Who needs an 1120-H Form?
Form 1120-H is the US Internal Revenue Service Form that is to be submitted by Homeowners Associations, if they have elected to take advantage of the certain tax benefits described in the IRS Code Section 528. Such an election is to be made for each tax year and generally must be claimed by the due date, including extensions, of the income tax return. The full name of the 1120-H Form is the U.S. Income Tax Return for Homeowners Associations.
What is Form 1120-H for?
Form 1120-H was designed by the IRS to enable Homeowners Associations to report their tax returns with exemptions an association can be eligible for.
Is Income Tax Return for Homeowners Associations accompanied by other forms?
While filing the 1120-H Form, it must be accompanied by an obligatory attachment, which is Form 4136 (Credit for Federal Tax Paid on Fuels). All the required schedules must then accompany bit the 1120-H and the 4136 forms. For the complete list of necessary attachments, the filer should consult the IRS Instructions (https://www.irs.gov/instructions/i1120h/ch01.html ) and Publication 542 (https://www.irs.gov/pub/irs-pdf/p542.pdf ).
When is Form 1120-H due?
As a rule, homeowners associations must submit their Income Tax Returns by 15th March; that is the fifteenth day of the third month after the end of the previous tax year. It this day falls on a weekend or federal holiday, the deadline should be postponed until the next business day.
How do I fill out Form 1120-H?
In a few words, the completed form must give the following information: Name, address, and EIN of the homeowner association, its gross income, deductions, tax and payments, etc. The president, vice-president, treasurer, assistant treasurer, chief accounting officer, or any other association officer (such as tax officer) is supposed to sign and date the form.
Where do I send Income Tax Return for Homeowners Associations?
The completed Tax Return is to be directed to the local Internal Revenue Service. The filer can check the relevant address in the following instruction1
1check the link - https://www.irs.gov/pub/irs-pdf/i1120h.pdf