What Is the Purpose of Form 1120-POL?

Form 1120-POL is used by certain political organizations to figure and report their income taxes. It is due on the 15th day of the 4th month after the end of your organization’s tax year.

What Is Taxable Income?

Taxable income for political organizations is generally defined as gross receipts from all sources during the tax year reduced by returns and allowances, less expenses paid or incurred to produce the income.

What Is Exempt Function and Exempt Function Income?

Exempt function income is income derived from activities that further the organization’s exempt function. It is not subject to federal income tax.

Who Must File Form 1120-POL?

Form 1120-POL is used by certain political organizations to figure and report their income taxes. If your organization is described in section 527 of the Internal Revenue Code, you are generally required to file Form 1120-POL if you meet the requirements listed under Who Must File in the instructions for this form.

What Is Specified Taxable Income?

Specified taxable income includes contributions received in a calendar year, up to a certain amount, and expenses paid or incurred on behalf of a candidate or candidate for office, as well as amounts reported under certain campaign finance reporting requirements.

When Is Form 1120-POL Due?

Form 1120-POL is due on the 15th day of the 4th month after the end of your organization’s tax year.

What Other Reports and Returns May Be Required?

Other reports and returns that may be required include, but are not limited to, Form 8871 (Report of Political Organization), Form 8872 (Statement of Candidates, Contributors, and Certain Political Organizations Regarding Certain Requirements Relating to Disqualified Persons), Form 8992 (Political Organization Report of Contributions Received), and Form 990 (Return of Organization Exempt From Income Tax). For more information on these forms, see the instructions for each form.

Form 1120-POL

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U.S. Income Tax Return for Certain Political Organizations

Rev. 2023

Form 1120-POL is an income tax return for certain political organizations. For calendar year 2023, users need to check boxes for final return, name change, address change, or amended return. Sections include Dividends, Interest, Gross rents, Capital gain net income, Net gain or loss from Form 4797, Other income and nonexempt function expenditures, Total income, Deductions (Salaries and wages, Repairs and maintenance, Rents, Taxes and licenses, Interest, Depreciation, Other deductions), Taxable income, Income tax, Tax credits, Total tax, Payments (Tax deposited with Form 7004, Credit for tax paid on undistributed capital gains, Credit for federal tax on fuels, Elective payment election amount from Form 3520), Tax due, Overpayment. Additional information includes having an interest in or signature authority over a foreign financial account and receiving a distribution from or being the grantor or transferor of a foreign trust.

Instructions

Instructions for Form 1120-POL - Instructions for Form 1120-POL, U.S. Income Tax Return for Certain Political Organizations

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FAQ

What Is the Purpose of Form 1120-POL?
Form 1120-POL is used by certain political organizations to figure and report their income taxes. It is due on the 15th day of the 4th month after the end of your organization’s tax year.
What Is Taxable Income?
Taxable income for political organizations is generally defined as gross receipts from all sources during the tax year reduced by returns and allowances, less expenses paid or incurred to produce the income.
What Is Exempt Function and Exempt Function Income?
Exempt function income is income derived from activities that further the organization’s exempt function. It is not subject to federal income tax.
Who Must File Form 1120-POL?
Form 1120-POL is used by certain political organizations to figure and report their income taxes. If your organization is described in section 527 of the Internal Revenue Code, you are generally required to file Form 1120-POL if you meet the requirements listed under Who Must File in the instructions for this form.
What Is Specified Taxable Income?
Specified taxable income includes contributions received in a calendar year, up to a certain amount, and expenses paid or incurred on behalf of a candidate or candidate for office, as well as amounts reported under certain campaign finance reporting requirements.
When Is Form 1120-POL Due?
Form 1120-POL is due on the 15th day of the 4th month after the end of your organization’s tax year.
What Other Reports and Returns May Be Required?
Other reports and returns that may be required include, but are not limited to, Form 8871 (Report of Political Organization), Form 8872 (Statement of Candidates, Contributors, and Certain Political Organizations Regarding Certain Requirements Relating to Disqualified Persons), Form 8992 (Political Organization Report of Contributions Received), and Form 990 (Return of Organization Exempt From Income Tax). For more information on these forms, see the instructions for each form.

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Tax forms

Form 1120-POL is one of Tax forms that are documents used to report income, deductions, and tax liability to the relevant tax authority. These forms are an essential part of the tax filing process and are used to ensure individuals and businesses comply with tax laws and accurately calculate their tax obligations.

The specific tax forms required can vary depending on factors such as an individual's filing status, sources of income, and the country's tax laws. However, here are some common types of tax forms:

Individual Income Tax Forms: These forms, such as the 1040 series in the United States, are used by individuals to report their income, claim deductions and credits, and calculate their tax liability.

Business Tax Forms: Businesses, including sole proprietorships, partnerships, corporations, and self-employed individuals, may have to file various forms to report their income, expenses, and taxes owed. Examples include Schedule C (Profit or Loss from Business) and Form 1120 (U.S. Corporation Income Tax Return).

Employment Tax Forms: Employers are required to report employee wages and withhold and remit payroll taxes. Forms such as W-2 (Wage and Tax Statement) and 941 (Employer's Quarterly Federal Tax Return) are used for this purpose.

Investment and Retirement Account Forms: These forms are used to report investment income, capital gains, and losses, as well as contributions and distributions from retirement accounts. Examples include Form 1099-DIV (Dividends and Distributions) and Form 5498 (IRA Contribution Information).

Estate and Gift Tax Forms: When a person passes away or makes significant gifts, specific forms such as Form 706 (United States Estate (and Generation-Skipping Transfer) Tax Return) and Form 709 (United States Gift (and Generation-Skipping Transfer) Tax Return) are used to report and calculate any applicable estate or gift taxes.

It is important to note that tax laws and forms can change over time, so individuals and businesses should consult the relevant tax authority or seek professional tax advice to ensure compliance with the current requirements.

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