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VA online Form 1120-H: What You Should Know

Do I keep copies of the Forms 1120 I do need? Yes, you may file Form 1120H electronically and have a paper Form 1120 ready for you as well. You are required to file your Form 1120-H. You have two options for completing forms at this time. 1) you must complete the paper Forms 1120 and 1120-H. 2) you may electronically complete and file Form 1120-H. 3) you may choose to use the paper Forms 1120 and 1120-H option. A copy of Form 1120 (including any attachments) needs to be submitted with your forms. However, there is no need for you to keep a copy of the Forms 801 or 801A. A copy of Form 801/801A must be attached for each person claiming the credit, or additional amounts, listed on Form 801A. What Is “Business Income”? First be aware that the term “business income” refers to income that is received from any source other than self, such as interest on bonds, dividends, dividends on stock, interest on money held in escrow or trust, and income from selling items to other business entities.  Does “Business” Exclude Sales of Business Assets? No. The term “business” also includes individuals who are independent contractors. The term “business income” does not include wages or business profits. When Can I Claim the Credit on My Tax Return? You may claim the credit up to the amount of tax paid. For example, if you have a credit of 5,000, you do not have to pay the tax that is equal to 5,000. The only exception would be if the tax on your Form 1120 is greater than the credit. If this is the case, you must calculate your tax based on the credit and any tax that is applicable to your taxes paid. This is because the credit cannot exceed the amount of tax paid. When Will I Get My Return? Your return will be sent out in two parts. The first part is the completed Form 1120-H and the other part is the complete statement of taxes paid, including your Form 986 and 990 for this year. What Is To Be Done After Claiming the Credit? You must wait three years from the effective date of the credit before filing your return, and you will have to complete forms in person when you file.

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