Filing 1120X for last year and 1120 for this year


W

w_cohen

I made a mistake on last years 1120 form (Deductions for Pension plan). Note: we have a fiscal year starting 2/1. We inadvertantly included the prior years pension contribution with the current years contribution. This caused the deductions to be more than they should have been. The corp had a loss last year and now just not as big of a loss. So I need to fill out an 1120X for last year noting the before/after total decuction difference as well as the before/after taxable income (negative). No tax was owed and none still owed.

Question: as this affects the Schedule L balance sheet (liabilities and equity) as well as M-1 and M-2 do I need to include balance sheet/M1/M2 forms along with my 1120X filed with IRS? I thought the Fed/IRS doesn't care about the balance sheet, only (NY) would care which I have to file a NY amended return CT-3, etc.

This years 1120 needs to be based on the corrected 1120x amounts.

Thanks!
 
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B

Bob Sandler

I made a mistake on last years 1120 form (Deductions for Pension plan). Note: we have a fiscal year starting 2/1. We inadvertantly included the prior years pension contribution with the current years contribution. This caused the deductions to be more than they should have been. The corp had a loss last year and now just not as big of a loss. So I need to fill out an 1120X for last year noting the before/after total decuction difference as well as the before/after taxable income (negative). No tax was owed and none still owed.

Question: as this affects the Schedule L balance sheet (liabilities and equity) as well as M-1 and M-2 do I need to include balance sheet/M1/M2 forms along with my 1120X filed with IRS? I thought the Fed/IRS doesn't care about the balance sheet, only (NY) would care which I have to file a NY amended return CT-3, etc.

This years 1120 needs to be based on the corrected 1120x amounts.

Thanks!
Cross-posted and answered here:
https://ttlc.intuit.com/post/show_full/d5PYrugtKr4PAReJe_aUId
 
W

w_cohen

here: https://ttlc.intuit.com/post/show_full/d5PYrugtKr4PAReJe_aUId -- << ------------------------------------------------------- >> << The foregoing was not intended or written to be used, >> << nor can it used, for the purpose of avoiding penalties >> << that may be imposed upon the taxpayer. >> << >> << The Charter and the Guidelines for submitting posts >> << to this newsgroup as well as our anti-spamming policy >> << are at www.asktax.org. >> << Copyright (2011) - All rights reserved. >> << ------------------------------------------------------- >>

No, I am not an S corporation. I am a C corporation. Therefore I must file an 1120X form. Your reference to fields/lines on 1120S is not applicable.
 
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A

Alan

I made a mistake on last years 1120 form (Deductions for Pension plan). Note: we have a fiscal year starting 2/1. We inadvertantly included the prior years pension contribution with the current years contribution. This caused the deductions to be more than they should have been. The corp had a loss last year and now just not as big of a loss. So I need to fill out an 1120X for last year noting the before/after total decuction difference as well as the before/after taxable income (negative). No tax was owed and none still owed.

Question: as this affects the Schedule L balance sheet (liabilities and equity) as well as M-1 and M-2 do I need to include balance sheet/M1/M2 forms along with my 1120X filed with IRS? I thought the Fed/IRS doesn't care about the balance sheet, only (NY) would care which I have to file a NY amended return CT-3, etc.

This years 1120 needs to be based on the corrected 1120x amounts.

Thanks!
I believe it is appropriate to attach a revised page 5 of the 1120 as it
is different then the original submission. In addition, if you filed any
of the 5500 schedules that would change, you would also have to attach a
revised copy of that.
 

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