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Form 1120 versus Form 11120-H On Form 1120 the tax rates are graduated: 15% for the first $50,000 of taxable income, 25% for the next $25,000 of income, 34% for the next $25,000 of income (we are now up to $100,000 of taxable income). On Form 1120-H the tax rate is a flat 30% (32% for time-shares).
Schedule UTP (Form 1120) asks for information about tax positions that affect the U.S. federal income tax liabilities of certain corporations that issue or are included in audited financial statements and have assets that equal or exceed $10 million.
To avoid all these, Massachusetts HOAs have the privilege to avoid Form 1120. Section 528 gives Homeowner Associations option to fill Form 1120H if they accomplish certain requirements. Form 1120H is designed specifically for HOAs and is much easier to understand, just one page.
This form is solely for the use of clubs, labor unions, political com - mittees, taxable fraternal organizations, certain unincorporated home- owners associations and all other similar organizations not en gaged in business for profit, and consequently having only taxable dividends, interest, capital gains,
Form 1120-S, Schedule M-2 analyzes adjustments to the accumulated earnings account, other adjustments account, and previously taxed income account. Unlike on Form 1120, Schedule M-2 on Form 1120-S is not a reconciliation of retained earnings.

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Massachusetts Form 1 Personal Income Tax Return for Residents.
[1] For federal purposes, homeowners associations generally file the 1120-H or the 1120. See IRC 528, 277. Homeowners associations that qualify as exempt from tax under IRC 501(c)(4) file a form in the federal 990 series.
Schedule G (Form 990) is used by an organization that files Form 990 or Form 990-EZ to report professional fundraising services, fundraising events, and gaming.

1120 h 2021 form