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Florida F 1120 Form in PDF

The Florida F 1120 form is the official document used by corporations to report their income and calculate the franchise tax owed to the state of Florida. This form is essential for ensuring compliance with Florida's corporate income tax laws and must be completed accurately to avoid penalties. Corporations must file the F 1120 annually, detailing their financial activities and any applicable deductions or credits.

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The Florida F 1120 form serves as the Corporate Income/Franchise Tax Return for businesses operating within the state. This form is crucial for corporations as it calculates the amount of tax owed based on the company's net income. The F 1120 requires various pieces of information, including the corporation's name, address, and Federal Employer Identification Number (FEIN). Businesses must report their federal taxable income and make necessary adjustments for state-specific considerations, including deductions for state income taxes and additions to taxable income. Additionally, the form includes sections for apportioning income if the corporation operates in multiple states, ensuring that Florida receives its fair share of tax revenue. Tax credits, such as those for enterprise zone jobs or renewable energy production, can also be claimed, potentially reducing the overall tax liability. Completing the F 1120 accurately is essential, as an incomplete or improperly signed return may incur penalties. Ultimately, this form is a critical component for compliance with Florida tax regulations, impacting the financial health of corporations operating in the state.

Form Example

Florida Corporate Income/Franchise Tax Return	F-1120
	R. 01/23
	Rule 12C-1.051, F.A.C.
	Effective 01/23
Name	Page 1 of 6
Name
Address
City/State/ZIP

		Use black ink. Example A - Handwritten Example B - Typed				For calendar year 2015 or tax year							Check here if any changes have been made to
		Use black ink. Example A - Handwritten Example B - Typed											Check here if any changes have been made to
					0123456789								name or address
0 1 2 3 4 5 6 7 8 9					0123456789	beginning _________________, 2015
						ending ________________________
						ending ________________________
						Year end date _ _________________						DOR use					/			/
						Year end date _ _________________						DOR use
	Federal		Employer Identification Number (FEIN)										only

				Computation of Florida Net Income Tax										US Dollars
				Computation of Florida Net Income Tax										US Dollars
	1.	Federal taxable income (see instructions).																			.
	1.	Federal taxable income (see instructions).					Check here				,				,			,
		Attach pages 1–6 of federal return						1.			,				,			,

						if negative
2.		State income taxes deducted in computing federal taxable income Check here																			.

								2.			,				,			,
		(attach schedule)					if negative				,				,			,
		(attach schedule)					if negative
																					.

3.		Additions to federal taxable income (from Schedule I)					Check here	3.			,				,			,
3.		Additions to federal taxable income (from Schedule I)					if negative	3.
																					.

4.		Total of Lines 1, 2, and 3					Check here	4.			,				,			,
4.		Total of Lines 1, 2, and 3				if negative		4.
																					.

											,				,			,
		FloridaF-1120														,			.
5.		Subtractions from federal taxable income (from Schedule II)					Check here	5.
5.		Subtractions from federal taxable income (from Schedule II)					if negative	5.
6.		Adjusted federal income (Line 4 minus Line 5)					Check here	6.			,				,			,			.
6.		Adjusted federal income (Line 4 minus Line 5)				if negative		6.
																					.

7.		Florida portion of adjusted federal income (see instructions)					Check here			7.					,			,
7.										7.


8.		Nonbusiness income allocated to Florida (from Schedule R)					Check here			8.					,			,			.
							Check here

9.			exemption							9.


																					.

10.		Florida net income (Line 7 plus Line 8 minus Line 9)							10.						,			,
10.		Florida net income (Line 7 plus Line 8 minus Line 9)							10.
																					.

11.		Tax due: 5.5% of Line 10							11.						,			,
11.		Tax due: 5.5% of Line 10							11.
																					.
12.		Credits against the tax (from Schedule V)							12.						,			,			.
12.		Credits against the tax (from Schedule V)							12.
																					.
13.		Total corporate income/franchise tax due (Line 11 minus Line 12)							13.						,			,			.
13.									13.

Cents


Payment Coupon for Florida Corporate Income Tax Return		Do not detach coupon.	F-1120
	To ensure proper credit to your account, enclose your check with tax return when mailing.		R. 01/23
			R. 01/23

ENDINGYEAR M M D D Y Y

Enter name and address, if not pre-addressed:

Name

Address

City/St

ZIP

If 6/30 year end, return is due 1st day of the 4th month after the close of the taxable year, otherwise return is due 1st day of the 5th month after the close of the taxable year.

	US DOLLARS	,	CENTS
Total amount due	,	,	.
Total amount due
from Line 17	,	,	.
Total credit	,	,	.
Total credit
from Line 18	,	,	.
Total refund	,	,	.
Total refund
from Line 19
FEIN
F-1120
Enter EIN if not pre-addressed

9100 0 20229999 0002005037 5 3999999999 0000 2

F-1120

R.01/23 Page 2 of 6


14.	a) Penalty: F-2220___________________	b) Other____________________
	c) Interest: F-2220 __________________	d) Other____________________ Line 14 Total u 14.
15.	Total of Lines 13 and 14				15.

16.	Payment credits: Estimated tax payments		16a	$

	Tentative tax payment		16b	$	16

17.	Total amount due: Subtract Line 16 from Line 15. If positive, enter amount
	due here. If the amount is negative (overpayment),
	enter on Line 18 and/or Line 19				17.
18.	Credit: Enter amount of overpayment credited to next year’s estimated tax
	here				18.
19.	Refund: Enter amount of overpayment to be refunded here				19.

This return is considered incomplete unless a copy of the federal return is attached.

If your return is not signed, or improperly signed and verified, it will be subject to a penalty. The statute of limitations will not start until your return

is properly signed and verified. Your return must be completed in its entirety.

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.

Sign here

Title

Signature of officer (must be an original signature)

Date

Preparer’s

Preparer

Preparer’s

Paid

check if self-

PTIN

signature

Date

employed

preparers

only

Firm’s name (or yours

FEIN

if self-employed)

and address

ZIP

All Taxpayers Must Answer Questions A Through L Below — See Instructions

A.State of incorporation:_______________________________________________________________

B.Florida Secretary of State document number:__________________________________________

C. Florida consolidated return?

YES q NO q

D.q Initial return q Final return (final federal return filed)

E.Principal Business Activity Code (as pertains to Florida)

F.A Florida extension of time was timely filed? YES q NO q

G-1. Corporation is a member of a controlled group? YES q NO q If yes, attach list.

G-2. Part of a federal consolidated return? YES q NO q If yes, provide: FEIN from federal consolidated return: ___________________________________

Name of corporation: _______________________________________________

G-3. The federal common parent has sales, property, or payroll in Florida? YES q NO q

H.Location of corporate books:____________________________________________________________

City: __________________________________________ State: ______________ ZIP: ________________

I.Taxpayer is a member of a Florida partnership or joint venture? YES q NO q

J.Enter date of latest IRS audit: ______________

a)List years examined: ____________

K.Contact person concerning this return: _ __________________________________________________

a)Contact person telephone number: (______ )_____________________________________________

b)Contact person email address:_________________________________________________________

L.Type of federal return filed q1120 q1120S or __________________

Where to Send Payments and Returns

Make check payable to and mail with return to: Florida Department of Revenue

5050 W Tennessee Street

Tallahassee FL 32399-0135

If you are requesting a refund (Line 19), send your return to: Florida Department of Revenue

PO Box 6440

Tallahassee FL 32314-6440

Remember:

üMake your check payable to the Florida Department of Revenue.

üWrite your FEIN on your check.

üSign your check and return.

Attach a copy of your federal return.

Attach a copy of your Florida Form F-7004 (extension of time) if applicable.

F-1120

R. 01/23

Page 3 of 6

NAME	FEIN	TAXABLE YEAR ENDING

Schedule I — Additions and/or Adjustments to Federal Taxable Income
1.	Interest excluded from federal taxable income (see instructions)	1.

2.	Undistributed net long-term capital gains (see instructions)	2.

3.	Net operating loss deduction (attach schedule)	3.

4.	Net capital loss carryover (attach schedule)	4.

5.	Excess charitable contribution carryover (attach schedule)	5.

6.	Employee benefit plan contribution carryover (attach schedule)	6.

7.	Enterprise zone jobs credit (Florida Form F-1156Z)	7.

8.	Ad valorem taxes allowable as an enterprise zone property tax credit (Florida Form F-1158Z)	8.

9.	Guaranty association assessment(s) credit	9.

10.	Rural and/or urban high-crime area job tax credits	10.

11.	State housing tax credit	11.

12.	Florida tax credit scholarship program credit (credit for contributions to nonprofit scholarship-funding organizations)	12.

13.	New worlds reading initiative credit	13.

14.	Strong families tax credit (credit for contributions to eligible charitable organizations)	14.

15.	New markets tax credit	15.

16.	Entertainment industry tax credit	16.

17.	Research and development tax credit	17.

18.	Energy economic zone tax credit	18.

19.	s.168(k), IRC, special bonus depreciation	19.

20.	Depreciation of qualified improvement property (see instructions)	20.

21.	Expenses for business meals provided by a restaurant (see instructions)	21.

22.	Film, television, and live theatrical production expenses (see instructions)	22.

23.	Internship tax credit	23.

24.	Other additions (attach schedule)	24.

25.	Total Lines 1 through 24. Enter total on this line and on Page 1, Line 3.	25.

Schedule II — Subtractions from Federal Taxable Income

1.Gross foreign source income less attributable expenses

(a) Enter s. 78, IRC, income	$ _________________________
(b) plus s. 862, IRC, dividends	$ _________________________
(c) plus s. 951A, IRC, income	$ _________________________	1.
(d) less direct and indirect expenses		Total u
and related amounts deducted		Total u
under s. 250, IRC	$ _________________________

2.Gross subpart F income less attributable expenses

	(a) Enter s. 951, IRC, subpart F income $ _______________________	2.
	(b) less direct and indirect expenses $ _______________________	Total u

Note: Taxpayers doing business outside Florida enter zero on Lines 3 through 6, and complete Schedule IV.		3.
3.	Florida net operating loss carryover deduction (see instructions)	3.
3.

4.	Florida net capital loss carryover deduction (see instructions)	4.

5.	Florida excess charitable contribution carryover (see instructions)	5.

6.	Florida employee benefit plan contribution carryover (see instructions)	6.

7.	Nonbusiness income (from Schedule R, Line 3)	7.

8.	Eligible net income of an international banking facility (see instructions)	8.

9.	s. 168(k), IRC, special bonus depreciation (see instructions)	9.

10.	Depreciation of qualified improvement property (see instructions)	10.

11.	Film, television, and live theatrical production expenses (see instructions)	11.

12.	Other subtractions (attach schedule)	12.

13.	Total Lines 1 through 12. Enter total on this line and on Page 1, Line 5.	13.

F-1120

R. 01/23

Page 4 of 6

NAME

FEIN

TAXABLE YEAR ENDING

Schedule III — Apportionment of Adjusted Federal Income

III-A For use by taxpayers doing business outside Florida, except those providing insurance or transportation services.

(a)

(b)

(c)

(d)

(e)

WITHIN FLORIDA

TOTAL EVERYWHERE

Col. (a) ÷ Col. (b)

Weight

Weighted Factors

(Numerator)

(Denominator)

Rounded to Six Decimal

If any factor in Column (b) is zero,

Rounded to Six Decimal

Places

see note on Page 9 of the instructions.

Places

Property (Schedule III-B below)

X 25% or ______

Payroll

X 25% or ______

Sales (Schedule III-C below)

X 50% or ______

Apportionment fraction (Sum of Lines 1, 2, and 3, Column [e]). Enter here and on Schedule IV, Line 2.

III-B For use in computing average value of property (use original cost).

WITHIN FLORIDA

TOTAL EVERYWHERE

a. Beginning of year

b. End of year

c. Beginning of year

d. End of year

Inventories of raw material, work in process, finished

goods

Buildings and other depreciable assets

Land owned

Other tangible and intangible (financial org. only) assets (attach schedule)

Total (Lines 1 through 4)

Average value of property

a. Add Line 5, Columns (a) and (b) and divide by 2 (for within Florida)........... 6a.

b. Add Line 5, Columns (c) and (d) and divide by 2 (for total Everywhere)

6b.

Rented property (8 times net annual rent)

a. Rented property in Florida

7a.

b. Rented property Everywhere

7b.

Total (Lines 6 and 7). Enter on Line 1, Schedule III-A, Columns (a) and (b).

a. Enter Lines 6a. plus 7a. and also enter on Schedule III-A, Line 1,

Column (a) for total average property in Florida

8a.

b. Enter Lines 6b. plus 7b. and also enter on Schedule III-A, Line 1,

Column (b) for total average property Everywhere

8b.

 III-C Sales Factor

(a)

(b)

TOTAL WITHIN FLORIDA

TOTAL EVERYWHERE

(Numerator)

(Denominator)

Sales (gross receipts)

N/A

Sales delivered or shipped to Florida purchasers

N/A

Other gross receipts (rents, royalties, interest, etc. when applicable)

TOTAL SALES (Enter on Schedule III-A, Line 3, Columns [a] and [b])

III-D Special Apportionment Fractions (see instructions)

(a) WITHIN FLORIDA

(b) TOTAL EVERYWHERE

Rounded to Six Decimal Places

Insurance companies (attach copy of Schedule T–Annual Report)

Transportation services

Schedule IV — Computation of Florida Portion of Adjusted Federal Income

Apportionable adjusted federal income from Page 1, Line 6

Florida apportionment fraction (Schedule III-A, Line 4)

Tentative apportioned adjusted federal income (multiply Line 1 by Line 2)

Net operating loss carryover apportioned to Florida (attach schedule; see instructions)

Net capital loss carryover apportioned to Florida (attach schedule; see instructions)

Excess charitable contribution carryover apportioned to Florida (attach schedule; see instructions)

Employee benefit plan contribution carryover apportioned to Florida (attach schedule; see instructions)

Total carryovers apportioned to Florida (add Lines 4 through 7)

Adjusted federal income apportioned to Florida (Line 3 less Line 8; see instructions)

F-1120

R. 01/23

Page 5 of 6

NAME				FEIN	TAXABLE YEAR ENDING

	Schedule V — Credits Against the Corporate Income/Franchise Tax
	1.		Florida health maintenance organization consumer assistance assessment credit (attach assessment notice)				1.

	2.		Capital investment tax credit (attach certification letter)				2.

	3.		Enterprise zone jobs credit (from Florida Form F-1156Z attached)				3.

	4.		Community contribution tax credit (attach certification letter)				4.

	5.		Enterprise zone property tax credit (from Florida Form F-1158Z attached)				5.

	6.		Rural job tax credit (attach certification letter)				6.

	7.		Urban high-crime area job tax credit (attach certification letter)				7.

	8.		Hazardous waste facility tax credit				8.

	9.		Florida alternative minimum tax (AMT) credit				9.

	10.		Contaminated site rehabilitation tax credit (voluntary cleanup tax credit) (attach tax credit certificate)				10.

	11.		State housing tax credit (attach certification letter)				11.

	12.		Florida tax credit scholarship program credit (credit for contributions to nonprofit scholarship-funding organizations) (attach certificate)				12.

	13.	New worlds reading initiative credit (attach certificate)					13.

	14.		Strong families tax credit (credit for contributions to eligible charitable organizations) (attach certificate)				14.

	15.		New markets tax credit				15.

	16.		Entertainment industry tax credit				16.

	17.		Research and development tax credit				17.

	18.		Energy economic zone tax credit				18.

	19.		Internship tax credit				19.

	20.		Other credits (attach schedule)				20.

	21.		Total credits against the tax (sum of Lines 1 through 20 not to exceed the amount on Page 1, Line 11).				21.
			Enter total credits on Page 1, Line 12				21.
			Enter total credits on Page 1, Line 12


	Schedule R — Nonbusiness Income
	Line 1. Nonbusiness income (loss) allocated to Florida
			Type			Amount
_____________________________________					_____________________________________
_____________________________________					_____________________________________
_____________________________________					_____________________________________
			Total allocated to Florida		1. ___________________________________
			(Enter here and on Page 1, Line 8)
	Line 2. Nonbusiness income (loss) allocated elsewhere
			Type	State/country allocated to		Amount
_____________________________________				____________________________________	_____________________________________
_____________________________________				____________________________________	_____________________________________
_____________________________________				____________________________________	_____________________________________
			Total allocated elsewhere		2. ___________________________________
	Line 3. Total nonbusiness income
			Grand total. Total of Lines 1 and 2		3. ___________________________________

(Enter here and on Schedule II, Line 7)

F-1120

R. 01/23

Page 6 of 6

NAME	FEIN	TAXABLE YEAR ENDING
Estimated Tax Worksheet For Taxable Years Beginning On or After January 1, 2023
1. Florida income expected in taxable year	....................................................................................................	1. $ ________________

2.Florida exemption $50,000 (Members of a controlled group, see instructions on Page 15 of

	Florida Form F-1120N)		2.	$ ________________
3.	Estimated Florida net income (Line 1 less Line 2)		3.	$ ________________
4.	Total Estimated Florida tax (5.5% of Line 3)	$ _____________________________
	Less: Credits against the tax	$ _____________________________	4.	$ ________________

5.Computation of installments:

Payment due dates and	If 6/30 year end, last day of 4th month,
payment amounts:	otherwise last day of 5th month - Enter 0.25 of Line 4	5a.______________________
	Last day of 6th month - Enter 0.25 of Line 4	5b.______________________
	Last day of 9th month - Enter 0.25 of Line 4	5c.______________________
	Last day of taxable year - Enter 0.25 of Line 4	5d.______________________

NOTE: If your estimated tax should change during the year, you may use the amended computation below to determine the amended amounts to be entered on the declaration (Florida Form F-1120ES).

1. Amended estimated tax

1. $ _______________

2.Less:

(a)Amount of overpayment from last year elected for credit

	to estimated tax and applied to date	2a. - $______________
	(b) Payments made on estimated tax declaration (Florida Form F-1120ES)....	2b. - $_____________
	(c) Total of Lines 2(a) and 2(b)	2c.	$ _______________
3.	Unpaid balance (Line 1 less Line 2(c))	3.	$ _______________
4.	Amount to be paid (Line 3 divided by number of remaining installments)	4.	$ _______________

References

The following documents were mentioned in this form and are incorporated by reference in the rules indicated below.

The forms are available online at floridarevenue.com/forms.

Form F-2220	Underpayment of Estimated Tax on Florida	Rule 12C-1.051, F.A.C.
	Corporate Income/Franchise Tax
Form F-7004	Florida Tentative Income/Franchise Tax Return	Rule 12C-1.051, F.A.C.
	and Application for Extension of Time to File
	Return
Form F-1156Z	Florida Enterprise Zone Jobs Credit Certificate of	Rule 12C-1.051, F.A.C.
	Eligibility for Corporate Income Tax
Form F-1158Z	Enterprise Zone Property Tax Credit	Rule 12C-1.051, F.A.C.
Form F-1120N	Instructions for Corporate Income/Franchise Tax Return	Rule 12C-1.051, F.A.C.
Form F-1120ES	Declaration/Installment of Florida Estimated	Rule 12C-1.051, F.A.C.
	Income/Franchise Tax

⇩ Florida F 1120 File

Document Breakdown

Fact Name	Details
Form Purpose	The Florida F-1120 form is used for filing the corporate income and franchise tax return in Florida.
Governing Laws	Rule 12C-1.051, Florida Administrative Code (F.A.C.) governs the use of this form.
Effective Date	The current version of the F-1120 form became effective in January 2020.
Filing Requirements	Taxpayers must attach a copy of their federal return to the F-1120 form when filing.
Tax Rate	The corporate income tax rate in Florida is 4.458% of the Florida net income.
Exemptions	Taxpayers can claim a Florida exemption, which reduces the taxable income reported on the form.
Payment Instructions	Payments should be made to the Florida Department of Revenue and sent to the specified address on the form.
Penalties	Failure to properly sign and verify the return may result in penalties and delayed statute of limitations.
Contact Information	Taxpayers must provide contact information for a person regarding the return, including phone and email.
Additional Schedules	Taxpayers may need to complete additional schedules, such as Schedule I and Schedule II, for adjustments to federal taxable income.

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