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Official Florida F 1120 Template

The Florida Corporate Income/Franchise Tax Return, also known as Form F-1120, serves as a critical tool for businesses operating within the state to calculate and file their income and franchise taxes. Updated and enforced by Rule 12C-1.051, F.A.C., as of January 2020, this document outlines the process for computing Florida Net Income Tax, offering a structured format for entities to report their earnings and tax liabilities. Businesses are required to complete this form with precision, ensuring all changes to names or addresses are accurately reflected, and include the necessary documentation like the federal return pages and any schedules pertaining to additions or subtractions from the federal taxable income.

Access Florida F 1120 Editor Here

Overview

At the heart of corporate tax obligations in Florida lies the F-1120 form, a comprehensive document designed for corporations to report their income and franchise taxes. Released under Rule 12C-1.051, F.A.C., and carrying an effective date from January 2020, this form spans six detailed pages and is integral for corporations navigating their fiscal responsibilities within the state. Its structure facilitates a meticulous calculation of Florida net income tax, starting from the federal taxable income and incorporating various adjustments, additions, and subtractions as specified within its sections. Corporations are required to report any changes to their name or address, signify their operational status through indicators for initial or final returns, and attach schedule documents that detail specific income sources and deductions emphasizing the form's adaptability to diverse corporate scenarios. Ensuring accuracy is paramount, as this form represents a crucial link between federal income details and state tax liabilities, serving as both a compliance measure and a financial snapshot of the corporation's taxable presence in Florida. The concluding sections underscore the responsibility to attach a federal return copy, the necessity of a signature under penalty of perjury, and the importance of correct preparer information, wrapping up a form that is both challenging and essential for corporate entities operating within Florida's dynamic economic landscape.

Example - Florida F 1120 Form

Florida Corporate Income/Franchise Tax Return	F-1120
	R. 01/23
	Rule 12C-1.051, F.A.C.
	Effective 01/23
Name	Page 1 of 6
Name
Address
City/State/ZIP

		Use black ink. Example A - Handwritten Example B - Typed				For calendar year 2015 or tax year							Check here if any changes have been made to
		Use black ink. Example A - Handwritten Example B - Typed											Check here if any changes have been made to
					0123456789								name or address
0 1 2 3 4 5 6 7 8 9					0123456789	beginning _________________, 2015
						ending ________________________
						ending ________________________
						Year end date _ _________________						DOR use					/			/
						Year end date _ _________________						DOR use
	Federal		Employer Identification Number (FEIN)										only

				Computation of Florida Net Income Tax										US Dollars
				Computation of Florida Net Income Tax										US Dollars
	1.	Federal taxable income (see instructions).																			.
	1.	Federal taxable income (see instructions).					Check here				,				,			,
		Attach pages 1–6 of federal return						1.			,				,			,

						if negative
2.		State income taxes deducted in computing federal taxable income Check here																			.

								2.			,				,			,
		(attach schedule)					if negative				,				,			,
		(attach schedule)					if negative
																					.

3.		Additions to federal taxable income (from Schedule I)					Check here	3.			,				,			,
3.		Additions to federal taxable income (from Schedule I)					if negative	3.
																					.

4.		Total of Lines 1, 2, and 3					Check here	4.			,				,			,
4.		Total of Lines 1, 2, and 3				if negative		4.
																					.

											,				,			,
		FloridaF-1120														,			.
5.		Subtractions from federal taxable income (from Schedule II)					Check here	5.
5.		Subtractions from federal taxable income (from Schedule II)					if negative	5.
6.		Adjusted federal income (Line 4 minus Line 5)					Check here	6.			,				,			,			.
6.		Adjusted federal income (Line 4 minus Line 5)				if negative		6.
																					.

7.		Florida portion of adjusted federal income (see instructions)					Check here			7.					,			,
7.										7.


8.		Nonbusiness income allocated to Florida (from Schedule R)					Check here			8.					,			,			.
							Check here

9.			exemption							9.


																					.

10.		Florida net income (Line 7 plus Line 8 minus Line 9)							10.						,			,
10.		Florida net income (Line 7 plus Line 8 minus Line 9)							10.
																					.

11.		Tax due: 5.5% of Line 10							11.						,			,
11.		Tax due: 5.5% of Line 10							11.
																					.
12.		Credits against the tax (from Schedule V)							12.						,			,			.
12.		Credits against the tax (from Schedule V)							12.
																					.
13.		Total corporate income/franchise tax due (Line 11 minus Line 12)							13.						,			,			.
13.									13.

Cents


Payment Coupon for Florida Corporate Income Tax Return		Do not detach coupon.	F-1120
	To ensure proper credit to your account, enclose your check with tax return when mailing.		R. 01/23
			R. 01/23

ENDINGYEAR M M D D Y Y

Enter name and address, if not pre-addressed:

Name

Address

City/St

ZIP

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.

	US DOLLARS	,	CENTS
Total amount due	,	,	.
Total amount due
from Line 17	,	,	.
Total credit	,	,	.
Total credit
from Line 18	,	,	.
Total refund	,	,	.
Total refund
from Line 19
FEIN
F-1120
Enter EIN if not pre-addressed

9100 0 20229999 0002005037 5 3999999999 0000 2

F-1120

R.01/23 Page 2 of 6


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.

This return is considered incomplete unless a copy of the federal return is attached.

If your return is not signed, or improperly signed and verified, it will be subject to a penalty. The statute of limitations will not start until your return

is properly signed and verified. 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.

Sign here

Title

Signature of officer (must be an original signature)

Date

Preparer’s

Preparer

Preparer’s

Paid

check if self-

PTIN

signature

Date

employed

preparers

only

Firm’s name (or yours

FEIN

if self-employed)

and address

ZIP

All Taxpayers Must Answer Questions A Through L Below — See Instructions

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 (final federal return filed)

E.Principal Business Activity Code (as pertains to Florida)

F.A Florida extension of time was timely filed? YES q NO q

G-1. Corporation is a member of a controlled group? YES q NO q If yes, attach list.

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 filed q1120 q1120S or __________________

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:

üMake your check payable to the Florida Department of Revenue.

üWrite your FEIN on your check.

üSign your check and return.

Attach a copy of your federal return.

Attach a copy of your Florida Form F-7004 (extension of time) if applicable.

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 benefit 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 nonprofit 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 qualified 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	$ _________________________	1.
(d) less direct and indirect expenses		Total u
and related amounts deducted		Total u
under s. 250, IRC	$ _________________________

2.Gross subpart F income less attributable expenses

	(a) Enter s. 951, IRC, subpart F income $ _______________________	2.
	(b) less direct and indirect expenses $ _______________________	Total u

Note: Taxpayers doing business outside Florida enter zero on Lines 3 through 6, and complete Schedule IV.		3.
3.	Florida net operating loss carryover deduction (see instructions)	3.
3.

4.	Florida net capital loss carryover deduction (see instructions)	4.

5.	Florida excess charitable contribution carryover (see instructions)	5.

6.	Florida employee benefit 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 qualified 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.

F-1120

R. 01/23

Page 4 of 6

NAME

FEIN

TAXABLE YEAR ENDING

Schedule III — Apportionment of Adjusted Federal Income

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

Property (Schedule III-B below)

X 25% or ______

Payroll

X 25% or ______

Sales (Schedule III-C below)

X 50% or ______

Apportionment fraction (Sum of Lines 1, 2, and 3, Column [e]). Enter here and on Schedule IV, Line 2.

III-B For use in computing average value of property (use original cost).

WITHIN FLORIDA

TOTAL EVERYWHERE

a. Beginning of year

b. End of year

c. Beginning of year

d. End of year

Inventories of raw material, work in process, finished

goods

Buildings and other depreciable assets

Land owned

Other tangible and intangible (financial org. only) assets (attach schedule)

Total (Lines 1 through 4)

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.

Rented property (8 times net annual rent)

a. Rented property in Florida

7a.

b. Rented property Everywhere

7b.

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.

 III-C Sales Factor

(a)

(b)

TOTAL WITHIN FLORIDA

TOTAL EVERYWHERE

(Numerator)

(Denominator)

Sales (gross receipts)

N/A

Sales delivered or shipped to Florida purchasers

N/A

Other gross receipts (rents, royalties, interest, etc. when applicable)

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

Rounded to Six Decimal Places

Insurance companies (attach copy of Schedule T–Annual Report)

Transportation services

Schedule IV — Computation of Florida Portion of Adjusted Federal Income

Apportionable adjusted federal income from Page 1, Line 6

Florida apportionment fraction (Schedule III-A, Line 4)

Tentative apportioned adjusted federal income (multiply Line 1 by Line 2)

Net operating loss carryover apportioned to Florida (attach schedule; see instructions)

Net capital loss carryover apportioned to Florida (attach schedule; see instructions)

Excess charitable contribution carryover apportioned to Florida (attach schedule; see instructions)

Employee benefit plan contribution carryover apportioned to Florida (attach schedule; see instructions)

Total carryovers apportioned to Florida (add Lines 4 through 7)

Adjusted federal income apportioned to Florida (Line 3 less Line 8; see instructions)

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 certification letter)				2.

	3.		Enterprise zone jobs credit (from Florida Form F-1156Z attached)				3.

	4.		Community contribution tax credit (attach certification letter)				4.

	5.		Enterprise zone property tax credit (from Florida Form F-1158Z attached)				5.

	6.		Rural job tax credit (attach certification letter)				6.

	7.		Urban high-crime area job tax credit (attach certification 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 certificate)				10.

	11.		State housing tax credit (attach certification letter)				11.

	12.		Florida tax credit scholarship program credit (credit for contributions to nonprofit scholarship-funding organizations) (attach certificate)				12.

	13.	New worlds reading initiative credit (attach certificate)					13.

	14.		Strong families tax credit (credit for contributions to eligible charitable organizations) (attach certificate)				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).				21.
			Enter total credits on Page 1, Line 12				21.
			Enter total credits on Page 1, Line 12


	Schedule R — Nonbusiness Income
	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)

F-1120

R. 01/23

Page 6 of 6

NAME	FEIN	TAXABLE YEAR ENDING
Estimated Tax Worksheet For Taxable Years Beginning On or After January 1, 2023
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:

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 6th month - Enter 0.25 of Line 4	5b.______________________
	Last day of 9th 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.	$ _______________

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 floridarevenue.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 Certificate 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

➤ Florida F 1120 PDF

File Specifications

Fact Name	Description
Form Identification	The document is identified as Florida Corporate Income/Franchise Tax Return, Form F-1120 R. 01/20.
Governing Rule	It is governed by Rule 12C-1.051, Florida Administrative Code (F.A.C.), with an effective date of January 2020.
Attachment Requirements	A copy of the federal return (pages 1–5) must be attached, ensuring completeness and compliance with validation standards.
Penalty for Noncompliance	Failure to properly sign, verify, or complete the return in its entirety can result in penalties. The statute of limitations for any action regarding the return does not start until these conditions are met.

Instructions on Filling in Florida F 1120

Filing the Florida F-1120 form, the Corporate Income/Franchise Tax Return, is an integral process for corporations doing business in Florida. It involves detailing the corporation's income, computing tax liability, and applying any relevant credits. To navigate this process efficiently, follow these enumerated steps:

Start by entering the corporation's name, address, city, state, and ZIP code at the top of the form. Use black ink and indicate if the form is being filled out by hand or typed.
Specify if there have been any changes to the name or address since the last filing.
Enter the tax year or calendar year for which the return is being filed, along with the year-end date.
Provide the Federal Employer Identification Number (FEIN) in the designated space.
Under "Computation of Florida Net Income Tax," enter the federal taxable income on line 1, attaching the first five pages of the federal return if necessary.
Record any state income taxes deducted in computing federal taxable income on line 2, attaching a schedule if there are deductions.
Add any additions to federal taxable income as per Schedule I on line 3, indicating if the amount is negative.
Calculate the total of lines 1, 2, and 3 and enter this on line 4.
List any subtractions from federal taxable income according to Schedule II on line 5.
Compute the adjusted federal income (line 4 minus line 5) and enter it on line 6.
If applicable, enter the Florida portion of adjusted federal income on line 7.
Allocate any nonbusiness income to Florida on line 8, using Schedule R for guidance.
Deduct the Florida exemption on line 9 to determine the Florida net income.
Calculate the tax due (4.458% of line 10) and enter this amount on line 11.
Apply any credits against the tax from Schedule V on line 12.
Determine the total corporate income/franchise tax due by subtracting line 12 from line 11 and entering the result on line 13.
Complete the Payment Coupon with the appropriate information including the total amount due, entered from line 17, total credit from line 18, and total refund from line 19.
Fill out Schedules I, II, III, IV, V, and R as applicable for additional deductions, credits, and apportionments related to the adjusted federal income and ensure the appropriate attachments are included.
Attach a copy of the federal return, any necessary schedules, and documentation for credits claimed.
Ensure the corporate officer signs the form and includes their title and date at the bottom. If prepared by someone other than the corporate officer, the preparer must also sign and provide their information.
Answer the questions from A through L on page 3, providing specifics about the corporation’s status, operations, and contact information.
Review the form for accuracy and completeness to avoid penalties or delays. The return is not considered complete unless signed and verified.
Mail the completed form and any payment due to the Florida Department of Revenue at the provided addresses, depending on whether you're requesting a refund or not, and ensure the FEIN is written on the check.

By following these steps carefully, corporations can ensure their Florida Corporate Income/Franchise Tax Return is accurately completed and submitted in compliance with state tax regulations. Keeping a copy of the completed form and all attachments for your records is advisable.

Understanding Florida F 1120

What is the purpose of the Florida F-1120 form?

The Florida F-1120 form, officially known as the Florida Corporate Income/Franchise Tax Return, is used by corporations operating in Florida to report their income and calculate their state corporate income tax liability. This form is essential for ensuring compliance with Florida's tax laws and contributes to the state's fiscal health by accounting for the taxable income generated by corporate entities within its jurisdiction.

Who needs to file the Florida F-1120 form?

Most corporations doing business in Florida, including those that are chartered, registered, or doing business in the state, are required to file the Florida F-1120 form. This requirement also extends to entities that earn income in Florida, even if they are not physically present in the state, as well as entities that have elected to be treated as corporations for federal tax purposes.

When is the Florida F-1120 form due?

The due date for filing the Florida F-1120 form typically falls on the first day of the fourth month following the close of the tax year. For corporations operating on a calendar year basis, this date is April 1. However, if a corporation has received an extension for filing its federal income tax return, this may also extend the due date of the Florida F-1120.

What are the penalties for late filing or payment?

Corporations that fail to file the Florida F-1120 form on time, or fail to pay the due taxes, may incur penalties and interest. Late filing can result in a penalty that is the greater of $50 or 10% of the unpaid tax for each month or part of a month the return is late, up to a maximum of 50% of the unpaid tax. Interest is calculated based on the federal rate plus 4 percentage points, accruing from the due date until the tax is paid in full.

How are adjustments made to federal taxable income on the F-1120?

Adjustments to federal taxable income on the Florida F-1120 form are necessary to adhere to state-specific tax laws that may differ from federal guidelines. These adjustments include additions and subtractions outlined in Schedules I and II of the form. Additions might be required for items like interest excluded from federal taxable income, while subtractions account for elements such as Gross foreign source income less attributable expenses. Detailed instructions on the form guide corporations through this process to ensure accurate computation of Florida net income.

Can tax credits reduce the amount of tax owed on the F-1120?

Yes, various tax credits can reduce the amount of tax owed by a corporation on the Florida F-1120 form. These credits are detailed in Schedule V and may include credits for investments in health maintenance organizations, contributions to community development projects, and engagement in activities that align with the state's economic development goals. However, these credits cannot exceed the total corporate income/franchise tax due and must be documented properly to be eligible for deduction.

Common mistakes

Filing the Florida Corporate Income/Franchise Tax Return, commonly referred to as Form F-1120, requires careful attention to detail. Missteps in this process can result in errors that may delay processing and potentially lead to penalties. Here are ten common mistakes to avoid when completing the Florida F-1120 form.

Not attaching federal return pages 1–5 - The form is incomplete without the first five pages of the federal return. This oversight can cause unnecessary delays in processing.
Incorrect Federal Employer Identification Number (FEIN) - Providing an incorrect FEIN can lead to misidentification and processing issues.
Failing to check the negative income boxes - If reporting negative amounts on certain lines, the corresponding boxes need to be checked. Missing this step can lead to miscalculations.
Omitting state income tax deductions - Forgetting to include state income taxes deducted in calculating federal taxable income can inaccurately lower the net income reported for Florida.
Not documenting additions to federal taxable income properly - This can occur if the additions listed on Schedule I are not accurately totaled or if the schedule is left out altogether.
Forgetting to subtract eligible amounts from federal taxable income - Similar to additions, subtractions on Schedule II must be correctly calculated and included to ensure accurate adjusted federal income.
Incorrectly calculating the Florida portion of adjusted federal income - This error can happen if the adjusted federal income or the apportionment calculation on Schedule III is done incorrectly.
Missing nonbusiness income allocation - Failure to allocate nonbusiness income to Florida on Schedule R may result in an inaccurate calculation of Florida net income.
Overlooking tax credits on Schedule V - Not claiming eligible tax credits or failing to properly document them can lead to overpaying taxes.
Failure to sign or properly date the return - An unsigned or undated return is considered incomplete and can be subject to penalties.

Avoiding these common errors can help ensure that your Florida F-1120 form is processed smoothly and efficiently. Double-check each part of your return and remember to sign and date it before submission. Keep a copy of all documents for your records.

Documents used along the form

When corporations in Florida prepare their Corporate Income/Franchise Tax Return using the form F-1120, they may need to include additional forms and documents to provide a complete picture of their tax liabilities for the year. These auxiliary documents can range from detailing credit claims to adjustments to federal taxable income. Understanding these documents is essential for compliance and optimizing tax liabilities.

Form F-2220 - This form is used to calculate penalties for underpayment of estimated taxes. Corporations can find themselves needing this if they did not pay enough in taxes throughout the year.
Schedule I - An attachment to Form F-1120, detailing additions or adjustments to federal taxable income. This could include items not subject to federal taxes but taxable in Florida.
Schedule II - This document lists the subtractions from federal taxable income, such as income already taxed by foreign jurisdictions or other deductible items on the state level.
Schedule III - Applies to corporations conducting business outside of Florida. It is used to apportion adjusted federal income based on property, payroll, and sales factors.
Schedule IV - Used alongside Schedule III, it helps compute the Florida portion of adjusted federal income, taking into account the state's apportionment formula.
Schedule V - Lists credits against the corporate income/franchise tax, like job creation credits in enterprise zones or investments in certain facilities.
Schedule R - For reporting nonbusiness income allocated to Florida or elsewhere, affecting how much income is subject to Florida tax.
Form F-7004 - Provides an extension of time to file the Florida Corporate Income/Franchise Tax Return. Attaching it shows that the corporation has received approval for a delay in filing.
Payment Coupon - Essential for submitting tax due with the return. It ensures the payment is accurately applied to the corporation’s tax account.

These documents each serve a unique role in the process, from clarifying the specifics of a corporation's tax situation to adjusting the base income on which taxes are owed. Accurate and thorough completion of these forms is paramount for corporations to ensure compliance with Florida's tax laws and to leverage beneficial tax positions.

Similar forms

The U.S. Corporate Income Tax Return (Form 1120) is markedly similar to Florida's F 1120 form in its basic structure and purpose. Both are designed for corporate entities to calculate and report their income taxes for the year. They require financial details related to income, deductions, and credits to determine the tax liability or refund due.
The California Corporate Franchise or Income Tax Return (Form 100) shares similarities with the Florida F 1120, as it deals with computing income or franchise tax for corporations operating within California. Like Florida's form, it involves adjustments to federal taxable income and deductions specific to state laws.
New York State Corporation Franchise Tax Return (Form CT-3) parallels the Florida form in serving a similar audience: corporations needing to file and pay taxes at the state level. Both forms adapt federal income figures for state-specific tax computations, incorporating additions, subtractions, and various credits.
The Illinois Corporate Income Tax Return (Form IL-1120) also resembles Florida's F 1120. Corporations in Illinois must file this form, which includes sections for income adjustments, apportionment of income, and calculation of state tax due, mirroring the structure of Florida's corporate income/franchise tax return.
The Texas Franchise Tax Report shares a conceptual similarity with the Florida F 1120 in that it is a state-level tax obligation for businesses, but it focuses more on gross receipts than net income. However, both require detailed financial reporting and allow for various deductions and credits.
Michigan Corporate Income Tax Return (Form CIT) is similar to the F 1120 form, requiring corporations in Michigan to report their income, calculate tax liability, and claim any eligible deductions and credits, reflecting the general structure and objective of Florida's form.
The Ohio Commercial Activity Tax Return, though it bases its tax on gross receipts rather than net income, still requires corporations to file a form detailing their business activity within the state, akin to the reporting and payment obligations under Florida's F 1120 form.
NJ Corporation Business Tax Return (Form CBT-100) bears a resemblance to Florida's form in its purpose to calculate and report a corporation's tax based on its income. Adjustments to income, tax credits, and other deductions come into play for entities operating in New Jersey, as they do in Florida.
The Georgia Corporate Income Tax Return (Form 600) has distinctive similarities with the Florida F 1120 form, serving as the means for corporations to calculate and pay income taxes at the state level. It involves adjustments to federal taxable income and various state-specific credits, following a structure that parallels Florida’s approach.

Dos and Don'ts

When filing the Florida F-1120 form for Corporate Income/Franchise Tax Returns, it's important to pay close attention to both the details and the overall process to ensure accuracy and compliance. Below, find a list of dos and don'ts to guide you through filling out the form:

Do use black ink if filling out the form by hand or ensure typed information is clear and legible.
Do check the box if there have been changes to the corporation's name or address to keep records up to date.
Do attach pages 1-5 of the federal return as instructed, ensuring that the federal taxable income is accurately reported on line 1.
Do include schedules for any state income taxes deducted, additions, or subtractions to federal taxable income as required.
Do properly calculate the Florida portion of adjusted federal income, including nonbusiness income allocated to Florida, to ensure accurate tax dues.
Do ensure the return is signed with an original signature, as electronic or copied signatures may lead to penalties.
Do fully answer questions A through L on the third page as these details are essential for processing the return.

Don't forget to attach a copy of the federal return. An incomplete submission can result in processing delays or penalties.
Don't leave any fields blank. If a section does not apply, enter "N/A" or "0" to indicate it's been reviewed but is not applicable.
Don't overlook the calculation of credits against the tax from Schedule V. These credits can significantly reduce the amount of tax due and should be accurately reported.
Don't ignore the interest, penalties, and payment sections on the second page. Ensure any amounts due are correctly calculated and reported.
Don't send the payment and returns to the wrong address. Verify the correct address for sending your specific form, especially if requesting a refund.
Don't forget to write the Federal Employer Identification Number (FEIN) on the check when making a payment. This ensures the payment is applied to the correct account.
Don't neglect to review the entire form before submission. A quick review can catch and correct errors, potentially avoiding delays or questions from the Department of Revenue.

Misconceptions

Misunderstandings often arise regarding the Florida Corporate Income/Franchise Tax Return (Form F-1120). Common misconceptions include:

Only large corporations need to file Form F-1120. In reality, most corporations doing business in Florida are required to file, including smaller businesses and those structured as S corporations under federal tax law but not qualifying for S corporation status in Florida.
Form F-1120 is primarily for calculating franchise tax. While the form is used in the process of determining possible franchise tax liability, its main purpose is to assess corporate income tax based on the business's net income apportioned to Florida.
All income reported must be Florida-based. Although the focus is on Florida net income, corporations must start with their federal taxable income before adjustments, highlighting that not all reported income is derived from Florida activities.
Negative amounts cannot be entered. The form explicitly allows for negative amounts in several sections, anticipating losses and deductions that can impact the overall tax calculation.
There's no need to attach the federal return. Contrary to this belief, the form stipulates that a copy of the first five pages of the federal return must be attached, ensuring accuracy in reported income and adjustments.
Estimated tax payments are not part of the return process. Estimated tax payments and their correct application play a critical role in the computation of the amount due or refundable, as outlined in the payment sections of the form.
Business credits do not impact tax due. Florida offers various credits that can significantly reduce the tax liability of a corporation. These credits must be calculated and applied according to specific instructions on Schedule V of the form.
The return does not accommodate nonbusiness income adjustments. Nonbusiness income (or loss) allocated to Florida is considered in the calculation of Florida net income, demonstrating that the form does take such income into account.

Understanding these aspects of the Florida F-1120 form is crucial for accurate and compliant corporate tax reporting in the state.

Key takeaways

Filing the Florida Corporate Income/Franchise Tax Return (F-1120) requires attention to detail and an understanding of your corporation's income and deductions. Here are six key takeaways to help guide you through this process:

Ensure that the form is complete and accurate, including all necessary schedules and attachments. This entails including pages 1–5 of your federal return as per the instructions, which is crucial for validating the information provided on your F-1120.
Use black ink for clarity, especially if you’re filling it out by hand, as mentioned in the form's instructions. While seemingly minor, this helps ensure that the document is legible and processed without delays.
Check all applicable boxes carefully, such as changes to the name or address, or if certain income figures are negative. These boxes inform the Department of Revenue (DOR) of specific conditions that are critical for accurate tax calculation and processing.
Attach a copy of your federal return as well as your Florida Form F-7004 if you filed for an extension. This is a mandatory step for the return to be considered complete, as indicated in the document instructions.
Review all additions and subtractions from federal taxable income carefully, as outlined in Schedules I and II. These adjustments are crucial for determining the correct amount of taxable income according to Florida state law.
Calculate your Florida net income and tax due accurately, taking into account any credits against the tax from Schedule V. These credits can significantly impact the total tax due and should not be overlooked.

Remember, filling out the F-1120 form accurately is crucial for legal compliance and to avoid potential penalties. If you're unsure about any part of the form, consult with a tax professional who can provide guidance based on the specifics of your corporation's financial situation.

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