IRS 1120-L 2017 free printable template

1120-L Form Department of the Treasury Internal Revenue Service U.S. Life Insurance Company Income Tax Return For calendar year 2017 or tax year beginning Check if Consolidated return attach Form 851. Life-nonlife consolidated return. Schedule M-3 Form 1120-L attached. E Go to www.irs.gov/Form1120L for instructions and the latest information. Name A 2017 ending OMB No. 1545-0123 Please print or type Final return B Employer identification number Number street and room or suite no. 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 Deductions See instructions for limitations on deductions. 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. 2016 overpayment credited to 2017. Prior year s special estimated tax payments to be applied 29d 29f 29g 29h 29i 29k Refunded 29a b Income 29b 21c 2017 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 2018 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.

Instructions and Help about IRS 1120-L

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How to fill out IRS 1120-L

Instructions and Help about IRS 1120-L

How to edit IRS 1120-L

To edit the IRS 1120-L form, you can use tools like pdfFiller. The platform allows you to modify text, add signatures, or adjust any necessary details. Once you have completed the edits, you can save your work and prepare for submission.

How to fill out IRS 1120-L

1. Begin by downloading the IRS 1120-L form from the IRS website or a reputable source.
2. Gather all necessary financial information for your organization, including income, deductions, and tax credits.
3. Fill in your organization’s details in the designated sections, such as name, address, and Employer Identification Number (EIN).
4. Complete each section honestly, ensuring all financial figures are accurate and supported by documentation.
5. Review the completed form for errors before submission.

About IRS 1120-L 2017 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

Due date

What payments and purchases are reported?

How many copies of the form should I complete?

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 2017 previous version

What is IRS 1120-L?

IRS 1120-L is a tax form specifically designed for life insurance companies in the United States. This form is used to report the income, deductions, and tax liability of these companies for any given tax year. It enables the IRS to assess the tax obligations of entities operating within the life insurance sector.

What is the purpose of this form?

The primary purpose of IRS 1120-L is to facilitate the reporting of income and expenses of life insurance companies. By using this form, these companies declare their financial performance to the IRS, which is crucial for tax assessment. Correctly completing this form ensures compliance with U.S. tax laws and prevents potential penalties associated with inaccurate reporting.

Who needs the form?

IRS 1120-L is required for domestic life insurance companies that operate within the U.S. This includes companies that primarily provide life insurance policies to policyholders. If your company is primarily engaged in the life insurance business and is classified as a corporation, you must file this form annually.

When am I exempt from filling out this form?

Companies may be exempt from filing IRS 1120-L if they do not meet the characteristics of a life insurance company as defined by the IRS. For example, certain small mutual insurance companies with limited income may qualify for exemption. Additionally, companies that report as other types of businesses, such as property and casualty insurance, would not use this form.

Components of the form

IRS 1120-L consists of several sections, including income reporting, deductions for policyholder benefits, and tax calculations. The form includes detailed schedules that require information about premiums received, investment gains, and expenses incurred. Accurately completing all components is essential for valid tax filing.

Due date

The IRS 1120-L form must be filed on or before the 15th day of the third month following the end of your fiscal year. For calendar year filers, this typically means a due date of March 15th. Failing to file by this deadline may result in penalties or interest on unpaid taxes.

What payments and purchases are reported?

IRS 1120-L requires the reporting of various payments and purchases related to your life insurance business, including premiums collected, benefits paid to policyholders, and commissions on insurance products. These figures are critical for determining taxable income and must be reported accurately to avoid discrepancies with the IRS.

How many copies of the form should I complete?

Typically, you will need to submit one copy of the IRS 1120-L form to the IRS. However, keep a duplicate for your records. It is advisable to check whether your state tax agency requires a copy as well, as some states may have additional filing requirements related to this form.

What are the penalties for not issuing the form?

Failure to file IRS 1120-L on time can result in significant penalties, including a late filing fee calculated based on the duration of the delay. Additionally, the IRS may impose interest on any taxes owed if the form is submitted late. Consistent failure to comply may also lead to audits or further legal action.

What information do you need when you file the form?

When filing IRS 1120-L, you will need financial statements reflecting income, expenses, and capital gains or losses. You will also need your company's EIN, information about policyholder movements, and records of any deductions claimed. Accurate documentation is essential for the successful completion of this form.

Is the form accompanied by other forms?

In some cases, IRS 1120-L may need to be submitted alongside additional forms, such as schedules detailing specific deductions or income sources. Each company’s situation is unique, so it is important to refer to IRS instructions to determine if other forms apply to your filing.

Where do I send the form?

The IRS 1120-L form should be mailed to the address specified in the instructions for the form. Typically, this is based on your location and whether you are including payment with your form. Ensure that your form is sent to the correct address to avoid processing delays or penalties.