Florida Form Help
The following information has been provided to assist in the preparation of Florida returns.
Form F-1065 must be filed by any partnership that does business, earns income, or exists in Florida and has a partner subject to Florida corporate income tax. This form must be filed on or before the first day of the fifth month after the close of the taxable year. This form cannot be filed electronically; it must be mailed to the address provided. If the partnership has no partners subject to Florida corporate income tax, there is no filing requirement, and Florida may be removed from the return.
Federal tax exempt interest and related expenses flow from the Income Statement. State taxes paid will flow from the State Taxes Paid Worksheet on the Income Statement; note that this line includes amounts paid to Florida per the state instructions.
A worksheet is provided for other additions, including any section 179 expense claimed that exceeds the $128,000 allowed and any section 168(k) special bonus depreciation. Worksheets calculating the Florida allowable portion of section 179 expense added back and section 168(k) special bonus depreciation are provided; Florida allows one-seventh of each of these to be claimed each year for a seven year period. A worksheet for other subtractions is also provided.
Manually enter any net adjustment passed through from another partnership or joint venture.
Information for the partners or members will flow from the federal Form 1065 Schedule K-1. The profit percentage shown reflects the weighted average percentage, if applicable.
Florida taxpayers doing business outside Florida are required to apportion their business income to Florida based upon a three-factor formula (average value of property, payroll, and sales factors), except for insurance companies, transportation companies, citrus processing companies, and taxpayers who have been given prior permission by the Department to apportion income using a different method.
Federal amounts and amounts entered for “FL” on the State Property Factor Information, State Payroll Factor Information, and State Sales Factor Information worksheets of the Multistate Allocation and Apportionment Information worksheet in the General section of the return will flow to this schedule. Note that the sales factor is calculated from business income using gross values shown on the Multistate Allocation and Apportionment Information worksheet, and the gross receipts shown do not include returns and allowances per the state instructions. Override for any adjustments necessary.
If the business is a transportation services company, enter the revenue miles within Florida and the revenue miles everywhere. If this fraction is used, all information for the three-factor calculation will clear from the return.
Each partner’s share of the apportionment factors is determined by multiplying the amount in Part III-A, on Lines 1, 2, and 3 by the percentage interest of each partner. The revenue miles for transportation services companies will be reported in the property, payroll, and sales data columns. Amounts determined should be added to each partner’s apportionment factors included on its Florida Form F-1120.
The Florida Adjustment to Partnership Income Worksheet is provided to show the share of income adjustment for each corporate or tax exempt organization partner. There is no state Schedule K-1, so this worksheet is provided as a convenience for partners who may be required to file Florida Form F-1120. Amounts shown should be reported as an other addition for increases or an other subtraction for decreases on Form F-1120.
Form F-1120 must be filed by entities that do business, earn income, or exist in Florida that file federal Form 1120. S corporations that are required to pay excess net passive income tax, LIFO recapture tax, or built-in gains tax are also required to file Form F-1120. This form must be filed by the later of the following: (1) on or before the first day of the fourth month following the close of the tax year, or (2) the fifteenth day following the due date, without extension, for filing the related federal return for the taxable year. S corporations that do not pay federal tax are not required to file a return with Florida, and Florida can be removed from the return.
Note that the Florida exemption has increased to $50,000.
State taxes paid will flow from the State Taxes Paid Worksheet on the Income Statement. A worksheet is provided to list the state to which the tax was paid and the amounts. Note that this line includes amounts paid to Florida per the state instructions.
Payments of estimated tax, amounts paid with an extension, and prior year overpayment credited to the state of Florida will flow from the State Taxes Paid Worksheet on the Income Statement when the state ID entered is “FL”. If Form F-7004 is included, the tentative tax due shown there will flow to the tentative tax payments line.
Amounts required for this section will flow from the federal return or from the credit section of this form as applicable. Worksheets for calculating the Florida allowable net operating loss deduction and excess charitable contribution carryover are provided in the Subtractions from Federal Taxable Income section or in the Computation of Florida Portion of Adjusted Federal Income section if the Multistate Apportionment Information worksheet is used. A worksheet for other additions is provided. If the business made Depreciation Election A or B, manually make any required adjustment for assets placed in service between January 1, 1981 and December 31, 1981 for Election A and between January 1, 1981 and December 31, 1986 for Election B. Manually enter any net increase passed through from another partnership or joint venture.
Amounts of foreign source income and subpart F income will flow from federal Form 1120 if used; enter direct and indirect expenses as applicable. Worksheets for calculating the Florida allowable net operating loss deduction and excess charitable contribution carryover are provided. Use the worksheets provided in the Computation of Florida Portion of Adjusted Federal Income section instead if the Multistate Apportionment Information worksheet is used. Attach a copy of the federal Capital Loss Carryover Worksheet from Form 1120 Schedule D if claiming a Florida net capital loss carryover deduction on this schedule; this is automatically included in the federal electronic submission. Worksheets calculating the Florida allowable portion of the section 179 expense added back and section 168(k) special bonus depreciation are provided; Florida allows one-seventh of each of these to be claimed each year for a seven year period. A worksheet for other subtractions is provided. Manually enter any net decrease passed through from another partnership or joint venture.
Florida taxpayers doing business outside Florida are required to apportion their business income to Florida based upon a three-factor formula (average value of property, payroll, and sales factors), except for insurance companies, transportation companies, citrus processing companies, and taxpayers who have been given prior permission by the Department to apportion income using a different method.
Federal amounts and amounts entered for “FL” on the State Property Factor Information, State Payroll Factor Information, and State Sales Factor Information worksheets of the Multistate Apportionment Information worksheet in the General section of the return will flow to this schedule. Note that the sales factor is calculated from business income using gross values shown on the Multistate Allocation and Apportionment Information worksheet, and the gross receipts shown do not include returns and allowances per the state instructions. Override for any adjustments necessary.
The apportionment factors are generally weighted as 25 percent to property, 25 percent to payroll, and 50 percent to sales. However, if the amount reported in Schedule III-A, Column (b) for either the property or payroll factor is zero, the weighted percentage for the other factor will be 33 1/3 percent and the weighted percentage for the sales factor will be 66 2/3 percent. If the amount reported in Schedule III-A, Column (b) for the sales factor is zero, the weighted percentage for the property and payroll factors will change from 25 percent to 50 percent each. If the amounts reported in Schedule III-A, Column (b) for any two factors are zero, the weighted percentage for the remaining factor will be 100 percent. CrossLink will calculate the weight based on the information provided.
Special Apportionment Fractions:
If the business is an insurance company, enter the direct premiums written on properties and risks within Florida and everywhere. If the business is a transportation services company, enter the revenue miles within Florida and the revenue miles everywhere. If a special apportionment fraction is used, all information for the three-factor calculation will clear from the return.
If the taxpayer does business outside of Florida, this schedule will be used to calculate the Florida portion of adjusted income. Worksheets for the net operating loss apportioned to Florida, net capital loss apportioned to Florida, and excess charitable contribution carryover apportioned to Florida are provided. Column (b) is required only if the corporation is required to pay federal alternative minimum tax.
Enter the amount of allowed credit and attach the required documentation. See the state instructions for details. Any required attachments may be included as a PDF file when electronically filing the return. The credits against tax cannot exceed the tax due, so the credit total is limited. If your credits exceed the tax due, enter the credits in the order they appear until the sum equals the tax due.
Corporations required to pay federal alternative minimum tax must compute both the regular Florida tax and the Florida alternative minimum tax, which is 3.3 percent of Florida alternative minimum taxable income. The tax due will be the greater of the two computed values. This schedule and Column (b) of Schedule I and Schedule II will calculate if alternative minimum tax is due on federal Form 4626. If the other additions and other subtractions worksheets are used, only complete column (b) if federal alternative minimum tax is due.
Florida nonbusiness income is calculated as the amounts with codes 16, 17, 18, 19, 21, 23, and 25 indicated for “FL” on the State Sales Factor Information worksheet of the Multistate Allocation and Apportionment Information worksheet. The type and amount for each item of income will flow to line 1. Nonbusiness income amounts and related descriptions with the codes mentioned above allocated to states other than Florida will flow to line 2. Make adjustments, if necessary.
Use the worksheet at the bottom for Form F-1120 to calculate estimated tax for the following taxable year. This is required for all corporations or other entities subject to taxation under the Florida statutes that expect the tax liability for the year to exceed $2,500. If using this worksheet in CrossLink, you can print and mail the corresponding coupon to the Florida Department of Revenue, or you can file the declaration and schedule payments electronically using the F-1120ES Wkst. CrossLink supports four occurrences of the F-1120ES Wkst for electronic filing. Note that each occurrence is a separate e-file, and no payment can be made on a weekend or a holiday, or more than 29 days in advance. You may also file the declaration and make payments electronically through the state at www.dor.myflorida.com. If the estimated tax should change during the year, file a new declaration on the coupon, with the next payment electronically via CrossLink, or online at the state website previously mentioned.
Use Form F-1120X to correct items on a previously filed Form F-1120. This form must be printed and mailed to the Florida Department of Revenue. This form must be filed within 60 days after the adjustments to federal taxable income have been determined. A claim for refund must be filed within three years of the due date of the original return. When this form is added to the return, the amounts on Form F-1120 will show in both the original amount column and the correct amount column. Make changes as necessary throughout the rest of the return and the new amounts will flow to the correct amount column.
Use Form F-2220 to calculate the penalty and interest due on the underpayment of estimated tax. A detailed worksheet that accommodates multiple payments for single installments is provided. The dates and amounts paid for the estimated payments flow from the State Estimated Tax Payments worksheet on the Income Statement where the state ID is “FL”.
Use Form DR-26 to request a refund of payments deposited in error by the Florida Department of Revenue or if a duplicate payment was submitted with the final return. The claim must be submitted within three years of the date the tax was paid. This request must be mailed to the address provided on the form.
Use Form DR-405 to report property used for commercial purposes that is not included in the assessed value of the business’ real property. This form is provided by the state, but not subject to any approval process. Check with your county property appraiser’s office for required documentation and filing requirements.
Use Form DR-835 to appoint an individual to represent the taxpayer before the Florida Department of Revenue and to receive confidential information related to the tax matters to which the power of attorney applies. This form must be printed, signed, and mailed to the Florida Department of Revenue.
Use Form F-7004 to request an extension of time to file the Florida return. A federal extension does not automatically grant an extension with the state of Florida. File this application after the close of the tax year but before the due date of the return. The tentative tax due must be paid with this application or the extension of time to file will be void. Note that the extension of time will also be void if the tax is underpaid by the greater of $2,000 or 30 percent of the tax shown on Form F-1120 when filed. This application may be electronically filed.
The Florida E-file Worksheet is used to initiate electronic filing of the corporate tax return and to schedule an electronic funds withdrawal of the balance due, if desired. This is not a state form, and there is no retention requirement for this worksheet.