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 information about an individual's or business's income, deductions, and tax liability to the relevant tax authority. These forms are necessary to comply with tax laws and fulfill tax obligations. Tax forms vary depending on the country and the specific tax requirements in place. Here are some common types of tax forms:

Individual Tax Forms: These forms are used by individual taxpayers to report their personal income and claim deductions, credits, and exemptions. Examples include the 1040 form in the United States or the Self-Assessment Tax Return form in the United Kingdom.

Business Tax Forms: Business tax forms are used by companies, partnerships, or self-employed individuals to report their business income, expenses, and other tax-related information. Examples include the Schedule C form (Profit or Loss from Business) in the United States or the CT600 form (Company Tax Return) in the United Kingdom.

Payroll Tax Forms: These forms are used by employers to report the wages, salaries, and taxes withheld from their employees' paychecks. Examples include the W-2 form in the United States or the P60 form in the United Kingdom.

Sales Tax Forms: Sales tax forms are used by businesses to report and remit sales tax collected on taxable goods or services. The specific sales tax forms vary by jurisdiction.

Value Added Tax (VAT) Forms: VAT forms are used in countries that impose a value-added tax to report and remit VAT collected on sales and claim VAT credits for purchases. Examples include the VAT return forms used in many countries.

Estimated Tax Forms: Estimated tax forms are used to report and pay estimated taxes on income that is not subject to withholding, such as self-employment income or investment income.

These are just a few examples of the numerous tax forms that may exist. The specific forms required depend on the tax laws and regulations in your country or jurisdiction. It is important to consult the tax authority's guidelines or seek professional advice to determine which forms are applicable to your situation.

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