Form 1120-IC-DISC is prepared from the information entered on the regular federal sections in the corporate system and from Other Returns category, Form 1120-IC-DISC worksheet.
To generate Form 1120-DISC, you MUST enter a return code "8" on Basic Data worksheet, General section, return code field and the date of IC-DISC election Form 1120-IC-DISC worksheet, General Information section.
The regular federal sections are used to fill out some general information on page 1, COGS on page 2, some of the income on page 2, dividends-received deduction on page 3, some of the deductions on page 3, and some of the balance sheet information on page 5 of Form 1120-IC-DISC. All other information must be entered on or triggered by Form 1120-IC-DISC worksheet.
Although entries here are carried to Form 1120-IC-DISC to compute "federal taxable income" as the starting point for the state return, Form 1120 is NOT printed and NO state interest charge DISC returns are produced when Form 1120-IC-DISC is requested.
We do not process a federal consolidated or state combined return for a interest charge DISC. Also, do not include as a member of a group filing a Form 1120-IC-DISC in a consolidated or combined return.
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