

 

38

 

 

 

 

 

 

 

 

 

 

 

 

Form 1120-W (2021)

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Tips on how to fill in form 1120 payment voucher portion 1

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Find out how to fill in form 1120 payment voucher part 2

3. This third segment should also be relatively uncomplicated, Enter taxable income for the, a Tax year beginning in, b Tax year beginning in, c Tax year beginning in, Enter taxable income for each, Enter taxable income for the, a Tax year beginning in, b Tax year beginning in, c Tax year beginning in, Divide the amount in each column, Add lines through, Divide line by, a Divide line by line, b Extraordinary items see, and a b c - each one of these empty fields has to be filled out here.

A way to fill in form 1120 payment voucher stage 3

4. This specific section arrives with these particular form blanks to complete: b Extraordinary items see, Figure the tax on the amount on, Add lines a through c, Divide line by, Multiply the amount in columns a, Reserved Enter any other taxes for, and a b c.

Figure the tax on the amount on, Add lines a through c, and a b c of form 1120 payment voucher

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Step # 5 in filling in form 1120 payment voucher

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