Form 1120 – Amending a Corporation Tax Return
To create and file the amended corporate return in TaxAct:
- Ensure that you have a copy of your original return.
- If you used TaxAct to file the original, you can choose to print a copy of the original return at this time. If you already have a copy, continue below.
- If you used another program, or didn’t print or save your return when you filed, you will need to obtain a copy from the IRS before continuing.
- Open the return.
- Enter the correct information in each part of the return, as applicable.
- Make a note of each item you are changing and the reason for each change. You will need these notes for the next steps.
- Choose Filing, then Amend Federal Return.
- Continue through the informational pages, then on the Amended Federal Return – Complete Form 1120X screen, check the Amended Federal return box and click Continue.
- Continue the interview process to enter the values from the original return and the explanation of changes for each line that was changed.
- On the screen titled Amended Federal Return – Filing Form 1120X select either Paper filing or E-Filing and click Continue.
- Complete the filing steps.
Notes
- Generally, for a credit or a refund, Form 1120-X must be filed within 3 years after the date the corporation filed the original return, or within 2 years after the date it paid the tax, whichever is later. A return filed early is considered filed on the due date.
- If corporation is amending its federal return, it may also have to amend certain state returns.
- It often takes the IRS 3 – 4 months to process Form 1120-X.
- See the Instructions for details.