Reporting Corporate Income Reconciliations (Form 1120) in TaxAct
If you’re filing taxes on behalf of a corporate entity, you may need to reconcile that entity’s accounting income (also known as “book income”) with its taxable income. The IRS uses Schedule M-1 of Form 1120 for reporting such reconciliations.
- Learn more about Form 1120: U.S. Corporation Income Tax Return.
- Learn more about Schedule M-1 for Form 1120: Reconciliation of Income (Loss) per Books with Income per Return.
You can use TaxAct to report these income reconciliations.
To report corporate income reconciliations in TaxAct:
- Sign in to your TaxAct account, then click the My Tax Returns tile.
- Locate the relevant return, then click Open Return in the Actions column for that return.
- In the left navigation bar, click Federal.
- In the Federal Quick Q&A Topics panel, click Reconciliation of Income.
- Continue with the interview process to enter all of the appropriate information.