What Form 1120-X (2014) Is For
Corporations use Form 1120-X to correct errors on a previously filed corporate income tax return for the 2014 tax year. This amended form helps domestic corporations correct reported income, deductions, or incorrect credits on the original tax return. When a corporation filed its return incorrectly or missed information, an amended return allows the filer to update taxable income or credits and claim any refund owed. Corporations filing an amended return must attach supporting documents, provide clear explanations, and include a signed signature document to meet IRS business rules and requirements.
When You’d Use Form 1120-X (2014)
Corporations use Form 1120-X when they discover incorrect information or missed items after filing their return. The form applies to C corporations, homeowners' associations, and other domestic corporations that previously filed Form 1120. The IRS allows corporations to amend within three years of the filing date or two years after paying income taxes, whichever is later. If a corporation needs to change certain elections or correct errors from prior years allowed, an amended return should be filed before the prescribed deadline. Filing can be completed online or on paper forms, depending on IRS acceptance for the tax year.
Key Rules or Details for 2014
- Filing period: COF filings must submit the complete years from when the tax returns were filed or within two years after taxes are paid.
- Calendar year and fiscal year: For corporations on a calendar year, the original due date was the fifteenth day of the third month of the fourth month ending at 14. Fiscal year filers follow the four-month rule after their year-end.
- Supporting documents: Attach all supporting explanations and schedules the IRS requires to verify corrected amounts.
- Amended return checkbox: Ensure the amended return checkbox is selected on the main form to notify the IRS that corrections are being made.
- Original return reference: Include line number references showing each amended item and the corrected form amounts.
- Tax computation: Recalculate income tax, deductions, and credits following 2014 tax laws and IRS regulations.
- Mailing address: Send paper forms to the same IRS service center that processed the original return.
Browse more tax form instructions and filing guides in our Forms Hub.
Step-by-Step Filing Process (High Level)
Step 1: Gather All Records
Collect the original form, supporting schedules, and documentation that show why a correction is necessary. Include receipts or statements to support changes in income or deductions.
Step 2: Complete All Columns Accurately
Enter original amounts in Column A, changes in Column B, and corrected totals in Column C. Each corrected amount must reflect what the tax return should have shown if filed correctly.
Step 3: Provide Detailed Explanations in Part II
Explain every amended item clearly in Part II of Form 1120-X. Include supporting explanations for each line number and describe why the correction was needed.
Step 4: Attach Appropriate Forms and Documents
Include appropriate forms, schedules, or statements verifying each change. Certain corporations must also attach subsidiary returns if they are part of a controlled group.
Step 5: Sign and Submit to the IRS
The completed form must include a signed signature document from an authorized officer. Mail the return filing to the correct IRS service center or file electronically if e-filing is available.
Learn more about federal tax filing through our IRS Form Help Center.
Common Mistakes and How to Avoid Them
- Missing explanations: Always include supporting explanations for each amended item so the IRS can verify the correction.
- Incorrect calculations: Double-check the taxable income and total income amounts to ensure the corrected information is accurate.
- Omitting supporting schedules: Attach the required schedules or documents to avoid delays in processing amended returns.
- Filing too soon: Wait until the original return is processed; superseding returns should only be filed before the original due date.
- Wrong address: Always file at the same IRS service center where the original return was filed to comply with business rules.
- Unsigned submissions: The IRS will reject a completed form without a practitioner’s PIN or signature. Make sure that the returns have the required signature.
- Late filing: Monitor the prescribed deadline carefully and request an approved waiver or automatic extension if necessary.
Learn more about how to avoid business tax problems in our guide on How to File and Avoid Penalties.
What Happens After You File
The IRS typically processes amended returns within several months of receiving Form 1120-X. Corporations are billed for additional taxes depending on the corrected form. If income taxes were overpaid, the IRS issues a tentative refund or applies a credit carryover to future tax years. The company must pay the remaining amount immediately to avoid penalties if it is underpaid. Keep copies of all tax returns, XML forms, and supporting documentation for reference. Processing time may vary based on whether e-filing or paper is used.
FAQs
Can I e-file Form 1120-X (2014) for my corporation's income tax return?
Electronic filing was not widely used for corporate returns in 2014. Most corporations needed to submit a paper filing to the appropriate center.
How long do I have to file an amended corporate income tax return?
Corporations generally have three years from the original due date or two years from the date taxes were paid, whichever is later, to amend.
What if my amended returns result in additional taxes?
If additional taxes are owed, corporations must pay promptly to avoid interest. The IRS calculates interest from the original due date of the income tax return.
Can a controlled group file an amended return together?
A corporation within a controlled group must file its amended form, although related information may be required across corporate returns.
Are superseding returns different from amended returns?
Yes, superseding returns replace the original tax return before the due date, while amended returns are filed after the original form has been processed.
What supporting documents should be included with Form 1120-X (2014)?
Attach all supporting documents, including schedules and statements showing corrected information, to ensure accurate processing by the IRS.
Where do I file my corporate return after completing Form 1120-X?
Mail the completed form and attachments to the same IRS service center where the original corporate income tax return was filed.
For more resources on filing or understanding prior-year IRS forms, visit our guide on Business Income Tax Forms.
