1120 U.S. Corporation Income Tax Return

Tax Year 2025
Calendar Year Ending 12/31/2025

▾ Entity Information

Corporation Name: EIN: Date Inc.: Address: City: State / ZIP: Total Assets (Sch L): Business Activity: NAICS:

▾ Income

Description Amount Entered Calculated

        1a
        Gross receipts or sales
        
        1b
        Returns and allowances
        
1cBalance (1a − 1b)0

        2
        Cost of goods sold (from Form 1125-A)
        
3Gross profit (1c − 2)0

        4
        Dividends (Sch C, line 23)
        
        5
        Interest
        
        6
        Gross rents
        
        7
        Gross royalties
        
        8
        Capital gain net income (Sch D)
        
        9
        Net gain/loss — Form 4797
        
        10
        Other income (see instructions)
        
11TOTAL INCOME (add lines 3 through 10)0

▾ Deductions

Description Amount Entered Calculated

        12
        Compensation of officers
        
        13
        Salaries and wages (less employment credits)
        
        14
        Repairs and maintenance
        
        15
        Bad debts
        
        16
        Rents
        
        17
        Taxes and licenses
        
        18
        Interest (see instructions)
        
        19
        Charitable contributions
        
        20
        Depreciation (Form 4562)
        
        21
        Depletion
        
        22
        Advertising
        
        23
        Pension, profit-sharing plans
        
        24
        Employee benefit programs
        
        25
        Reserved for future use
        
26Other deductions (attach statement)0
27TOTAL DEDUCTIONS (add lines 12 through 26)0
28Taxable income before NOL & special deductions (11 − 27)0
29aNet operating loss deduction0

        29b
        Special deductions (Sch C, line 24)
        
30TAXABLE INCOME (28 − 29a − 29b)0

▾ Tax, Refundable Credits, and Payments

Description Amount Entered Calculated

31Total tax (Sch J, Part I, line 11 — 21% of Line 30)0

        32
        Reserved for future use
        
        33
        Total payments and credits
        
        34
        Estimated tax penalty (Form 2220)
        
35AMOUNT OWED (if 31+34 > 33)0
36OVERPAYMENT (if 33 > 31+34)0

OTHER DEDUCTIONS — supporting statement for Form 1120, line 26
1
2
3
4
5
6
7
8
9
10
11
12
13
14
Subtotal — itemised0

BUSINESS MEALS AND ENTERTAINMENT
ABusiness meals — total incurred (enter the full amount from the books)
BLess: 50% limitation (IRC §274(n))0
CDeductible meals (added into line 26)0
DEntertainment — total incurred (disallowed in full)
ENon-deductible (carries to Schedule M-1, line 5c)0

TOTAL

26OTHER DEDUCTIONS — carries to Form 1120, page 1, line 26

Line 26 needs a statement

Itemise here rather than typing one figure onto the main screen. The total carries across automatically.

Meals

Enter the full figure at A. The simulator applies the 50% limitation. Entering a pre-halved amount produces a deduction of only 25%.

Entertainment is disallowed in full. Keep it separate from meals in the client's records.

Not here

Charitable contributions have their own line 19. Federal income tax is never deductible — it belongs on Schedule M-1, line 2.

NET OPERATING LOSS CARRYFORWARD
1NOL carryforward available at the start of the year
2Taxable income before the NOL and special deductions (page 1, line 28)0
3Limitation percentage (losses arising after 2017)
4Limitation (line 2 × line 3)0
5NOL DEDUCTION (lesser of line 1 and line 4 — carries to page 1, line 29a)0
6Carryforward remaining at the end of the year0

LOSS HISTORY (memorandum)

Total per the memorandum (should agree with line 1)

The 80% limitation

A loss arising in a tax year beginning after 31 December 2017 carries forward indefinitely, but the deduction in any year is limited to 80% of taxable income computed without the NOL deduction.

It therefore cannot create or increase a loss, and cannot reduce taxable income below 20% of the pre-NOL figure.

The deduction is the lesser figure

Take the lesser of the carryforward available and the limitation. Where the carryforward is smaller, the whole of it is deducted and nothing remains.

L Schedule L — Balance Sheets per Books

JOEST US CONSULT LLC · EIN 88-1234567
Tax Year 2025

▾ Assets

Description Beginning of year End of year

1Cash
        
2aTrade notes and accounts receivable
        
2bLess allowance for bad debts (subtracted)
        
3Inventories
        
4U.S. government obligations
        
5Tax-exempt securities
        
6Other current assets (attach statement)
        
7Loans to shareholders
        
8Mortgage and real estate loans
        
9Other investments (attach statement)
        
10aBuildings and other depreciable assets
        
10bLess accumulated depreciation (subtracted)
        
11aDepletable assets
        
11bLess accumulated depletion (subtracted)
        
12Land (net of any amortization)
        
13aIntangible assets (amortizable only)
        
13bLess accumulated amortization (subtracted)
        
14Other assets (attach statement)
        
15TOTAL ASSETS0
0

▾ Liabilities and Shareholders' Equity

Description Beginning of year End of year

16Accounts payable
        
17Mortgages, notes, bonds payable in less than 1 year
        
18Other current liabilities (attach statement)
        
19Loans from shareholders
        
20Mortgages, notes, bonds payable in 1 year or more
        
21Other liabilities (attach statement)
        
22aCapital stock — Preferred stock
        
22bCapital stock — Common stock
        
23Additional paid-in capital
        
24Retained earnings — Appropriated (attach statement)
        
25Retained earnings — Unappropriated
        
26Adjustments to shareholders' equity (attach statement)
        
27Less cost of treasury stock (subtracted)
        
28TOTAL LIABILITIES & SHAREHOLDERS' EQUITY0
0

M-1 Reconciliation of Income (Loss) per Books With Income per Return

JOEST US CONSULT LLC · EIN 88-1234567
Tax Year 2025

DescriptionAmount EnteredCalculated

1Net income (loss) per books
        
2Federal income tax per books
        
3Excess of capital losses over capital gains
        
4Income subject to tax not recorded on books this year (itemize)
        
5aExpenses on books not deducted on return — Depreciation
        
5bExpenses on books not deducted on return — Charitable contributions
        
5cExpenses on books not deducted on return — Travel and entertainment
        
5dExpenses on books not deducted on return — Other (itemize)
        
6Add lines 1 through 50
7aIncome on books not on return — Tax-exempt interest
        
7bIncome on books not on return — Other (itemize)
        
8aDeductions on return not charged against book income — Depreciation
        
8bDeductions on return not charged against book income — Charitable contributions
        
8cDeductions on return not charged against book income — Other (itemize)
        
9Add lines 7 and 80
10Income (page 1, line 28) — line 6 less line 90

M-2 Analysis of Unappropriated Retained Earnings per Books (Line 25, Schedule L)

JOEST US CONSULT LLC · EIN 88-1234567
Tax Year 2025

DescriptionAmount EnteredCalculated

1Balance at beginning of year
        
2Net income (loss) per books
        
3Other increases (itemize)
        
4Add lines 1, 2, and 30
5aDistributions — Cash
        
5bDistributions — Stock
        
5cDistributions — Property
        
6Other decreases (itemize)
        
7Add lines 5 and 60
8Balance at end of year — line 4 less line 70

📄 Form 1120 Preview — populated from worksheet

Form

1120

Department of the Treasury
Internal Revenue Service

U.S. Corporation Income Tax Return

For calendar year 2025 or tax year beginning ____, ending ____

OMB No. 1545-0123

▶ Go to www.irs.gov/Form1120
for instructions.

Name

B Employer identification number (EIN)

Number, street, and room or suite no. (If a P.O. box, see instructions.)

City or town, state or province, country, and ZIP or foreign postal code

C Date incorporated

D Total assets (see instructions)

E Check if: (1) ☐ Initial return (2) ☐ Final return (3) ☐ Name change (4) ☐ Address change

Income
1a	Gross receipts or sales
1b	Returns and allowances
1c	Balance. Subtract line 1b from line 1a
2	Cost of goods sold (attach Form 1125-A)
3	Gross profit. Subtract line 2 from line 1c
4	Dividends and inclusions (Schedule C, line 23)
5	Interest
6	Gross rents
7	Gross royalties
8	Capital gain net income (attach Schedule D)
9	Net gain or (loss) from Form 4797, Part II, line 17
10	Other income (see instructions—attach statement)
11	Total income. Add lines 3 through 10
Deductions (See instructions for limitations on deductions.)
12	Compensation of officers (see instructions—attach Form 1125-E)
13	Salaries and wages (less employment credits)
14	Repairs and maintenance
15	Bad debts
16	Rents
17	Taxes and licenses
18	Interest (see instructions)
19	Charitable contributions
20	Depreciation from Form 4562 not claimed on Form 1125-A or elsewhere
21	Depletion
22	Advertising
23	Pension, profit-sharing, etc., plans
24	Employee benefit programs
25	Reserved for future use
26	Other deductions (attach statement)
27	Total deductions. Add lines 12 through 26
28	Taxable income before NOL deduction and special deductions. Subtract line 27 from line 11
29a	Net operating loss deduction (see instructions)
29b	Special deductions (Schedule C, line 24)
29c	Add lines 29a and 29b
30	Taxable income. Subtract line 29c from line 28

Form 1120 (2025) · Page 2

Tax, Refundable Credits, and Payments
31	Total tax (Schedule J, Part I, line 11)
32	Reserved for future use
33	Total payments and credits (Schedule J, Part III, line 23)
34	Estimated tax penalty (see instructions). Check if Form 2220 is attached ☐
35	Amount owed. If line 33 is smaller than the total of lines 31 and 34, enter amount owed
36	Overpayment. If line 33 is larger than the total of lines 31 and 34, enter amount overpaid
37	Enter amount from line 36 you want: Credited to 2026 estimated tax ▶ ____ Refunded ▶

Sign Here

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.

Signature of officer

Date

Title

Form 1120 (2025) · Page 6 — Schedules L, M-1, and M-2

Schedule L Balance Sheets per Books
	Assets	Beginning of year	End of year
1	Cash
2a	Trade notes and accounts receivable
2b	Less allowance for bad debts
3	Inventories
4	U.S. government obligations
5	Tax-exempt securities
6	Other current assets
7	Loans to shareholders
8	Mortgage and real estate loans
9	Other investments
10a	Buildings and other depreciable assets
10b	Less accumulated depreciation
11a	Depletable assets
11b	Less accumulated depletion
12	Land (net of any amortization)
13a	Intangible assets (amortizable only)
13b	Less accumulated amortization
14	Other assets
15	Total assets
	Liabilities and Shareholders' Equity
16	Accounts payable
17	Mortgages, notes, bonds payable in less than 1 year
18	Other current liabilities
19	Loans from shareholders
20	Mortgages, notes, bonds payable in 1 year or more
21	Other liabilities
22a	Capital stock — Preferred stock
22b	Capital stock — Common stock
23	Additional paid-in capital
24	Retained earnings — Appropriated
25	Retained earnings — Unappropriated
26	Adjustments to shareholders' equity
27	Less cost of treasury stock
28	Total liabilities and shareholders' equity

Schedule M-1 Reconciliation of Income (Loss) per Books With Income per Return
1	Net income (loss) per books
2	Federal income tax per books
3	Excess of capital losses over capital gains
4	Income subject to tax not recorded on books this year
5a	Expenses on books not on return — Depreciation
5b	Expenses on books not on return — Charitable contributions
5c	Expenses on books not on return — Travel and entertainment
5d	Expenses on books not on return — Other
6	Add lines 1 through 5
7a	Income on books not on return — Tax-exempt interest
7b	Income on books not on return — Other
8a	Deductions on return not on books — Depreciation
8b	Deductions on return not on books — Charitable contributions
8c	Deductions on return not on books — Other
9	Add lines 7 and 8
10	Income (page 1, line 28). Line 6 less line 9

Schedule M-2 Analysis of Unappropriated Retained Earnings per Books (Line 25, Schedule L)
1	Balance at beginning of year
2	Net income (loss) per books
3	Other increases (itemize)
4	Add lines 1, 2, and 3
5a	Distributions — Cash
5b	Distributions — Stock
5c	Distributions — Property
6	Other decreases (itemize)
7	Add lines 5 and 6
8	Balance at end of year. Line 4 less line 7

For Paperwork Reduction Act Notice, see separate instructions. Cat. No. 11450Q Form 1120 (2025)

1120 U.S. Corporation Income Tax Return

Tax Summary

L Schedule L — Balance Sheets per Books

M-1 Reconciliation of Income (Loss) per Books With Income per Return

M-2 Analysis of Unappropriated Retained Earnings per Books (Line 25, Schedule L)