1. Support
  2. Business Program / Business Returns
  3. Corporation Returns - Form 1120

Form 1120: How to Amend

Form 1120 is the only business return with a separate amended return (Form 1120X). Before amending any return, save a copy of the original return to paper or PDF for reference purposes as the original form will be changed as a result of the amending process.

In TaxSlayer Pro, Form 1120X is produced when amending Form 1120. At the beginning of the process of creating Form 1120X, you will see the message: "Changes MUST be made thru the 1120 Program". You will change Form 1120, rather than only complete Form 1120X, for several reasons:

  • Form 1120X is only a summary of the changes made to the 1120, so changes made only in the 1120X menus do not reflect backwards to the 1120.
  • Making changes to Form 1120 allows the software to do the calculating rather than you having to do the calculations manually.
  • The amended Form 1120 return becomes the new original return, the basis for a subsequent amended return as well as the basis for the information to be pulled into next year's return.

To amend Form 1120 in TaxSlayer Pro, from the Main Menu of the tax return select:

  • Miscellaneous
  • 1120X - Amended Return
  • Form 1120X Menu - Select the year being amended, then OK.
  • Original Column, then OK.
  • Questions - Evaluate and complete each menu line as appropriate. Click Exit when done.
  • Part II- Explanation of Changes - Enter a description of the changes that you are making to the original return.
  • Select Exit, then Exit again, returning you to the Miscellaneous menu.

At this point, make any necessary changes to the return.

Once you have finished changing the return, select:

  • Miscellaneous
  • 1120X - Amended Return
  • Form 1120X Menu - Select the year being amended, then OK.
  • Corrected Column, then OK.
  • Part I - Income & Deductions - Evaluate the Payments & Credits and Amount Due menu for any entries that need to be made.
  • Exit back to the main return.

If you later need to return to the 1120X menu but don't want to make any changes to the work already done, when you arrive at the window headed "Select Column to Pull Current Data", select Do Not Pull Data. This will leave your previous work as it is.

Note: The amended Form 1120 can be electronically filed. There's not a separate e-file menu for the return as amended, so you'll mark the amended Form 1120 for electronic filing the same way as you would mark the original Form 1120 for electronic filing.