Form 1120-PC AR 2024-2025

Form 1120-PC AR: What You Should Know

Expenses paid reportable on Schedule E. 3. Insurance earned (in-force coverage) reportable on Schedule E. 4. Insurance premiums not yet earned (in-force coverage) reportable on Schedule D. 5. Other expenses reportable on Schedule F. 6. Gross premiums for the tax year reportable on Schedule A. 7. Miscellaneous fees and income return expenses reportable on Schedule G. 8. Reinsurance premiums (reinsurance for property loss) reportable on Schedule G. Tax 2.30(b)(viii)1.1. 1. Determining total amounts of net reinsurance premiums. Deduct from gross income to arrive at net reinsurance premiums. Use the actual net reinsurance payments. 2. Determining net reinsurance premiums for a reinsurance contract. For each contract, calculate net reinsurance payments. Enter the sum of the net amounts of reinsurance premiums and other payments under the contract under subsection (e) of this section. Do not report amounts under subsection (e) of this section until this amount is in income. If this amount is negative, include a negative amount in gross income and deduct from income to arrive at net reinsurance premiums. Subtract the amount in the negative to arrive at the net reinsurance premiums under the contract under subsection (e) of this section. 3. Reportable reinsurance income. Record the amount of gross reinsurance premiums under the contract under subsection (e) of this section and deduct from gross income for Form 1040 and other records to arrive at net reinsurance premiums. 4. Amount in box (e) of Form 1040. If the amount in box (e) of Form 1040 is less than 5,000, report the amount as a negative amount in gross income and take a deduction from income to arrive at net reinsurance premiums. 5. Amount in box (f) of Form 1040. If the amount in box (f) of Form 1040 is less than 5,000, add the amount to the amount on line 27 of the Form 1040. Report the amount to the extent that any reinsurance payment was made at the federal rate or under a state tax law with equal deduction for contributions to a reinsurance reserve account. Subtract the amount on line 27 of the Form 1040 to arrive at gross reinsurance premiums.

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