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Maine Free Printable 20_1120me.indd for 2021 Maine Corporate Income Tax Return Form

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Corporate Income Tax Return Form
20_1120me.indd

Clear Print 2020 Maine Corporate Income Tax Return Form 1120ME For calendar year 2020 or tax year 99 *2000100* to Check if you filed federal Form 990-T, 1120-C, or 1120-H Name of Corporation Federal Business Code Address Federal Employer ID Number City, Town or Post Office State Contact Person’s First Name ZIP Code Contact Person’s Last Name Corporations with total assets of $5 million or more as of the last day of the tax year must file Form 1120ME electronically unless the taxpayer has been granted a waiver. Taxpayers unable to meet the electronic filing requirement because of undue hardship may request a waiver from the State Tax Assessor. The request must be in writing and must include the name, address, federal employer ID number of the corporation, a detailed explanation of why filing electronically poses a significant hardship and when the taxpayer will be able to comply with the electronic filing requirement. Mail waiver requests to: Maine Revenue Services, Corporate Tax Unit, P.O. Box 9107 Augusta, ME 04332-9107. For more information on Maine electronic filing requirements (Rule 104) and information on Maine electronic payment requirements (Rule 102), go to www.maine.gov/revenue (select “Laws & Rules”). Check applicable boxes: Initial return (4) Final return If final, indicate the final business date ____________ (a) (5) (2) Ceased doing business in Maine Member of an affiliated group filing a separate return Amended return (b) (6) Dissolved (3) Parent Company Employer ID Number Telephone Number Electronic filing & payment requirements (1) State of Incorporation Check this box if your address has changed. Check this box if you are claiming an exemption from the Maine corporate income tax pursuant to PL 86-272. Check this box if during the tax year any member of the combined group owned or disposed of an interest in a pass-through entity doing business in Maine: If so, provide EIN of pass-through entity (use a separate sheet, if necessary): Combined return (Attach Form CR) and check the appropriate box below: (c) Merged, acquired or reorganized. Successor EIN: Based on a pro forma A. Federal consolidated income (federal Form 1120, line 30) ............................................... A. .00 B. Tentative total tax filed on federal Form 7004.................................................................. B. .00 1. Federal taxable income (federal Form 1120, line 30. If filing a combined report, enter amount from Form CR, line 11). If negative, enter a minus sign to the left of the number ....1. .00 Subtractions from federal taxable income: 2. a. Nontaxable interest .......................................................................................................2a. .00 b. Foreign dividend gross-up ...........................................................................................2b. .00 c. Work Opportunity Credit and Empowerment Zone Credit deductions (attach federal Form 5884 and/or Form 8844, as appropriate) .......................................2c. .00 d. Income not taxable under The Constitution of Maine or the United States ..............2d. .00 e. Dividends from certain affiliated corporations (limitations - see instructions) .........................................................................................2e. .00 f. Net operating loss recapture (see instructions) ............................................................2f. .00 g. Income from ownership interest in pass-through entity financial institutions (subject to Maine franchise tax) ......................................................................................2g. .00 h. State income tax refunds (included in line 1 above) ....................................................2h. .00 Continue on page 2 Form 1120ME - Page 2 2020 Maine Corporate Income Tax Return Federal EIN 99 *2000101* Subtractions, continued: i. Bonus depreciation/Section 179 expense recapture (see instructions) ......................2i. .00 j. Medical marijuana business expenses (see instructions) ............................................2j. .00 k. 50% of apportionable subpart F income (see instructions) .........................................2k. .00 l. 80% of apportionable deferred foreign income (see instructions) ...............................2l. .00 m. 50% of Global Intangible Low-Taxed Income (GILTI) (see instructions) ................... 2m. .00 n. Northern Maine Transmission Corporation adjustment (see instructions) ............... 2n. .00 o. Gain on sale of multifamily affordable housing (see instructions)............................. 2o. .00 p. Seed capital investment tax credit (see instructions) .................................................. 2p. .00 q. Gains from sale of timberlands (see instructions) ....................................................... 2q. .00 r. New markets capital investment credit (see instructions) ........................................... 2r. .00 s. Charitable contributions recapture (see instructions) ..................................................2s. .00 t. Reserved. ........................................................................................................................ 2t. .00 u. Total subtractions (add lines 2a through 2t) ................................................................. 2u. .00 Additions to federal taxable income: 3. a. Income taxes (imposed by Maine or any other state, attach schedule) ........................ 3a. .00 b. Deferred foreign income (see instructions) .................................................................. 3b. .00 c. Participation exemption deduction add-back (see instructions) .................................3c. .00 d. Foreign-derived intangible income (FDII) deduction add-back (see instructions) .... 3d. .00 e. Global Intangible Low-Taxed Income (GILTI) deduction add-back (see instructions) . 3e. .00 f. Interest from state and municipal bonds (other than Maine). ..................................... 3f. .00 g. Net operating loss adjustment (see instructions) ........................................................ 3g. .00 h. Maine capital investment credit bonus depreciation add-back (see instructions) ... 3h. .00 i. Bonus depreciation add-back (see instructions) ...........................................................3i. .00 j. Losses, expenses, or deductions from ownership interest in financial institutions (see instructions) ......................................................................3j. .00 k. Wellness programs credit add-back (see instructions) ................................................3k. .00 l. Business interest deduction add-back (see instructions) .............................................3l. .00 m. Reserved. ..................................................................................................................... 3m. .00 n. Total additions (add lines 3a through 3m) ..................................................................... 3n. .00 Continue on page 3 Form 1120ME - Page 3 2020 Maine Corporate Income Tax Return 99 *2000102* Federal EIN Adjusted federal taxable income (line 1 minus line 2u plus line 3n) .................................. 4. .00 5. Gross tax (from rate schedule on page 7 of instructions) .................................................... 5. .00 6. a. Maine corporate income tax (from line 5 above or Schedule A, line 5) ....................... 6a. .00 b. Credit recapture (see instructions) ................................................................................ 6b. .00 c. Total tax (add lines 6a and 6b) ........................................................................................6c. .00 4. Tax: Payments and credits: 7. a. Maine estimated tax paid ............................................................................................. 7a. .00 b. Extension payment (Form 1120EXT-ME) ..................................................................... 7b. .00 c. Tax credits (Schedule C, line 1u plus line 2c) .................................................................7c. .00 d. Income tax withheld (from a pass-through entity or from gambling winnings. Enclose Form 1099ME, W-2G, or other supporting documentation) .............................. 7d. .00 e. If amended, enter payments (see instructions) ............................................................ 7e. .00 f. If amended, enter overpayments (see instructions) ..................................................... 7f. .00 g. Total payments and credits (add lines 7a through 7e and subtract line 7f; if the result is negative, enter a minus sign to the left of the number)............................. 7g. .00 Tax due or overpayment 8. 9. a. If line 6c is greater than line 7g, subtract line 7g from line 6c and enter the TAX DUE .............................. 8a. .00 b. If line 7g is greater than line 6c subtract line 6c from line 7g and enter the OVERPAYMENT .................. 8b. .00 Penalty for underpayment of estimated tax (attach Form 2220ME) Check here if Form 2220ME box 5a is checked..................................... Use EZ Pay at maine.gov/revenue .................. 9. .00 10. TOTAL DUE If you completed line 8a, OR line 8b is less than line 9, enter the total due. Pay in full with return. You may be required to make payments electronically. See instructions or Rule 102. Make check payable to Treasurer, State of Maine. ............ 10. .00 Continue on page 4 Form 1120ME - Page 4 2020 Maine Corporate Income Tax Return 99 *2000103* Federal EIN Overpayment Carryforward/Refund 11. OVERPAYMENT If the amount on line 8b exceeds the amount on line 9, subtract the amount on line 9 from line 8b and complete line 12. ...........................................................11. .00 12. Amount of line 11 to be: .00 12a. CREDITED to next year’s estimated tax .00 12b. REFUNDED REFUND DEPOSITED DIRECTLY TO YOUR CHECKING ACCOUNT ($20,000 or less). SEE INSTRUCTIONS. Check this box if this refund will go to an account outside the United States 12c. Routing Number 12d. Checking Account Number This return MUST BE ACCOMPANIED BY a legible copy of Federal Form 1120, pages 1-6, for the same tax period. Please submit forms in the following order: 1. Pages 1 through 6 of Form 1120ME, as required. 2. Form CR, if required, including affiliation schedule. 3. Other statements for the Maine income tax return. 4. A copy of federal Form 1120, pages 1 through 6. Corporation President’s Name Social Security Number Treasurer’s Name Social Security Number Company’s Website Address Under penalties of perjury, I declare that I have examined this return and accompanying schedules and statements and to the best of my knowledge and belief they are true, correct and complete. Declaration of preparer (other than taxpayer) is based on all information of which preparer has any knowledge. Date Date Officer’s Signature Title Signature and Address of Preparer (Individual or Firm) If not enclosing a check, If enclosing a check, make check payable to: MAIL RETURN TO: Treasurer, State of Maine and MAIL WITH RETURN TO: MAINE REVENUE SERVICES MAINE REVENUE SERVICES P.O. BOX 1064 P.O. BOX 1065 AUGUSTA, ME 04332-1064 AUGUSTA, ME 04332-1065 Social Security Number Preparer’s SSN or PTIN Form 1120ME - Page 5 2020 Maine Corporate Income Tax Return 99 Schedule A - Apportionment of Tax *2000104* Federal EIN Do not complete this schedule if 100% of your business activity is attributable to Maine. Schedules C and D may still be required. All others must complete this schedule and enter amounts in columns A and B, even if those amounts are zero. If this schedule is left blank or excluded, your Maine apportionment factor will be set at 100%. Round all dollar amounts to whole numbers. Check if using an alternate apportionment as provided by 36 M.R.S. § 5211(17). 1. Total Sales* (A) (B) Within Maine Everywhere .00 ÷ (C) Apportionment Factor Line 1, Col. (A)/Col. (B) Rounded to 6 Decimals .00 = . 2. Total Payroll .00 .00 3. Total Property .00 .00 4. Gross tax (Form 1120ME, line 5) .............................................................................................. 4. 5. Maine corporate income tax (line 4 x line 1 column c factor. Enter here and on Form 1120ME, line 6a) ................................................................................. 5. .00 What amount of line 3, column A is tangible personal property? ............................................ 6. .00 6. .00 *Note: Total Sales must exclude income claimed as a deduction on Form 1120ME, lines 2e, 2k, 2l, and 2m. Other limitations apply. See Schedule A instructions for additional information. Schedule B - Alternative Minimum Tax Repealed for tax years beginning on or after January 1, 2018 Schedule C - See page 6 Schedule D - Minimum Tax Credit 1. a. Minimum tax credit carryover from 2019 (2019 Form 1120ME, Schedule D, line 1d) .......... 1a. .00 b. Regular income tax liability for 2020 (Form 1120ME, line 6a minus all Schedule C credits except minimum tax credit) ............................................................................................ 1b. .00 c. Minimum tax credit: enter the smaller of line 1a or line 1b here and on Schedule C, line 1j .. 1c. .00 d. Minimum tax credit carryover to 2021 (line 1a minus line 1c) ............................................... 1d. .00 Form 1120ME - Page 6 Federal EIN 2020 Maine Corporate Income Tax Return Schedule C - Tax Credits 99 *2000105* (Attach worksheets. To get worksheets, see www.maine.gov/revenue/tax-return-forms) Non-refundable Credits 1. a. Seed capital investment tax credit ......................................................................................... 1a. .00 b. c. Jobs and investment tax credit carryforward........................................................................ 1b. Employer-assisted day care credit and Quality child care investment credit carryforward................................................................ 1c. .00 d. Employer-provided long-term care benefits credit carryforward ........................................ 1d. .00 e. Pine Tree Development Zone regular tax credit .................................................................... 1e. .00 f. Maine capital investment credit ............................................................................................... 1f. .00 g. h. Research expense tax credit ................................................................................................... 1g. Super credit for substantially increased research and development carryforward ............................................................................... 1h. .00 i. High-technology investment tax credit carryforward ............................................................ 1i. .00 j. Minimum tax credit (from Schedule D, line 1c) ......................................................................... 1j. .00 k. Employer family and medical leave credit ............................................................................. 1k. .00 l. Credit for educational opportunity .......................................................................................... 1l. .00 m. Wellness program credit ........................................................................................................ 1m. .00 n. Certified visual media production credit................................................................................ 1n. .00 o. Biofuel production tax credit carryforward ........................................................................... 1o. .00 p. Reserved ................................................................................................................................... 1p. .00 q. Credit for disability income protection plans ........................................................................ 1q. .00 r. Maine Life and Health Insurance Guaranty Association credit (see instructions) ................ 1r. .00 s. Total non-refundable credits (add lines 1a through 1r) ........................................................... 1s. .00 t. Total tax (from Form 1120ME, line 6c) ....................................................................................... 1t. .00 u. Allowable non-refundable credits (Enter amount from line 1s or 1t, whichever is less. Add this line to line 2c and enter result on Form 1120ME, line 7c) ............................................ 1u. .00 .00 .00 Refundable Credits 2. a. Historic rehabilitation credit.................................................................................................... 2a. .00 b. New markets capital investment credit .................................................................................. 2b. .00 c. Total refundable credits: (Add lines 2a and 2b. Add this line to line 1u and enter result on Form 1120ME, line 7c) ................................................................................................ 2c. .00 Form 1120ME - Page 7 2020 Maine Corporate Income Tax Return 99 *2000106* Federal EIN Schedule X - Amended Return Adjustments 1. Reason for change: a. IRS change e. Other (attach explanation) (A) Line Adjusted 2. b. Net operating loss f. Member of an affiliated group filing a separate return (B) As Most Recently Filed or Adjusted c. Federal amended 1120X g. Combined return (attach Form CR) (C) Adjustment d. Accounting change (D) Correct Amount a. b. c. d. e. f. g. h. i. j. k. l. m. n. o. p. q. r. s. t. CLEAR PRINT
Extracted from PDF file 2020-maine-form-1120me.pdf, last modified December 2020

More about the Maine Form 1120ME Corporate Income Tax TY 2020

We last updated the Corporate Income Tax Return Form in February 2021, so this is the latest version of Form 1120ME, fully updated for tax year 2020. You can download or print current or past-year PDFs of Form 1120ME directly from TaxFormFinder. You can print other Maine tax forms here.


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Other Maine Corporate Income Tax Forms:

TaxFormFinder has an additional 61 Maine income tax forms that you may need, plus all federal income tax forms.

Form Code Form Name
Form 1120X-ME Amended income Tax Return
Form 1041ME Fiduciary Income Tax Return for Resident and Nonresident Estates and Trusts
Form 1041ME-EXT Extension Payment Voucher
Form 1041ME-PV Payment Voucher For Electronically Filed Returns
Form 1120B-ES/ME Vouchers for Estimated Tax Payments

Download all ME tax forms View all 62 Maine Income Tax Forms


Form Sources:

Maine usually releases forms for the current tax year between January and April. We last updated Maine Form 1120ME from the Revenue Services in February 2021.

Show Sources >

About the Corporate Income Tax

The IRS and most states require corporations to file an income tax return, with the exact filing requirements depending on the type of company.

Sole proprietorships or disregarded entities like LLCs are filed on Schedule C (or the state equivalent) of the owner's personal income tax return, flow-through entities like S Corporations or Partnerships are generally required to file an informational return equivilent to the IRS Form 1120S or Form 1065, and full corporations must file the equivalent of federal Form 1120 (and, unlike flow-through corporations, are often subject to a corporate tax liability).

Additional forms are available for a wide variety of specific entities and transactions including fiduciaries, nonprofits, and companies involved in other specific types of business.

Historical Past-Year Versions of Maine Form 1120ME

We have a total of ten past-year versions of Form 1120ME in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:


2020 Form 1120ME

20_1120me.indd

2019 Form 1120ME

19_1120me.indd

2018 Form 1120ME

18_1120ME- 12.6.18 downloadable.indd

2017 Form 1120ME

17_1120ME.indd

2016 Form 1120ME

16_1120ME_20160930.indd

Corporate income tax form 2015 Form 1120ME

15_1120ME.indd

Corporate income tax form 2014 Form 1120ME

14_1120ME.indd

Corporate income tax form 2013 Form 1120ME

12_1120ME_rev052112.indd

2012 Form 1120ME

12_1120ME_rev052112.indd

2011 Form 1120ME

11_1120ME_rev041812.indd


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While we do our best to keep our list of Maine Income Tax Forms up to date and complete, we cannot be held liable for errors or omissions. Is the form on this page out-of-date or not working? Please let us know and we will fix it ASAP.

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