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The Florida F 1120 form is essential for corporations operating in the state, as it serves as the Corporate Income/Franchise Tax Return. This form is used to report a corporation's income, deductions, and tax liabilities to the Florida Department of Revenue. When filling out the F 1120, businesses must detail their federal taxable income, make necessary adjustments, and calculate their Florida net income. The form includes various sections for additions and subtractions to federal taxable income, allowing corporations to account for specific credits and deductions. Additionally, it requires information about the corporation’s business activities, including its location, federal employer identification number, and any changes in name or address. Companies are also prompted to attach relevant schedules and their federal return to ensure completeness. Understanding and accurately completing the F 1120 is crucial for compliance and can help businesses manage their tax obligations effectively.

Sample - Florida F 1120 Form

F-1120
Name
Address
City/State/ZIP
US Dollars Cents
Federal Employer Identication Number (FEIN)
For calendar year 2015 or tax year
beginning _________________, 2015
ending _______________________
Year end date _________________
1. Federal taxable income (see instructions).
Attach pages 1–6 of federal return ..............................................
2. State income taxes deducted in computing federal taxable income
(attach schedule) ..............................................................................
3. Additions to federal taxable income (from Schedule I) ....................
4. Total of Lines 1, 2, and 3. .................................................................
5. Subtractions from federal taxable income (from Schedule II) ..........
6. Adjusted federal income (Line 4 minus Line 5) ................................
7. Florida portion of adjusted federal income (see instructions) ......................
8. Nonbusiness income allocated to Florida (from Schedule R) ......................
9. Florida exemption .............................................................................................................
10. Florida net income (Line 7 plus Line 8 minus Line 9) ..........................................................
11. Tax due: 5.5% of Line 10.................................................................................................
12. Credits against the tax (from Schedule V) ...........................................................................
13. Total corporate income/franchise tax due (Line 11 minus Line 12). ....................................
Payment Coupon for Florida Corporate Income Tax Return
Do not detach coupon.
Total amount due
from Line 17
Total credit
from Line 18
Total refund
from Line 19
YEAR
ENDING
US DOLLARS CENTS
If 6/30 year end, return is due 1st day of the 4th month after the close of the taxable year,
otherwise return is due 1st day of the 5th month after the close of the taxable year.
Computation of Florida Net Income Tax
7.
8.
9.
10.
11.
12.
13.
Check here
if negative
Check here
if negative
Check here
if negative
Check here
if negative
Check here
if negative
Check here
if negative
Check here
if negative
Check here
if negative
Use black ink. Example A - Handwritten Example B - Typed
0 1 2 3 4 5 6 7 8 9
0123456789
Check here if any changes have been made to
name or address
Y
D YDMM
/ /
DOR use
only
FEIN
Enter FEIN if not pre-addressed
Enter name and address, if not pre-addressed:
Name
Address
City/St
ZIP
1.
2.
3.
4.
5.
6.
F-1120
Florida Corporate Income/Franchise Tax Return
F-1120
R. 01/23
Rule 12C-1.051, F.A.C.
E󰀨ective 01/23
Page 1 of 6
F-1120
R. 01/23
To ensure proper credit to your account, enclose your check with tax return when mailing.
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9100 0 20229999 0002005037 5 3999999999 0000 2
14. a) Penalty: F-2220 __________________ b) Other ___________________
c) Interest: F-2220 _________________ d) Other ___________________ Line 14 Total u
14.
15. Total of Lines 13 and 14 ....................................................................................................... 15.
16. Payment credits: Estimated tax payments 16a $
Tentative tax payment 16b $ ............... 16.
17. Total amount due: Subtract Line 16 from Line 15. If positive, enter amount
due here. If the amount is negative (overpayment),
enter on Line 18 and/or Line 19 ............................................................................................ 17.
18. Credit: Enter amount of overpayment credited to next year’s estimated tax
here ...................................................................................................................................... 18.
19. Refund: Enter amount of overpayment to be refunded here ............................................. 19.
F-1120
R. 01/23
Page 2 of 6
G-2. Part of a federal consolidated return? YES
q
NO
q
If yes, provide:
FEIN from federal consolidated return: ___________________________________
Name of corporation: _______________________________________________
G-3. The federal common parent has sales, property, or payroll in Florida? YES
q
NO
q
H. Location of corporate books: ____________________________________________________________
City: _________________________________________ State: _____________ ZIP: _______________
I. Taxpayer is a member of a Florida partnership or joint venture? YES
q
NO
q
J. Enter date of latest IRS audit: ______________
a) List years examined: ____________
K. Contact person concerning this return: __________________________________________________
a) Contact person telephone number: ( _____ ) _____________________________________________
b) Contact person email address: ________________________________________________________
L. Type of federal return led
q
1120
q
1120S or __________________
A. State of incorporation: ______________________________________________________________
B. Florida Secretary of State document number: __________________________________________
C. Florida consolidated return? YES
q
NO
q
D.
q
Initial return
q
Final return (nal federal return led)
E. Principal Business Activity Code (as pertains to Florida)
F. A Florida extension of time was timely led? YES
q
NO
q
G-1. Corporation is a member of a controlled group? YES
q
NO
q
If yes, attach list.
All Taxpayers Must Answer Questions A Through L Below — See Instructions
This return is considered incomplete unless a copy of the federal return is attached.
If your return is not signed, or improperly signed and veried, it will be subject to a penalty. The statute of limitations will not start until your return
is properly signed and veried. Your return must be completed in its entirety.
Under penalties of perjury, I declare that I have examined this return, including accompanying schedules and statements, and to the best of my knowledge and belief, it is true, correct,
and complete. Declaration of preparer (other than taxpayer) is based on all information of which preparer has any knowledge.
Where to Send Payments and Returns
Make check payable to and mail with return to:
Florida Department of Revenue
5050 W Tennessee Street
Tallahassee FL 32399-0135
If you are requesting a refund (Line 19), send your return to:
Florida Department of Revenue
PO Box 6440
Tallahassee FL 32314-6440
Remember:
ü
Make your check payable to the Florida
Department of Revenue.
ü
Write your FEIN on your check.
ü
Sign your check and return.
ü
Attach a copy of your federal return.
ü
Attach a copy of your Florida Form F-7004
(extension of time) if applicable.
Sign here
Date
Preparer’s
signature
Firm’s name (or yours
if self-employed)
and address
Preparer’s
PTIN
FEIN
ZIP
Preparer
check if self-
employed
Signature of ofcer (must be an original signature)
Paid
preparers
only
Title
Date
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F-1120
R. 01/23
Page 3 of 6
NAME FEIN TAXABLE YEAR ENDING
Schedule I — Additions and/or Adjustments to Federal Taxable Income
1. Interest excluded from federal taxable income (see instructions) 1.
2. Undistributed net long-term capital gains (see instructions) 2.
3. Net operating loss deduction (attach schedule) 3.
4. Net capital loss carryover (attach schedule) 4.
5. Excess charitable contribution carryover (attach schedule) 5.
6. Employee benet plan contribution carryover (attach schedule) 6.
7. Enterprise zone jobs credit (Florida Form F-1156Z) 7.
8. Ad valorem taxes allowable as an enterprise zone property tax credit (Florida Form F-1158Z) 8.
9. Guaranty association assessment(s) credit 9.
10. Rural and/or urban high-crime area job tax credits 10.
11. State housing tax credit 11.
12. Florida tax credit scholarship program credit (credit for contributions to nonprot scholarship-funding organizations) 12.
13. New worlds reading initiative credit 13.
14. Strong families tax credit (credit for contributions to eligible charitable organizations) 14.
15. New markets tax credit 15.
16. Entertainment industry tax credit 16.
17. Research and development tax credit 17.
18. Energy economic zone tax credit 18.
19. s.168(k), IRC, special bonus depreciation 19.
20. Depreciation of qualied improvement property (see instructions) 20.
21. Expenses for business meals provided by a restaurant (see instructions) 21.
22. Film, television, and live theatrical production expenses (see instructions) 22.
23. Internship tax credit 23.
24. Other additions (attach schedule) 24.
25. Total Lines 1 through 24. Enter total on this line and on Page 1, Line 3. 25.
Schedule II — Subtractions from Federal Taxable Income
1. Gross foreign source income less attributable expenses
(a) Enter s. 78, IRC, income $ _________________________
(b) plus s. 862, IRC, dividends $ _________________________
(c) plus s. 951A, IRC, income $ _________________________
(d) less direct and indirect expenses
and related amounts deducted
under s. 250, IRC $ _________________________
1.
2. Gross subpart F income less attributable expenses
(a) Enter s. 951, IRC, subpart F income $ _______________________
(b) less direct and indirect expenses $ _______________________ Total u
2.
Note: Taxpayers doing business outside Florida enter zero on Lines 3 through 6, and complete Schedule IV.
3. Florida net operating loss carryover deduction (see instructions)
3.
4. Florida net capital loss carryover deduction (see instructions) 4.
5. Florida excess charitable contribution carryover (see instructions) 5.
6. Florida employee benet plan contribution carryover (see instructions) 6.
7. Nonbusiness income (from Schedule R, Line 3) 7.
8. Eligible net income of an international banking facility (see instructions) 8.
9. s. 168(k), IRC, special bonus depreciation (see instructions) 9.
10. Depreciation of qualied improvement property (see instructions) 10.
11. Film, television, and live theatrical production expenses (see instructions) 11.
12. Other subtractions (attach schedule) 12.
13. Total Lines 1 through 12. Enter total on this line and on Page 1, Line 5. 13.
Total u
III-B For use in computing average value of property (use original cost).
1. Inventories of raw material, work in process, nished goods
2. Buildings and other depreciable assets
3. Land owned
4. Other tangible and intangible (nancial org. only) assets (attach schedule)
5. Total (Lines 1 through 4)
(a) (b)
III-C Sales Factor TOTAL WITHIN FLORIDA TOTAL EVERYWHERE
(Numerator) (Denominator)
1. Sales (gross receipts)
2. Sales delivered or shipped to Florida purchasers
3. Other gross receipts (rents, royalties, interest, etc. when applicable)
4. TOTAL SALES (Enter on Schedule III-A, Line 3, Columns [a] and [b])
III-D Special Apportionment Fractions (see instructions) (a) WITHIN FLORIDA (b) TOTAL EVERYWHERE (c) FLORIDA Fraction ([a]
÷
[b])
1. Insurance companies (attach copy of Schedule T–Annual Report)
2. Transportation services
F-1120
R. 01/23
Page 4 of 6
Schedule III — Apportionment of Adjusted Federal Income
WITHIN FLORIDA TOTAL EVERYWHERE
a. Beginning of year b. End of year c. Beginning of year d. End of year
III-A For use by taxpayers doing business outside Florida, except those providing insurance or transportation services.
(a) (b) (c) (d) (e)
WITHIN FLORIDA TOTAL EVERYWHERE Col. (a) ÷
Col. (b) Weight Weighted Factors
(Numerator)
(Denominator)
Rounded to Six Decimal
If any factor in Column (b) is zero, Rounded to Six Decimal
Places see note on Page 9 of the instructions. Places
1. Property (Schedule III-B below) X 25% or ______
2. Payroll X 25% or ______
3. Sales (Schedule III-C below) X 50% or ______
4. Apportionment fraction (Sum of Lines 1, 2, and 3, Column [e]). Enter here and on Schedule IV, Line 2.
Rounded to Six Decimal Places
NAME FEIN TAXABLE YEAR ENDING
N/A
N/A
6. Average value of property
a. Add Line 5, Columns (a) and (b) and divide by 2 (for within Florida) .......... 6a.
b. Add Line 5, Columns (c) and (d) and divide by 2 (for total Everywhere) ......................................................................................... 6b.
7. Rented property (8 times net annual rent)
a. Rented property in Florida .......................................................................... 7a.
b. Rented property Everywhere ......................................................................................................................................................... 7b.
8. Total (Lines 6 and 7). Enter on Line 1, Schedule III-A, Columns (a) and (b).
a. Enter Lines 6a. plus 7a. and also enter on Schedule III-A, Line 1,
Column (a) for total average property in Florida ......................................... 8a.
b. Enter Lines 6b. plus 7b. and also enter on Schedule III-A, Line 1,
Column (b) for total average property Everywhere ......................................................................................................................... 8b.
Schedule IV — Computation of Florida Portion of Adjusted Federal Income
1. Apportionable adjusted federal income from Page 1, Line 6 1.
2. Florida apportionment fraction (Schedule III-A, Line 4) 2.
3. Tentative apportioned adjusted federal income (multiply Line 1 by Line 2) 3.
4. Net operating loss carryover apportioned to Florida (attach schedule; see instructions) 4.
5. Net capital loss carryover apportioned to Florida (attach schedule; see instructions) 5.
6. Excess charitable contribution carryover apportioned to Florida (attach schedule; see instructions) 6.
7. Employee benet plan contribution carryover apportioned to Florida (attach schedule; see instructions) 7.
8. Total carryovers apportioned to Florida (add Lines 4 through 7) 8.
9. Adjusted federal income apportioned to Florida (Line 3 less Line 8; see instructions) 9.
F-1120
R. 01/23
Page 5 of 6
NAME FEIN TAXABLE YEAR ENDING
Schedule V — Credits Against the Corporate Income/Franchise Tax
1. Florida health maintenance organization consumer assistance assessment credit (attach assessment notice) 1.
2. Capital investment tax credit (attach certication letter) 2.
3. Enterprise zone jobs credit (from Florida Form F-1156Z attached) 3.
4. Community contribution tax credit (attach certication letter) 4.
5. Enterprise zone property tax credit (from Florida Form F-1158Z attached) 5.
6. Rural job tax credit (attach certication letter) 6.
7. Urban high-crime area job tax credit (attach certication letter) 7.
8. Hazardous waste facility tax credit 8.
9. Florida alternative minimum tax (AMT) credit 9.
10. Contaminated site rehabilitation tax credit (voluntary cleanup tax credit) (attach tax credit certicate) 10.
11. State housing tax credit (attach certication letter) 11.
12. Florida tax credit scholarship program credit (credit for contributions to nonprot scholarship-funding organizations) (attach certicate) 12.
13. New worlds reading initiative credit (attach certicate) 13.
14. Strong families tax credit (credit for contributions to eligible charitable organizations) (attach certicate) 14.
15. New markets tax credit 15.
16. Entertainment industry tax credit 16.
17. Research and development tax credit 17.
18. Energy economic zone tax credit 18.
19. Internship tax credit 19.
20. Other credits (attach schedule) 20.
21. Total credits against the tax (sum of Lines 1 through 20 not to exceed the amount on Page 1, Line 11).
Enter total credits on Page 1, Line 12
21.
Line 1. Nonbusiness income (loss) allocated to Florida
Type Amount
_____________________________________ _____________________________________
_____________________________________ _____________________________________
_____________________________________ _____________________________________
Total allocated to Florida ................................................................................. 1. __________________________________
(Enter here and on Page 1, Line 8)
Line 2. Nonbusiness income (loss) allocated elsewhere
Type State/country allocated to Amount
_____________________________________ ____________________________________ _____________________________________
_____________________________________ ____________________________________ _____________________________________
_____________________________________ ____________________________________ _____________________________________
Total allocated elsewhere ................................................................................ 2. __________________________________
Line 3. Total nonbusiness income
Grand total. Total of Lines 1 and 2 .................................................................. 3. __________________________________
(Enter here and on Schedule II, Line 7)
Schedule R — Nonbusiness Income
1. Florida income expected in taxable year ................................................................................................... 1. $ _______________
2.
Florida exemption $50,000 (Members of a controlled group, see instructions on Page 15 of
Florida Form F-1120N) ......................................................................................................................................
2. $ _______________
3. Estimated Florida net income (Line 1 less Line 2) ...................................................................................... 3. $ _______________
4. Total Estimated Florida tax (5.5% of Line 3) ................................... $ ____________________________
Less: Credits against the tax ........................................................... $ ____________________________ 4. $ _______________
5. Computation of installments:
The payment for June 2013 is due on or before June 28, 2013.
Payment due dates and If 6/30 year end, last day of 4th month,
payment amounts: otherwise last day of 5th month - Enter 0.25 of Line 4 ............... 5a. _____________________
Last day of 6
th
month - Enter 0.25 of Line 4 ............................... 5b. _____________________
Last day of 9
th
month - Enter 0.25 of Line 4 ................................ 5c. _____________________
Last day of taxable year - Enter 0.25 of Line 4 ........................... 5d. _____________________
NOTE: If your estimated tax should change during the year, you may use the amended computation
below to determine the amended amounts to be entered on the declaration (Florida Form F-1120ES).
1. Amended estimated tax ..................................................................................................................... 1. $ ______________
2. Less:
(a) Amount of overpayment from last year elected for credit
to estimated tax and applied to date ........................................................ 2a. - $ _____________
(b) Payments made on estimated tax declaration (Florida Form F-1120ES).... 2b. - $ _____________
(c) Total of Lines 2(a) and 2(b) ........................................................................................................ 2c. $ ______________
3. Unpaid balance (Line 1 less Line 2(c)) ............................................................................................... 3. $ ______________
4. Amount to be paid (Line 3 divided by number of remaining installments) ........................................ 4. $ ______________
F-1120
R. 01/23
Page 6 of 6
References
The following documents were mentioned in this form and are incorporated by reference in the rules indicated below.
The forms are available online at oridarevenue.com/forms.
Form F-2220 Underpayment of Estimated Tax on Florida Rule 12C-1.051, F.A.C.
Corporate Income/Franchise Tax
Form F-7004 Florida Tentative Income/Franchise Tax Return Rule 12C-1.051, F.A.C.
and Application for Extension of Time to File
Return
Form F-1156Z Florida Enterprise Zone Jobs Credit Certicate of Rule 12C-1.051, F.A.C.
Eligibility for Corporate Income Tax
Form F-1158Z Enterprise Zone Property Tax Credit Rule 12C-1.051, F.A.C.
Form F-1120N Instructions for Corporate Income/Franchise Tax Return Rule 12C-1.051, F.A.C.
Form F-1120ES Declaration/Installment of Florida Estimated Rule 12C-1.051, F.A.C.
Income/Franchise Tax
Estimated Tax Worksheet For Taxable Years Beginning On or After January 1, 2023
NAME FEIN TAXABLE YEAR ENDING
Click for PDF

Form Information

Fact Name Details
Form Purpose The Florida F 1120 form is used for filing the Corporate Income/Franchise Tax Return for corporations operating in Florida.
Governing Laws This form is governed by Rule 12C-1.051, Florida Administrative Code (F.A.C.), effective January 2020.
Filing Requirements Corporations must attach a copy of their federal return to the F 1120 form. Incomplete returns may be subject to penalties.
Tax Rate The tax rate for Florida Corporate Income Tax is 4.458% of the Florida net income as reported on Line 10 of the form.

Detailed Guide for Filling Out Florida F 1120

Completing the Florida F-1120 form requires careful attention to detail and accurate reporting of your corporate income and taxes. Once the form is filled out, it must be submitted to the Florida Department of Revenue along with any required attachments. Ensure all necessary information is accurate to avoid penalties.

  1. Gather Required Information: Collect your federal tax return and any supporting documents needed to complete the F-1120 form.
  2. Fill in Basic Information: Enter your corporation's name, address, and Federal Employer Identification Number (FEIN) at the top of the form.
  3. Indicate Tax Year: Specify the tax year for which you are filing. Include the beginning and ending dates of your tax year.
  4. Report Federal Taxable Income: On Line 1, enter your federal taxable income. If it is negative, check the appropriate box.
  5. State Income Taxes: On Line 2, report any state income taxes deducted in computing federal taxable income. Attach a schedule if necessary and check the box if it is negative.
  6. Additions to Income: Complete Line 3 by adding any required additions to federal taxable income from Schedule I. Check the box if negative.
  7. Calculate Total Income: On Line 4, sum Lines 1, 2, and 3. Check the box if negative.
  8. Subtractions from Income: Report any subtractions on Line 5 from Schedule II. Check the box if negative.
  9. Adjusted Federal Income: Calculate your adjusted federal income by subtracting Line 5 from Line 4 and enter it on Line 6. Check the box if negative.
  10. Florida Portion of Income: Complete Line 7 with the Florida portion of your adjusted federal income. Check if negative.
  11. Nonbusiness Income: Report any nonbusiness income allocated to Florida on Line 8 from Schedule R.
  12. Florida Exemption: Enter the Florida exemption amount on Line 9.
  13. Calculate Florida Net Income: On Line 10, calculate your Florida net income by adding Line 7 and Line 8, then subtracting Line 9.
  14. Tax Calculation: On Line 11, calculate the tax due at 4.458% of Line 10.
  15. Credits Against Tax: Report any credits against the tax on Line 12 from Schedule V.
  16. Total Tax Due: On Line 13, subtract Line 12 from Line 11 to find the total corporate income/franchise tax due.
  17. Payment Information: If applicable, fill out the payment coupon section at the bottom of the form.
  18. Sign and Date: Ensure the form is signed by an authorized officer of the corporation and dated.
  19. Attach Required Documents: Attach a copy of your federal return and any other required schedules or documentation.
  20. Submit the Form: Mail the completed form and attachments to the Florida Department of Revenue at the address provided on the form.

Obtain Answers on Florida F 1120

  1. What is the Florida F 1120 form?

    The Florida F 1120 form is the Corporate Income/Franchise Tax Return used by corporations operating in Florida. This form is essential for reporting a corporation's income, calculating the tax owed, and ensuring compliance with state tax laws.

  2. Who needs to file the F 1120 form?

    Any corporation that conducts business in Florida must file the F 1120 form. This includes both domestic and foreign corporations that have income sourced from Florida. If your corporation is classified as a C corporation for federal tax purposes, you will typically need to complete this form.

  3. When is the F 1120 form due?

    The F 1120 form is generally due on the first day of the fourth month following the end of your corporation's fiscal year. For corporations operating on a calendar year, the due date is April 1. If you need additional time, you can file for an extension using Form F-7004.

  4. What information is required to complete the F 1120 form?

    To complete the F 1120 form, you will need to provide:

    • Your corporation's name, address, and Federal Employer Identification Number (FEIN).
    • Federal taxable income from your federal return.
    • Details about any state income taxes deducted, along with any additions or subtractions to federal taxable income.
    • Information about nonbusiness income allocated to Florida.
    • Any applicable tax credits.

  5. What happens if I don’t file the F 1120 form?

    Failing to file the F 1120 form can lead to penalties, including fines and interest on any unpaid taxes. Additionally, your corporation may face legal consequences, such as loss of good standing with the state. It’s important to file on time to avoid these issues.

  6. Can I e-file the F 1120 form?

    Yes, the Florida Department of Revenue allows electronic filing for the F 1120 form. E-filing can streamline the process and reduce the chances of errors. Ensure that you have all required information ready before starting the e-filing process.

  7. What are the tax rates for the Florida corporate income tax?

    The corporate income tax rate in Florida is currently set at 4.458% of the Florida net income. This rate applies to the taxable income after all deductions and credits have been taken into account.

  8. Are there any tax credits available for corporations filing the F 1120 form?

    Yes, various tax credits may be available to corporations. These include credits for enterprise zone jobs, capital investment, and renewable energy production, among others. It's important to review the specific eligibility requirements for each credit to maximize potential savings.

  9. What should I do if I made a mistake on my F 1120 form?

    If you discover an error after submitting your F 1120 form, you should file an amended return as soon as possible. Use the appropriate form for amendments and provide a clear explanation of the changes made. This can help avoid penalties and interest on any underreported income.

  10. Where do I send my completed F 1120 form?

    Send your completed F 1120 form to the Florida Department of Revenue at the following address:

    Florida Department of Revenue
    5050 W Tennessee Street
    Tallahassee, FL 32399-0135

    If you are requesting a refund, send your return to:

    Florida Department of Revenue
    PO Box 6440
    Tallahassee, FL 32314-6440

Common mistakes

Completing the Florida F-1120 form can be a daunting task, and many individuals and businesses make mistakes that can lead to delays or penalties. One common error is failing to attach the required federal return. The instructions clearly state that the Florida F-1120 return is considered incomplete without a copy of the federal return. This oversight can result in the return being rejected or delayed, which can complicate tax obligations.

Another frequent mistake involves incorrect calculations of federal taxable income. Taxpayers often miscalculate their income or fail to account for additions and subtractions that impact their taxable income. It is crucial to double-check the numbers on Lines 1 through 10, as inaccuracies can lead to incorrect tax assessments. Ensuring that all required schedules are completed accurately is essential to avoid issues with the Florida Department of Revenue.

Many filers also overlook the importance of signing the return. A return that is not signed or is improperly signed can incur penalties. The declaration section emphasizes that the return must be signed by an authorized officer of the corporation. This step is not merely a formality; it is a legal requirement that validates the information provided.

Another mistake often made is neglecting to answer all questions in the taxpayer information section. Questions A through L must be answered fully to provide the Florida Department of Revenue with necessary information about the corporation. Incomplete responses can lead to additional inquiries or delays in processing the return.

Finally, failing to keep a copy of the submitted return and all accompanying documentation can create problems down the line. Taxpayers should retain copies for their records, as this can be invaluable in case of audits or discrepancies. Maintaining thorough documentation not only helps in managing tax responsibilities but also supports compliance with state regulations.

Documents used along the form

The Florida F-1120 form is essential for corporations filing their corporate income or franchise tax returns in Florida. Alongside this form, several other documents are commonly required to ensure accurate reporting and compliance with state tax regulations. Here’s a list of these documents and their purposes.

  • Federal Tax Return (Form 1120): This is the federal corporate income tax return. A copy must be attached to the Florida F-1120 form to provide a complete picture of the corporation's financial situation.
  • Schedule I: This schedule lists additions to federal taxable income. It includes items like interest income that is excluded from federal taxable income and net operating loss deductions.
  • Schedule II: This schedule details subtractions from federal taxable income. It accounts for deductions such as Florida net operating loss carryovers and other specific credits.
  • Schedule III: This schedule is used for apportioning adjusted federal income. It helps determine the portion of income that is taxable in Florida versus other states.
  • Schedule R: This schedule reports nonbusiness income allocated to Florida. It is crucial for corporations that earn income from sources outside of their primary business activities.
  • Schedule V: This schedule outlines credits against the corporate income/franchise tax. It includes various tax credits that corporations may be eligible to claim.
  • Florida Form F-7004: This is the application for an extension of time to file the Florida corporate income tax return. If a corporation needs more time, this form must be submitted.
  • Payment Coupon: This document accompanies the payment of any tax due. It ensures that the payment is correctly applied to the corporation's account.
  • Documentation for Credits: Various forms may be required to substantiate claims for specific tax credits, such as certification letters or assessment notices related to credits claimed on Schedule V.

By preparing these documents carefully, corporations can navigate the complexities of Florida's tax requirements more effectively. Ensuring all necessary forms are included with the F-1120 can prevent delays and penalties, allowing for a smoother filing process.

Similar forms

  • IRS Form 1120: This federal corporate income tax return is similar to the Florida F 1120 form in that both require corporations to report their income, deductions, and credits. The structure and purpose of both forms are aligned, focusing on corporate taxation.
  • IRS Form 1120-S: This form is used for S corporations to report income, deductions, and credits. Like the Florida F 1120, it emphasizes the need for accurate reporting of income and tax obligations, although it differs in the tax treatment of S corporations.
  • Florida Form DR-405: This form, used for property tax returns, shares a similar requirement for detailed financial reporting. Both forms require comprehensive information about income and tax calculations relevant to Florida's tax regulations.
  • Florida Form F-7004: This is an extension request for corporate income tax. Similar to the F 1120, it requires information about the corporation's financial status and tax obligations, helping taxpayers manage their filing deadlines.
  • IRS Form 1065: This partnership return is similar in that it also reports income, deductions, and credits. The primary difference lies in the entity type, but both forms require similar financial details for tax assessment.
  • Florida Form F-1156Z: This form is related to enterprise zone jobs credits. It parallels the F 1120 in that it requires specific financial information to determine eligibility for tax credits, thereby impacting overall tax liabilities.
  • Florida Form F-1158Z: This form addresses the enterprise zone property tax credit. Like the F 1120, it necessitates detailed financial reporting to assess tax credits, reflecting the state's focus on incentivizing business activities.

Dos and Don'ts

When filling out the Florida F-1120 form, there are several important considerations to keep in mind. The following list outlines key actions to take and avoid during the process.

  • Do use black ink for all entries on the form.
  • Do ensure that all required attachments, including a copy of the federal return, are included.
  • Do double-check all calculations for accuracy before submitting the form.
  • Do sign the form with an original signature; electronic signatures may not be accepted.
  • Don't leave any fields blank; all sections must be completed.
  • Don't forget to check the box if there have been any changes to the name or address.

Misconceptions

Here are six common misconceptions about the Florida F 1120 form:

  • All corporations must file the F 1120 form. Not every corporation is required to file this form. Only corporations doing business in Florida or those with income sourced from Florida need to submit the F 1120.
  • The F 1120 form is the same as the federal corporate tax return. The F 1120 form is specific to Florida. It has different requirements and calculations compared to the federal return, which is typically Form 1120.
  • Filing the F 1120 guarantees a tax refund. Filing does not guarantee a refund. Refunds depend on the corporation's income, deductions, and any overpayments made during the tax year.
  • Negative income means no tax is owed. While negative income may reduce tax liability, it does not automatically exempt a corporation from filing the F 1120. The form must still be submitted, even if the tax owed is zero.
  • Only large corporations need to file the F 1120. Small corporations, as well as large ones, may need to file the F 1120 if they meet the criteria. Size does not determine the filing requirement.
  • It is acceptable to file the F 1120 without attaching the federal return. The F 1120 is considered incomplete without a copy of the corresponding federal return. This is a crucial requirement to avoid penalties.

Key takeaways

Filling out the Florida F-1120 form requires careful attention to detail. Here are five key takeaways to help ensure a smooth process:

  • Complete All Sections: Ensure every section of the form is filled out completely. An incomplete return may lead to penalties or delays.
  • Attach Required Documents: Always attach a copy of your federal return. The Florida Department of Revenue requires this for processing.
  • Understand Income Adjustments: Be aware of the additions and subtractions to federal taxable income. These adjustments can significantly affect your Florida net income calculation.
  • Calculate Tax Credits: Review available tax credits carefully. Credits can reduce your overall tax liability, so make sure to include them accurately on the form.
  • File on Time: Pay close attention to the due date for filing. Late submissions may incur penalties, so plan ahead to avoid issues.

By following these guidelines, you can navigate the F-1120 form with greater confidence and accuracy.