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2022 1120-w instructions Form: What You Should Know
Electronic filing of Schedule L and Form 2350 is not available in all geographic areas). If the corporation does not have an electronic return preparation system, it does not have to file a return from electronic filing on the calendar year in which it has its last regular year-end. To make the return electronically, a corporation must use the return preparation system of the jurisdiction where the corporation has its principal place of business and must use the same date of filing for the return that is reported on Form 1120-W and on the Schedule L you file. If the corporation does not have an electronic return preparation system, for information on filing electronically, see Publication 926, Line 10, Electronic Filing, at or ask for your local IRS office. Eligibility — Use the appropriate filing category. For the 2023 return, taxpayers reported income of 12,500 or less must have no deductions and should not apply for a 25% or smaller standard deduction because they may have taxable wages on Schedule C on the following year's return. Nonresident aliens may choose to report their worldwide income on Schedule C instead of their return. For information, see Notice 2010-27, Tax Rules for Nonresident Aliens, ATGW.IRS.gov or ask for your local IRS office. To get certain credits and exemptions, you must be a U.S. resident (not a foreign branch) of the corporation. If the corporation has more than one U.S. taxpayer, it may be able to use Schedule C. Use Form 3921 for the first 15,000 of taxable capital in the following income-tax years. Enter Code M for the Form 3921. Use Form 3921X to update any of the Form 3921 amounts for the current or last taxable year. Use Form 3922X and Form 3922 for the remaining 15,000 of gross income in the following income-tax years. Use Form 3922X to update any of the Form 3922 amounts for the current or last taxable year. Use Form 3923S with the amount of gross income between 15,000 and 28,000 and/or Form 3923P with the amount of gross income between 28,000 and 35,000 to determine the amount, if any, of net operating loss carryovers to the following taxable years. Use Form 3923S to change between the 10% and 15% net operating loss carryover methods of reporting (as discussed above).
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