Question

Reporting Corporate Income Reconciliations (Form 1120) in TaxAct

Accepted Answer

If you're filing taxes on behalf of a corporate entity, you may need to reconcile that entity's accounting income (also known as "book income") with its taxable income. The IRS uses Schedule M-1 of Form 1120 for reporting such reconciliations.

Learn more about Form 1120: U.S. Corporation Income Tax Return.
Learn more about Schedule M-1 for Form 1120: Reconciliation of Income (Loss) per Books with Income per Return.

You can use TaxAct to report these income reconciliations.

To report corporate income reconciliations in TaxAct:

Sign in to your TaxAct account, then click the My Tax Returns tile.
Locate the relevant return, then click Open Return in the Actions column for that return.
In the left navigation bar, click Federal.
In the Federal Quick Q&A Topics panel, click Reconciliation of Income.
Continue with the interview process to enter all of the appropriate information.