What is Form 1120?
Definition Form 1120 is the U.S. corporate income tax return filed by C corporations to report income, deductions, and credits and to pay corporate income tax. Unlike pass-through returns, it calculates and pays tax at the entity level. Corporations generally must file it whether or not they had taxable income.
It is the primary compliance document for C corporations, and its outcome interacts with shareholder-level dividend taxes when planning distributions.