US Taxation

US Taxation

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IRS 1120

  • Form 1120, U.S. Corporation Income Tax Return, is used by C corporations for tax returns.
  • Form 1120S, U.S. Income Tax Return for an S Corporation, is used by S corporations for tax returns.
  • Form 1120-C, U.S. Income Tax Return for Cooperative Associations, is used by cooperatives for tax returns.
  • Form 1120-H, U.S. Income Tax Return for Homeowners Associations, is used by condominium and housing associations for tax returns.

Form 1120 (officially the “U.S Corporate Income Tax Return”) is one of the IRS tax forms used by corporations (specifically, C corporations) in the United States to report their income, gains, losses, deductions, credits and to figure out their tax liability. The form has many variants for corporations with different structures; the most common variant is the Form 1120S used by S corporations.

IRS 1040

Form 1040, U.S. Individual Income Tax Return, is one of three forms (1040 [the “Long Form”], 1040A [the “Short Form”] and 1040EZ – see below for explanations of each) used for personal (individual) federal income tax returns filed with the IRS. The first Form 1040 was published for use for the tax years 1913, 1914, and 1915. For 1916, Form 1040 was converted to an annual form (i.e., updated each year with the new tax year printed on the form). Initially, the IRS mailed tax booklets (Form 1040, instructions, and most common attachments) to all households.

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