1120-PC
U.S. Property and Casualty Insurance Company Income Tax Return
Form 1120-PC, U.S. Property and Casualty Insurance Company Income Tax Return, is the annual income tax return of an insurance company other than a life insurance company. The IRS About page says to use this form to report the income, gains, losses, deductions and credits, and to figure the income tax liability, of insurance companies other than life insurance companies.
The 2025 form is for calendar year 2025 or a tax year beginning in 2025. It runs nine pages: page 1 holds the tax computation and payments, followed by Schedule A (taxable income under section 832), Schedule B for electing small companies, Schedules C, E, F, G and H, the Other Information questions in Schedule I, and Schedules L, M-1 and M-2.
You can fill out Form 1120-PC free in your browser on this page and download it without an account.
Items A to E cover consolidated and Schedule M-3 boxes, EIN, date incorporated and the section 831(b) and 953 elections. Lines 1 to 21 figure income tax, credits, total tax, payments, the estimated tax penalty and the amount owed or overpaid.
Income lines such as premiums earned, dividends and inclusions, interest, rents and capital gains, followed by deductions such as officer compensation, salaries, taxes and charitable contributions, ending in taxable income.
Part I figures taxable investment income of electing small companies under section 834. Part II lists invested assets book values and is completed only if claiming a deduction for general expenses allocated to investment income.
Schedule C covers dividends, inclusions, the dividends-received deduction and other special deductions. Schedule E figures premiums earned and Schedule F figures losses incurred under section 832.
Schedule G reports other capital losses, including capital assets sold to meet abnormal insurance losses and to pay policyholder dividends. Schedule H figures the special deduction and ending adjusted surplus for section 833 organizations.
Schedule I asks Other Information questions over two pages. Schedule L holds balance sheets per books, Schedule M-1 reconciles book income with income per return, and Schedule M-2 analyzes unappropriated retained earnings.
Enter the tax year, name, address, EIN and date incorporated, and check the item A boxes that apply. The instructions say a company with total assets of $10 million or more on the last day of the tax year files Schedule M-3 (Form 1120-PC) and checks box 3.
Check 831(b) for a small company taxed on taxable investment income, or a section 953 box for a foreign corporation making that election.
Most companies complete Schedule A and carry line 37 to page 1, line 1. An electing small company completes Schedule B and carries line 21 to page 1, line 2. Schedules C, E and F feed amounts into these schedules.
Work through lines 3a to 21 on page 1: income tax, credits, total tax, payments and the estimated tax penalty. The instructions say to enter the amount the company wants refunded on line 21b and complete the direct deposit fields.
The instructions say the NAIC annual statement is filed with Form 1120-PC, but is not attached to an electronically filed return. An authorized officer signs and dates page 1.
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The instructions say a corporation generally files by the 15th day of the 4th month after the end of its tax year. A corporation with a fiscal tax year ending June 30 files by the 15th day of the 3rd month after the end of its tax year.
The instructions give Department of the Treasury, Internal Revenue Service, Ogden, UT 84201-0012 when the principal business, office or agency is in the United States, and Internal Revenue Service, P.O. Box 409101, Ogden, UT 84409 for a foreign country or U.S. territories.
The instructions point to IRS.gov/MeF for which forms can or must be e-filed. The About page lists a recent development: no penalty for not electronically filing Form 1120-PC for 2025.
The instructions say to file Form 7004 to request an extension of time to file, generally by the regular due date of the return.
The instructions say the penalty may be 5% of the unpaid tax for each month or part of a month late, up to 25%. For a return required to be filed in 2026 that is over 60 days late, the minimum is the smaller of the tax due or $525.
1120-PC Sch. M-3
383 fields, 3 pages
1120
48 fields, 1 page
1120
24 fields, 2 pages
1120 Sch. O
112 fields, 2 pages
1120-L
337 fields, 6 pages
7004
26 fields, 1 page
The insurance company itself files this return, signed by a corporate officer. The instructions describe who files it and which companies use a different form.
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No. The instructions say life insurance companies file Form 1120-L, U.S. Life Insurance Company Income Tax Return.
The instructions say to check it if the insurance company elects to be taxed on taxable investment income instead of the tax otherwise applicable under section 831(a). Once made, the election may only be revoked with the consent of the Secretary.
The instructions say a nonlife insurance company with total assets of $10 million or more on the last day of the tax year files Schedule M-3 instead of Schedule M-1. Others may file it voluntarily.
The instructions say it is filed with Form 1120-PC on paper. If the return is filed electronically, the annual statement is not attached, but a copy is provided to the IRS if requested.
The instructions say a foreign corporation making either section 953 election generally sends its return to Internal Revenue Service Center, P.O. Box 409101, Ogden, UT 84409.