Form 1120-H, US Income Tax return for a Homeowners Association, is available for e-file starting with Drake Tax 2024.

Generate Form 1120-H

To generate Form 1120-H, follow these steps: 

1. Create a corporate 1120 return.

2. Go to the first Other Forms tab.

3. Select the H screen. Once the H screen has been completed, an 1120-H will be generated instead of an 1120 return.

4. Screens 1, 2, INC, DED, D, 4562, and 4797 should also be completed, as needed, to carry information to the 1120-H return.

For more information, see FAQ O in an 1120 return.

Estimates

Per the 1120-H Instructions, "The estimated tax and alternative minimum tax requirements do not apply to homeowners associations electing to file Form 1120-H. However, a homeowners association that does not elect to file Form 1120-H may be required to make payments of estimated tax. Because the election is not made until the return is filed, Form 1120-H provides lines for estimated tax payments and the crediting of overpayments against tax if estimated tax payments or overpayments apply."

The ES screen can be used to record estimated taxes paid. The H screen can be used to enter the Amount of overpayment to apply to next year's estimated tax.

Amend Form 1120-H

To indicate that Form 1120-H is an amended return, check the box Amended return on screen H. The IRS does not currently support e-filing of an amended Form 1120-H, so the corrected return will need to be printed and paper-filed.

Related Links

• Drake Tax - 1120: Payment of Balance Due and Estimated Taxes