1120-W Instructions for Form 1120-W

Caution: DRAFT—NOT FOR FILING
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2017

Department of the Treasury
Internal Revenue Service

Instructions for
Form 1120-W

DRAFT AS OF
March 29, 2018

Section references are to the Internal Revenue Code unless
otherwise noted.

Future Developments

For the latest information about developments affecting Form
1120-W and its instructions, such as legislation enacted after
they were published, go to www.irs.gov/form1120w.

What’s New

Tax rates for fiscal year filers. P.L. 115-97 replaced the
graduated corporate tax structure with a flat 21% corporate tax
rate and repealed the corporate alternative minimum tax (AMT),
effective for tax years beginning after December 31, 2017.
However, under section 15, corporations with fiscal tax years
beginning before January 1, 2018, and ending after December
31, 2017, figure and apportion their taxes (including the AMT) by
blending the rates in effect before January 1, 2018, with the rate
in effect after December 31, 2017. See Specific Instructions,
later.

Corporations with $1 billion in assets. Corporations with
assets of $1 billion or more (determined as of the end of the
corporation's preceding tax year), must increase the required
installment of estimated tax due in July, August, or September of
2017 by 0.25% of the amount that otherwise would have been
due for that installment. The amount of the next required
installment would be decreased by an equal amount to reflect
the increase in the previous installment.

General Instructions
Who Must Make Estimated Tax
Payments

When To Make Estimated Tax
Payments

The installments generally are due by the 15th day of the 4th,
6th, 9th, and 12th months of the tax year. If any due date falls on
a Saturday, Sunday, or legal holiday, the installment is due on
the next regular business day.
A corporation that does not make estimated tax payments when
due may be subject to an underpayment penalty for the period of
underpayment. Use Form 2220, Underpayment of Estimated

Mar 28, 2018

Overpayment of Estimated Tax

A corporation that has overpaid its estimated tax may apply for a
quick refund if the overpayment is at least 10% of its expected
income tax liability and at least $500. To apply, file Form 4466,
Corporation Application for Quick Refund of Overpayment of
Estimated Tax, after the end of the tax year and before the
corporation files its income tax return. See the instructions for
Form 4466.

Methods of Tax Payment

Some corporations (described below) are required to
electronically deposit all depository taxes, including estimated
tax payments.

Electronic Deposit Requirement

Corporations must use electronic funds transfer to make all
federal tax deposits (such as deposits of employment, excise,
and corporate income tax). This includes installment payments
of estimated tax. Generally, electronic funds transfer is made
using the Electronic Federal Tax Payment System (EFTPS).
However, if the corporation does not want to use EFTPS, it can
arrange for its tax professional, financial institution, payroll
service, or other trusted third party to make electronic deposits
on its behalf. Also, it may arrange for its financial institution to
initiate a same-day tax wire payment (discussed below) on its
behalf. EFTPS is a free service provided by the Department of
the Treasury. Services provided by a tax professional, financial
institution, payroll service, or other third party may have a fee.
To get more information about EFTPS or to enroll in EFTPS,
visit www.eftps.gov.

Corporations generally must make estimated tax payments if
they expect their estimated tax (income tax less credits) to be
$500 or more.
S corporations must make estimated tax payments for certain
taxes. S corporations should see the Instructions for Form
1120S, U.S. Income Tax Return for an S Corporation, to figure
their estimated tax payments.
Tax-exempt corporations, tax-exempt trusts, and domestic
private foundations must make estimated tax payments for
certain taxes. These entities should see the instructions for their
tax return, to figure the amount of their estimated tax payments.

Underpayment of Estimated Tax

Tax by Corporations, to see if the corporation owes a penalty
and to figure the amount of the penalty. See Form 2220 and the
instructions for Form 2220.

Depositing on time. For deposits made by EFTPS to be on
time, the corporation must submit the deposit by 8 p.m. Eastern
time the day before the date the deposit is due. If the corporation
uses a third party to make deposits on its behalf, they may have
different cutoff times.
Same-day wire payment option. If the corporation fails to
submit a deposit transaction on EFTPS by 8 p.m. Eastern time
the day before the date a deposit is due, it can still make the
deposit on time by using the Federal Tax Collection Service
(FTCS). Before using the same-day wire payment option, the
corporation will need to make arrangements with its financial
institution ahead of time. Please check with the financial
institution regarding availability, deadlines, and costs. To learn
more about the information the corporation will need to provide
its financial institution to make a same-day wire payment, visit
www.irs.gov/payments and click on Same-day wire.
Foreign corporations. If a foreign corporation maintains an
office or place of business in the United States, it must use
electronic funds transfer (as discussed above) to make
installment payments of estimated tax.
If the foreign corporation does not maintain an office or place
of business in the United States, it may pay the estimated tax by
EFTPS if it has a U.S. bank account. The foreign corporation

Cat. No. 52102x

Lines 2, 5, and 8. Members of a
Controlled Group

may also arrange for its financial institution to submit a same-day
payment on its behalf or can arrange for either a qualified
intermediary, tax professional, payroll service, or other trusted
third party to make a deposit on its behalf using a master
account.
In addition, the foreign corporation has the option to pay the
estimated tax due by check or money order, payable to the
“United States Treasury.” To ensure proper crediting, enter the
foreign corporation's EIN, “Form 1120-F (or 1120-FSC, if
applicable) estimated tax payment,” and the tax period to which
the payment applies on the check or money order. The
payments must be sent to the Internal Revenue Service Center,
P.O. Box 409101, Ogden, UT 84409.

Members of a controlled group, complete lines 2, 5, and 8 as
follows:
Enter on line 2 the smaller of the amount on line 1, or the
member's share of the $50,000 amount.
Enter on line 5 the smaller of the amount on line 4, or the
member's share of the $25,000 amount.
Enter on line 8 the smaller of the amount on line 7, or the
member's share of the $9,925,000 amount.

DRAFT AS OF
March 29, 2018

Equal apportionment plan. If no apportionment plan is
adopted, members of a controlled group must divide the amount
in each taxable income bracket equally among themselves. For
example, Controlled Group AB consists of Corporation A and
Corporation B. They do not elect an apportionment plan.
Therefore, each corporation is entitled to:
$25,000 (one-half of $50,000) on line 2,
$12,500 (one-half of $25,000) on line 5, and
$4,962,500 (one-half of $9,925,000) on line 8.

Refiguring Estimated Tax

If, after the corporation figures and deposits estimated tax, it
finds that its tax liability for the year will be more or less than
originally estimated, it may have to refigure its required
installments. If earlier installments were underpaid, the
corporation may owe a penalty.

An immediate catchup payment should be made to reduce
the amount of any penalty resulting from the underpayment of
any earlier installments, whether caused by a change in
estimate, failure to make a deposit, or a mistake.

Unequal apportionment plan. Members of a controlled group
can elect an unequal apportionment plan and divide the taxable
income brackets as they want. There is no need for consistency
among taxable income brackets. Any member may be entitled to
all, some, or none of the taxable income bracket. However, the
total amount for all members cannot be more than the total
amount in each taxable income bracket.

Specific Instructions
All line references on Form 1120-W are references to Form
1120, U.S. Corporation Income Tax Return. All other entities
must determine their estimated tax liability by using the
applicable line from their income tax return and the maximum
rate that is in effect for their applicable tax year.

Line 12. Additional 5% Tax

Members of a controlled group are treated as one group to figure
the applicability of the additional 5% tax and the additional 3%
tax. If an additional tax applies, each member will pay that tax
based on the part of the amount used in each taxable income
bracket to reduce that member's tax. See section 1561(a). Each
member of the group must enter on line 12 its share of the
smaller of (a) 5% of the taxable income in excess of $100,000 or
(b) $11,750.

Tax rate for fiscal year filers. For tax years beginning after
December 31, 2017, a corporation' s tax is computed by
multiplying taxable income by 21%. However, under section 15,
corporations (including members of a controlled group) with
fiscal tax years beginning before January 1, 2018, and ending
after December 31, 2017, figure and apportion their tax by
blending the rates in effect before January 1, 2018, with the
rates in effect after December 31, 2017. In completing lines 1
through 14, figure the corporation's estimated tax for the 2017
fiscal tax year in the same manner as the worksheet in the 2017
Instructions for Form 1120. Qualified personal service
corporations, see the instructions below.

Line 13. Additional 3% Tax

If the additional 3% tax applies, each member of the controlled
group must enter on line 13 its share of the smaller of (a) 3% of
the taxable income in excess of $15 million or (b) $100,000. See
the instructions for line 12 above.

Line 15. Alternative Minimum Tax
(AMT)

Line 1. Qualified Personal Service
Corporations

Note. Skip this line if the corporation is treated as a “small
corporation” exempt from the AMT under section 55(e).
AMT is generally the excess of tentative minimum tax (TMT)
for the tax year over the regular tax for the tax year. A limited
amount of the foreign tax credit, as refigured for the AMT, is
allowed in computing the TMT. Use the 2016 Form 4626 and the
2016 Instructions for Form 4626 as a guide.

A qualified personal service corporation is taxed at a flat rate of
35% on taxable income. Qualified personal service corporations
with a fiscal tax year may have a blended tax rate. These
corporations will figure their tax using the 35% tax rate for the
period before January 1, 2018, and 21% for the period after
December 31, 2017. See the 2017 Instructions for Form 1120 or
the instructions for your applicable tax return.

Fiscal year filers, see the instructions for Schedule J, line 3 in
the 2017 Instructions for Form 1120 or the applicable line in the
instructions of other returns.

A corporation is a qualified personal service corporation if it
meets both of the following tests.
Substantially all of the corporation's activities involve the
performance of services in the fields of health, law, engineering,
architecture, accounting, actuarial science, performing arts, or
consulting.
At least 95% of the corporation's stock, by value, is owned,
directly or indirectly, by employees performing the services listed
above, retired employees who had performed such services, any
estate of an employee or retiree described above, or any person
who acquired the stock of the corporation as a result of the death
of an employee or retiree (but only for the 2-year period
beginning on the date of the employee's or retiree's death).

Line 17. Tax Credits

For information on tax credits the corporation can take, see the
2016 Instructions for Form 1120, Schedule J, lines 5a through
5e, or the instructions for the applicable lines and schedule of
other income tax returns.

Line 19. Other Taxes

For information on other taxes the corporation may owe, see the
2016 Instructions for Form 1120, Schedule J, line 9, or the

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Instructions for Form 1120-W (2017)

more for any of the 3 tax years immediately preceding the 2017
tax year, or if less, the number of years the corporation has been
in existence. For this purpose, taxable income is modified to
exclude net operating loss and capital loss carrybacks or
carryovers. Members of a controlled group, as defined in section
1563, must divide the $1 million amount among themselves
according to rules similar to those in section 1561.
Large corporations figure the amount to enter on line 25 as
follows. If Schedule A is used, also follow these instructions to
figure the amounts to enter on Schedule A, Part III, line 35.
If line 22 is smaller than line 23a: Enter 25% of line 22 in
columns (a) through (d) of line 25.
If line 23a is smaller than line 22: Enter 25% of line 23a in
column (a) of line 25. In column (b), determine the amount to
enter as follows:
1. Subtract line 23a from line 22,
2. Add the result to the amount on line 22, and
3. Multiply the result in 2 above by 25% and enter the result
in column (b). Enter 25% of line 22 in columns (c) and (d).
Corporations with assets of $1 billion or more (determined as
of the end of the corporation's preceding tax year), must
increase the required installment of estimated tax due in July,
August, or September of 2017 by 0.25% of the amount that
otherwise would have been due for that installment. The amount
of the next required installment would be decreased by an equal
amount to reflect the increase in the previous installment.

instructions for the applicable line and schedule of other income
tax returns. Fiscal year filers, see the 2017 instructions for Form
1120.

Line 21. Credit for Federal Tax Paid
on Fuels and Other Refundable
Credits

DRAFT AS OF
March 29, 2018

See Form 4136, Credit for Federal Tax Paid on Fuels, to find out
if the corporation qualifies to take this credit. Also include on
line 21 any other refundable credit, including any credit the
corporation is claiming under section 4682(g)(2) for tax on
ozone-depleting chemicals. For information on other refundable
credits, see the Instructions for Form 1120, Schedule J, line 19,
or the instructions for the applicable line or schedule of other
income tax returns.

Line 23a. 2016 Tax

Figure the corporation's 2016 tax in the same way that line 22 of
this worksheet was figured, using the taxes and credits from the
2016 income tax return. Large corporations, see the instructions
for line 25 below.
If a return was not filed for the 2016 tax year showing a
liability for at least some amount of tax or the 2016 tax year was
for less than 12 months, do not complete line 23a. Instead, skip
line 23a and enter the amount from line 22 on line 23b.

Line 24. Installment Due Dates

Schedule A

Calendar-year taxpayers: Enter 4-18-2017, 6-15-2017,
9-15-2017, and 12-15-2017, respectively, in columns (a) through
(d). If the due date falls on a Saturday, Sunday, or legal holiday,
enter the next business day.

If only the adjusted seasonal installment method (Part I) is used,
complete Parts I and III of Schedule A. If only the annualized
income installment method (Part II) is used, complete Parts II
and III. If both methods are used, complete all three parts. Enter
in each column on page 1, Part I, line 25, the amounts from the
corresponding column of line 38. If Schedule A is used for any
payment date, it must be used for all payment dates.

Fiscal-year taxpayers: Enter the 15th day of the 4th, 6th,
9th, and 12th months of your tax year in columns (a) through (d).
If the due date falls on a Saturday, Sunday, or legal holiday,
enter the next business day.

!

Line 25. Required Installments

CAUTION

Payments of estimated tax should reflect any 2016 overpayment
that the corporation chose to credit against its 2017 tax. The
overpayment is credited against unpaid required installments in
the order in which the installments are required to be paid.

Extraordinary items. Generally, under the annualized income
installment method, extraordinary items must be taken into
account after annualizing the taxable income for the
annualization period. Similar rules apply in determining taxable
income under the adjusted seasonal installment method. An
extraordinary item includes:
Any item identified in Regulations section 1.1502-76(b)(2)(ii)
(C)(1), (2), (3), (4), (7), and (8);
A net operating loss carryover;
A section 481(a) adjustment; and
Net gain or loss from the disposition of 25% or more of the fair
market value of the corporation's business assets during the tax
year.
These extraordinary items must be accounted for in the
appropriate annualization period. However, a net operating loss
deduction and a section 481(a) adjustment (unless the
corporation makes the alternative choice under Regulations
section 1.6655-2(f)(ii)(C)) are treated as extraordinary items
occurring on the first day of the tax year in which the item is
taken into account in determining taxable income.
De minimis rule. Extraordinary items identified above that
are less than $1,000,000 (other than a net operating loss
carryover or a section 481(a) adjustment) may be annualized
using the general rules of Regulations section 1.6655-2(f), or if
the corporation chooses, may be taken into account after
annualizing the taxable income for the annualization period.
For more information regarding extraordinary items, see
Regulations section 1.6655-2(f)(ii) and the examples in

If the corporation uses the annualized income installment
method and/or the adjusted seasonal installment method, or is a
"large corporation," see the instructions below.
Annualized income installment method and/or adjusted
seasonal installment method. If the corporation's income is
expected to vary during the year because, for example, it
operates its business on a seasonal basis, it may be able to
lower the amount of one or more required installments by using
the annualized income installment method and/or the adjusted
seasonal installment method. For example, a ski shop, which
receives most of its income during the winter months, may be
able to benefit from using one or both of these methods in
figuring one or more of its required installments.
To use one or both of these methods, complete Schedule A.
If Schedule A is used for any payment date, it must be used for
all payment due dates. To get the amount of each required
installment, Schedule A automatically selects the smallest of (a)
the annualized income installment (if applicable), (b) the
adjusted seasonal installment (if applicable), or (c) the regular
installment under section 6655(d)(1) (increased by any
recapture of a reduction in a required installment under section
6655(e)(1)(B)).
Large corporations. A large corporation is a corporation that
had, or whose predecessor had, taxable income of $1 million or
Instructions for Form 1120-W (2017)

Do not figure any required installment until after the end
of the month preceding the due date for that installment.

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Line 18. Credits

Regulations section 1.6655-2(f)(vii). Also see Regulations
section 1.6655-3(d)(3).

Enter the credits to which the corporation is entitled for the
months shown in the column headings above line 1.

Part I. Adjusted Seasonal
Installment Method

Part II. Annualized Income Installment
Method

Complete this part only if the corporation's base period
percentage for any 6 consecutive months of the tax year equals
or exceeds 70% (.70). Figure the base period percentage using
the 6-month period in which the corporation normally receives
the largest part of its taxable income. The base period
percentage for any period of 6 consecutive months is the
average of the three percentages figured by dividing the taxable
income for the corresponding 6-consecutive-month period in
each of the 3 preceding tax years by the taxable income for each
of their respective tax years.

Line 20. Annualization Periods

DRAFT AS OF
March 29, 2018

Enter in the space on line 20, columns (a) through (d),
respectively, the annualization periods that the corporation is
using, based on the options listed below. For example, if the
corporation elects Option 1, enter on line 20 the annualization
periods 2, 4, 7, and 10, in columns (a) through (d), respectively.
Use Option 1 or Option 2 only if the corporation elected
to use one of these options by filing Form 8842, Election
CAUTION To Use Different Annualization Periods for Corporate
Estimated Tax, on or before the due date of the first required
installment payment. Once made, the election is irrevocable for
the particular tax year.

!

Example. An amusement park with a calendar year as its tax
year receives the largest part of its taxable income during the
6-month period from May through October. To compute its base
period percentage for this 6-month period in 2016, the
amusement park figures its taxable income for each May–
October period in 2014, 2015, and 2016. It then divides the
taxable income for each May–October period by the total taxable
income for that particular tax year. The resulting percentages are
69% (.69) for May–October 2014, 74% (.74) for May–October
2015, and 67% (.67) for May–October 2016. Because the
average of 69%, 74%, and 67% is 70%, the base period
percentage for May through October 2017 is 70%. Therefore,
the amusement park qualifies for the adjusted seasonal
installment method.

Line 2

1st
Installment

2nd
Installment

3rd
Installment

4th
Installment

Standard option

3

3

6

9

Option 1

. . . . .

2

4

7

10

Option 2

. . . . .

3

5

8

11

Line 21. Taxable Income

If the corporation has certain extraordinary items, special rules
apply. Do not include on line 2 the de minimis extraordinary
items that the corporation chooses to include on line 9b. See
Extraordinary items above.

If a corporation has income includible under section 951(a)
(controlled foreign corporation income), special rules apply.
Amounts includible in income under section 951(a) generally
must be taken into account in figuring the amount of any
annualized income installment as the income is earned. The
amounts are figured in a manner similar to the way in which
partnership income inclusions are taken into account in figuring
a partner's annualized income installments as provided in
Regulations section 1.6654-2(d)(2).

Line 9b

If the corporation has extraordinary items of $1,000,000 or more,
a net operating loss deduction, or a section 481(a) adjustment,
special rules apply. Include these amounts on line 9b for the
appropriate period. Also include on line 9b the de minimis items
that the corporation chooses to exclude from line 2. See
Extraordinary items above.

Safe harbor election. Corporations may be able to make a
prior year safe harbor election. Under the election, an eligible
corporation is treated as having received ratably during the tax
year items of income under section 951(a) equal to 115% (100%
for a noncontrolling shareholder) of the amounts shown on the
corporation's return for the first preceding tax year (the second
preceding tax year for the first and second required
installments).
For more information, see section 6655(e)(4)(B) and
Regulations section 1.6655-2(f)(3)(v)(B)(2).

Line 10

Figure the tax on the amount on line 9c by following the same
steps used to figure the tax on Form 1120-W, page 1, line 14.

Line 15. Alternative Minimum Tax

The corporation may owe AMT unless it will be a “small
corporation” exempt from the AMT under section 55(e) for its
2017 tax year. To figure the AMT, use the 2016 Form 4626 and
its instructions as a guide. Figure alternative minimum taxable
income (AMTI) using income and deductions for the months
shown in the column headings above line 1. Divide the AMTI by
the amounts on line 8 before subtracting the exemption amount.
Multiply that result by 20% and subtract any AMT foreign tax
credit plus the amount on line 10 to arrive at the AMT. For
columns (a) through (c), multiply the AMT by the amount shown
on line 13. Fiscal year filers, see the instructions for page 1,
line 15.

Extraordinary items. If the corporation has extraordinary
items, special rules apply. Do not include on line 21 the de
minimis extraordinary items that the corporation chooses to
include on line 23b. See Extraordinary items earlier.

Line 22. Annualization Amounts

Enter the annualization amounts for the option used on line 20.
For example, if the corporation elects Option 1, enter on line 22
the annualization amounts 6, 3, 1.71429, and 1.2, in columns (a)
through (d), respectively.

Line 16. Other Taxes

For the same taxes used to figure page 1, Part I, line 19, figure
the amounts for the months shown in the column headings
above line 1. Fiscal year filers, see the 2017 instructions for
Form 1120.
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Instructions for Form 1120-W (2017)

1st
Installment

2nd
Installment

3rd
Installment

4th
Installment

Standard option

4

4

2

1.33333

Option 1

. . . . .

6

3

1.71429

1.2

Option 2

. . . . .

4

2.4

1.5

1.09091

Line 23b

Part III. Required Installments
Line 33

Before completing line 33 in columns (b) through (d), complete
lines 34 through 38 in each of the preceding columns. For
example, complete lines 34 through 38 in column (a) before
completing line 33 in column (b).

DRAFT AS OF
March 29, 2018
Line 35

“Large corporations,” see the instructions for page 1, line 25, for
the amount to enter.

If the corporation has certain extraordinary items of $1,000,000
or more, a net operating loss deduction, or a section 481(a)
adjustment, special rules apply. Include these amounts on
line 23b. Also include on line 23b the de minimis extraordinary
items that the corporation chooses to exclude from line 21. See
Extraordinary items earlier.

Line 24

Line 38. Required Installments

For each installment, enter the smaller of line 34 or line 37 on
line 38. Also enter the result on page 1, Part I, line 25.
Paperwork Reduction Act Notice. Your use of this form is
optional. It is provided to aid the corporation in determining its
tax liability.

Figure the tax on the amount in each column on line 23c by
following the same steps used to figure the tax on Form 1120-W,
page 1, line 14.

You are not required to provide the information requested on
a form that is subject to the Paperwork Reduction Act unless the
form displays a valid OMB control number. Books or records
relating to a form or its instructions must be retained as long as
their contents may become material in the administration of any
Internal Revenue law. Generally, tax returns and return
information are confidential, as required by section 6103.

Line 25. Alternative Minimum Tax

The corporation may owe AMT unless it will be a “small
corporation” exempt from the AMT under section 55(e) for its
2017 tax year. To figure the AMT, use the 2016 Form 4626 and
its instructions as a guide. Figure AMTI using income and
deductions for the annualization period entered in each column
on line 20. Multiply the AMTI by the annualization amounts on
line 22 before subtracting the exemption amount. Multiply that
result by 20% and subtract any AMT foreign tax credit plus the
amount on line 24 to arrive at the AMT. Fiscal year filers, see the
instructions for page 1, line 15.

The time needed to complete and file this form will vary
depending on individual circumstances. The estimated burden
for business taxpayers filing this form is approved under OMB
control number 1545-0123 and is included in the estimates
shown in the instructions for their business income tax return.
If you have comments concerning the accuracy of these time
estimates or suggestions for making this form simpler, we would
be happy to hear from you. You can send us comments from
www.IRS.gov/FormComments. Or you can write to the Internal
Revenue Service, Tax Forms and Publications Division, 1111
Constitution Ave. NW, IR-6526, Washington, DC 20224. Do not
send the tax form to this office. Instead, keep the form for your
records.

Line 26. Other Taxes

For the same taxes used to figure line 19 of Form 1120-W, figure
the amounts for the months shown on line 20.

Line 28. Credits

Enter the credits to which the corporation is entitled for the
months shown in each column on line 20. Do not annualize any
credit. However, when figuring the credits, annualize any item of
income or deduction used to figure the credit.

Instructions for Form 1120-W (2017)

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