Form 1120-L AR 2024-2025

Form 1120-L AR: What You Should Know

Enter the amount due to the government. It is reported at your earliest filing date and is for the years before you became eligible for these payments.  You must file Form 1120-L by the due date (unless ICR applies, see IRM 3.17.3, ICR, which applies to certain types of transactions). Tax Forms 946, 947, 948, 951-F Use Form 946, Additional tax on excess interest. You may also use Form 947, additional tax on excess dividends. You might be required to sign these forms. IRM 22.3.8.4, Additional Tax on Excess Interest, IRM 21.18.4, Reporting on Extra Tax and Information Returns Report income with either Form 946 (income) or Form 947 (dividends and interest). See IRM 21.3.8.6, Additional taxes on the interest income and the dividend income, for more information. When you make an investment, you report the gain (loss) of the investment on Line 15 of each Form 946, 947, 948 or 960. (You should report capital gains on Form 1040 if the gain includes gain in the year of disposition, instead of Form 1040.) You report the capital gains (losses) as specified under the requirements in IRS Publication 1856, Distributions from Individual Retirement Arrangements (IRAs) and Regulations (Sec. 674.50-4(b)(2), 675.1005, and 675.1006). Capital gains are taxes at the time you make the election using the “extra” tax schedule described in IRS Publication 641-A, Other Information Returns. Do not include the capital gains (losses) in your income, unless you actually took them. You must pay any federal tax on the adjusted basis of any gains you report on a Form 946, 947, or 948 or Form 960. If you are eligible for this payment, you include this amount in income. You may choose to treat this amount as adjusted capital gain and report it separately on Form 8886. If you received income in excess of the basis of items of basis with respect to your investment in another taxpayer that you claim to be eligible to have paid in excess of the adjusted basis of such items, include such excess in your gross income.

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