Form 1120X – Fill Out and Use This PDF

6	Tax deposited or paid with (or after) the filing of the original return
7	Add lines 5d through 6, column (c)
8	Overpayment, if any, as shown on original return or as later adjusted

6

7

8

9	Subtract line 8 from line 7

9

10Tax due. Subtract line 9 from line 4, column (c). If paying by check, make it payable to the

“United States Treasury” . . . . . . . . . . . . . . . . . . . . . . . ▶

11	Overpayment. Subtract line 4, column (c), from line 9		. . . . . . . ▶
12	Enter the amount of line 11 you want: Credited to 20	Estimated tax ▶	Refunded ▶

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11

12

What's New

Beginning in 2010, certain eligible small business credits are carried back five years. If Form 1120-X is used to claim the carryback of any such unused credit, see Carryback of an eligible small business credit (ESBC), below.

General Instructions

Section references are to the Internal Revenue Code unless otherwise noted.

Purpose of Form

Use Form 1120X to:

•Correct a Form 1120 (or Form 1120-A, if applicable) as originally filed, or as later adjusted by an amended return, a claim for refund, or an examination, or

•Make certain elections after the prescribed deadline (see Regulations sections 301.9100-1 through 3).

	Do not use Form 1120X to...	Instead, use . . .
	Apply for a quick refund of	Form 4466, Corporation
	estimated tax	Application for Quick Refund
		of Overpayment of Estimated
		Tax
	Obtain a tentative refund of
	taxes due to:
	• A net operating loss (NOL)	Form 1139, Corporation
	carryback	Application for Tentative
	• A net capital loss carryback	Refund
	• An unused general business	Note. Use Form 1139 only if 1
	credit carryback	year or less has passed since
		the tax year in which the
	• A claim of right adjustment
		carryback or adjustment
	under section 1341(b)(1)
		occurred. Otherwise, use Form
		1120X.
	Request IRS approval for a	Form 3115, Application for
	change in accounting method	Change in Accounting Method

When To File

File Form 1120X only after the corporation has filed its original return. Generally, Form 1120X must be filed within 3 years after the date the corporation filed its original return or within 2 years after the date the corporation paid the tax (if filing a claim for a refund), whichever is later. A return filed before the due date is considered filed on the due date. A Form 1120X based on an NOL carryback, a capital loss carryback, or general business credit carryback generally must be filed within 3 years after the due date (including extensions) of the return for the tax year of the NOL, capital loss, or unused credit. A Form 1120X based on 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 or security became worthless. See section 6511 for more details and other special rules.

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

Private delivery services. See the instructions for the corporation’s income tax return for information on certain private delivery services designated by the IRS to meet the “timely mailing as timely filing/paying” rule for tax returns and payments.

Caution: Private delivery services cannot deliver items to P.O. boxes. Use the U.S. Postal Service to send any item to an IRS P.O. box address.

What To Attach

If the corrected amount involves an item of income, deduction, or credit that must be supported with a schedule, statement, or form, attach the appropriate schedule, statement, or form to Form 1120X. Include the corporation’s name and employer identification number on any attachments. See the 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.

In addition, if the corporation requests that the IRS electronically deposit a refund of $1 million or more, attach Form 8302, Electronic Deposit of Tax Refund of $1 Million or More.

Tax Shelters

If the corporation’s return is being amended for a tax year in which the corporation participated in a “reportable transaction,” attach Form 8886, Reportable Transaction Disclosure Statement. If a reportable transaction results in a loss or credit carried back to a prior tax year, attach Form 8886 for the carryback years.

If the corporation’s return is being amended to include any item (loss, credit, deduction, other tax benefit, or income) from an interest in a tax shelter required to be registered, attach any applicable Forms 8271, Investor Reporting of Tax Shelter Registration Number, due or required to be filed before August 3, 2007.

Carryback Claims

If Form 1120X is used as a carryback claim, attach copies of Form 1120, (or Form 1120-A, if applicable), pages 1 and the tax computation page, for both the year the loss or credit originated and for the carryback year. Also attach any other forms, schedules, or statements that are necessary to support the claim, including a statement that shows all adjustments required to figure any NOL that was carried back. At the top of the forms or schedules attached, write “Copy Only—Do Not Process.”

Carryback of an eligible small business credit (ESBC). If the corporation is an eligible small business (as defined in section 38(c)(5(B)) and is using Form 1120X to claim a carryback of an 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.

Information on Income, Deductions, Tax Computation, etc.

For information on income, deductions, tax computation, etc., see the instructions for the tax return for the tax year being amended.

Caution: Deductions for such items as charitable contributions and the dividends-received deduction may have to be refigured because of changes made to items of income or expense.

Where To File

File this form at the applicable Internal Revenue Service Center where the corporation filed its original return.

Specific Instructions

Tax Year

In the space above the employer identification number, enter the ending month and year of the calendar or fiscal year for the tax return being amended.

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.

If the corporation receives its mail in care of a third party (such as an accountant or an attorney), enter on the street address line “C/O” followed by the third party’s name and street address or P.O. box.

Column (a)

Enter the amounts from the corporation’s return as originally filed or as it was later amended. If the return was changed or audited by the IRS, enter the amounts as adjusted.

Column (b)

Enter the net increase or net decrease for each line being changed. Use parentheses around all amounts that are decreases. Explain the increase or decrease in Part II.

Column (c)

Note. Amounts entered on lines 1 through 4 in column (c) must equal the amounts that would be entered on the applicable lines of the tax return if all adjustments and corrections were taken into account.

Lines 1 and 2. Add the increase in column (b) to the amount in column (a) or subtract the column (b) decrease from column (a). Enter the result in column (c). For an item that did not change, enter the amount from column (a) in column (c).

Line 4. Figure the new amount of tax using the taxable income on line 3, column (c). Use Schedule J, Form 1120 (or Part I, Form 1120-A, if applicable) of the original return to make the necessary tax computation.

Line 5e. Enter the amount of tax deposited with Form 7004, Application for Automatic Extension of Time To File Certain Business Income Tax, Information, and Other Returns.

Line 5g. Include on line 5g any write-in credits or payments, such as the credit for tax on ozone-depleting chemicals or backup withholding.

Line 8. Enter the amount from the “Overpayment” line of the original return, even if the corporation chose to credit all or part of this amount to the next year’s estimated tax. This amount must be considered in preparing Form 1120X because any refund due from the original return will be refunded separately (or credited to estimated tax) from any additional refund claimed on Form 1120X. If the original return was changed by the IRS and the result was an additional overpayment of tax, also include that amount on line 8.

Line 10. Tax due. If the corporation does not use electronic funds transfers, including the Electronic Federal Tax Payment System (EFTPS), enclose a check with this form and make it payable to the “United States Treasury.”

Line 11. Overpayment. If the corporation is entitled to a refund larger than the amount claimed on the original return, line 11 will show only the additional amount of overpayment. This additional amount will be refunded separately from the amount claimed on the original return. The IRS will figure any interest due and include it in the refund.

Line 12. Enter the amount, if any, to be applied to the estimated tax for the next tax period. Also, enter that tax period. No interest will be paid on this amount. The election to apply part or all of the overpayment to the next year’s estimated tax is irrevocable.

Who Must Sign

The return must be signed and dated by:

•The president, vice president, treasurer, assistant treasurer, chief accounting officer, or

•Any other corporate officer (such as tax officer) authorized to sign.

If a return is filed on behalf of a corporation by a receiver, trustee, or assignee, the fiduciary must sign the return, instead of the corporate officer. A return signed by a receiver or trustee in bankruptcy on behalf of a corporation must be filed with a copy of the order or instructions of the court authorizing signing of the return.

If an employee of the corporation completes Form 1120X, the paid preparer’s space should remain blank. Anyone who prepares Form 1120X but does not charge the corporation should not complete that section. Generally, anyone who is paid to prepare the return must sign it and fill in the “Paid Preparer Use Only” area. See the Instructions for Forms 1120 for more information.

Note. A paid preparer may sign original or amended returns by rubber stamp, mechanical device, or computer software program.

Paperwork Reduction Act Notice. We ask for the information on this form to carry out the Internal Revenue laws of the United States. You are required to give us the information. We need it to ensure that you are complying with these laws and to allow us to figure and collect the right amount of tax.

You are not required to provide the information requested on a form that is subject to the Paperwork Reduction Act unless the form displays a valid OMB control number. Books or records relating to a form or its instructions must be retained as long as their contents may become material in the administration of any Internal Revenue law. Generally, tax returns and return information are confidential, as required by section 6103.

The time needed to complete and file this form will vary depending on individual circumstances. The estimated average time is:

Recordkeeping . . . . . . . . . . 12 hrs., 40 min.

Learning about the law

or the form . . . . . . . . . . . . . 1 hr., 19 min. Preparing the form . . . . . . . . . 3 hrs., 27 min.

Copying, assembling, and

sending the form to the IRS . . . . . . . . . 32 min.

If you have comments concerning the accuracy of these time estimates or suggestions for making this form simpler, we would be happy to hear from you. You can write to the Internal Revenue Service, Tax Products Coordinating Committee, SE:W:CAR:MP:T:T:SP, 1111 Constitution Ave. NW, IR-6526, Washington, DC 20224. Do not send the form to this address. Instead, see Where To File on page 3.