Life-nonlife consolidated return. Schedule M-3 Form 1120-L attached. E Information about Form 1120-L and its separate instructions is at www.irs.gov/form1120l. Please print or type Final return B Employer identification number Number street and room or suite no. 1120-L Form Department of the Treasury Internal Revenue Service U.S. Life Insurance Company Income Tax Return For calendar year 2013 or tax year beginning Check if Consolidated return attach Form 851. If a P. O. box see instructions. C...Date incorporated City or town state or province country and ZIP or foreign postal code D Check applicable box if an election has been made under section s Name change Address change Amended return 953 c 3 C Gross premiums etc* less return premiums etc* Enter balance. Net decrease if any in reserves see instructions. 10 of any decrease in reserves under section 807 f 1 B ii. Investment income Schedule B line 8 see instructions. Net capital gain Schedule D Form 1120 line 17. Income from a special...loss discount account attach Form 8816 Other income attach statement. Life insurance company gross income. Add lines 1 through 7. Death benefits etc*. Deductible policyholder dividends Schedule F line 18e. Assumption by another person of liabilities under insurance etc* contracts 15a Dividends reimbursable by taxpayer. Interest b Less tax-exempt interest expense. c Bal 15c Additional deduction attach Form 8816. Other deductions see instructions attach statement. Add lines 9 through 18. 21a...Subtotal* Subtract line 19 from line 8. Dividends-received deduction Schedule A line 16 column c. Plus b Operations loss deduction see instructions attach statement. 21b Gain or loss from operations. Subtract line 21c from line 20. Small life insurance company deduction Schedule H line 17. Limitation on noninsurance losses Schedule I line 9. Amount subtracted from policyholders surplus account Schedule J Part II line 10 Taxable income. Add lines 24 25 and 26 see instructions. Total tax Schedule...K line 10. 2012 overpayment credited to 2013. Prior year s special estimated tax payments to be applied 29d 29f 29g 29h 29i 29k Refunded 29a b Income Deductions See instructions for limitations on deductions. Name A 2013 ending OMB No* 1545-0128 29b 21c 2013 estimated tax payments g h i Tax deposited with Form 7004. Credits 1 Form 2439 2 Form 4136 U*S* income tax paid or withheld at source attach Form 1042-S. j Refundable credit from Form 8827 line 8c. 29j Estimated tax penalty. Check if Form...2220 is attached. Amount owed* If line 29k is smaller than the total of lines 28 and 30 enter amount owed Overpayment. If line 29k is larger than the total of lines 28 and 30 enter amount overpaid Enter amount from line 32 Credited to 2014 estimated tax Tax and Payments c d e 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.
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Instructions and Help about IRS 1120-L
How to edit IRS 1120-L
How to fill out IRS 1120-L
Instructions and Help about IRS 1120-L
How to edit IRS 1120-L
To edit IRS 1120-L, you can utilize PDF editing tools like pdfFiller, ensuring you comply with U.S. tax regulations. Begin by accessing the form within the pdfFiller platform, where you can make corrections to any part of the document. After making the necessary edits, save your changes and ensure that the form remains legible and accurate before submission.
How to fill out IRS 1120-L
Filling out IRS 1120-L requires methodical attention to detail. First, gather all relevant financial information about your entity, including income, expenses, and deductions. Next, carefully complete each section of the form, ensuring values are accurate and correspond to your records. Double-check all entries for accuracy before proceeding to file the form.
About IRS 1120-L 2013 previous version
What is IRS 1120-L?
What is the purpose of this form?
Who needs the form?
When am I exempt from filling out this form?
Components of the form
What are the penalties for not issuing the form?
What information do you need when you file the form?
Is the form accompanied by other forms?
Where do I send the form?
About IRS 1120-L 2013 previous version
What is IRS 1120-L?
IRS 1120-L is a tax form specifically designed for life insurance companies to report their income, deductions, and tax liability. This form is part of the corporate income tax return process, encapsulating key financial details necessary for tax calculations. Understanding IRS 1120-L is essential for compliance with federal tax obligations as a life insurance provider.
What is the purpose of this form?
The purpose of IRS 1120-L is to allow life insurance companies to calculate their taxable income and determine their tax responsibilities. This form helps the IRS assess the financial performance and tax obligations of these entities under the federal tax code. Accurate reporting through IRS 1120-L ensures appropriate taxation based on the company's activities and profits during the tax year.
Who needs the form?
Any life insurance company operating in the United States must file IRS 1120-L annually. This includes corporations engaged in issuing life insurance products and those providing related services. Entities that fall under this classification must adhere to the filing requirements to maintain compliance with the Internal Revenue Service.
When am I exempt from filling out this form?
You may be exempt from filing IRS 1120-L if your life insurance company does not meet the minimum gross receipt thresholds set by the IRS or if the company is not operational. Additionally, some smaller entities under specific regulatory exemptions may not be required to file this form. Always verify with the current IRS guidelines to confirm eligibility for exemption.
Components of the form
IRS 1120-L comprises several components that collect essential financial details. Key sections include income from premiums, investment income, and various deductions related to policyholder benefits. Each component of the form is integral in providing an accurate depiction of the company's financial status and aids in the calculation of tax liabilities.
What are the penalties for not issuing the form?
Failure to file IRS 1120-L can lead to significant penalties, including fines and interest on unpaid taxes. The IRS may impose a failure-to-file penalty, which can increase the longer the form remains unfiled. Filing late could also trigger further scrutiny into the company's tax practices, leading to audits or additional penalties.
What information do you need when you file the form?
When filing IRS 1120-L, you will need comprehensive financial records, including your company's income statement, balance sheet, and detailed reports on premiums received and claims paid. Additional documentation may include information about investment income and deductions for policyholder benefits. Ensuring you have accurate and complete information is critical to a successful filing.
Is the form accompanied by other forms?
IRS 1120-L may require accompanying schedules and forms to provide additional detail on certain aspects of your financial reporting. Depending on your company's specific situation, you might need to include forms related to deductions, credits, or other relevant tax calculations. Review IRS instructions for 1120-L for precise details on additional documentation requirements.
Where do I send the form?
After completing IRS 1120-L, submit the form to the address specified by the IRS, which can vary based on your company's location and whether you are enclosing a payment. For electronic filings, use approved IRS e-filing systems to ensure proper submission. Always reference the latest IRS guidelines to confirm the correct submission process and address.
FAQ about IRS 1120-L
What should I do if I need to amend my form 1120 schedule l?
If you need to amend your form 1120 schedule l, you should file a corrected version of the form as soon as the error is identified. Make sure to mark the amended form to indicate that it is a correction, and provide any necessary explanations in the designated areas on the form.
How can I track the status of my form 1120 schedule l after submission?
To track the status of your form 1120 schedule l after submission, you can use the IRS tracking system available for e-filed forms. Make sure to have your submission confirmation on hand, as this will help you verify receipt and processing times.
What are some common errors that filers make with form 1120 schedule l?
Common errors with form 1120 schedule l include incorrect calculations and failing to include all relevant financial data. To avoid these errors, double-check all entries against your financial records and ensure that you are using the most current form version.
What if I receive a notice regarding my form 1120 schedule l submission?
If you receive a notice regarding your form 1120 schedule l, carefully read the communication to understand the specific issues. Gather any requested documentation and respond promptly to resolve the matter and avoid potential penalties.
Is electronic filing of form 1120 schedule l compatible with all devices?
Electronic filing of form 1120 schedule l is generally compatible with most modern software and browsers; however, it’s recommended to check IRS specifications for any specific technical requirements. Ensure your device and software are up-to-date to minimize technical issues.
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