The Illinois 1120 form is the Corporation Income and Replacement Tax Return required for corporations operating in Illinois. This form is essential for reporting income and calculating taxes owed for the specified tax year. Ensure you complete the form accurately to meet your tax obligations by clicking the button below.
The Illinois 1120 form, officially known as the Corporation Income and Replacement Tax Return, serves as a crucial document for corporations operating in the state. This form is specifically designed for tax years ending on or after December 31, 2020, and it encompasses a variety of essential components that businesses must navigate. Corporations must provide their legal business name, mailing address, and details regarding their tax year. The form also requires the identification of whether it is the corporation's first or final return, alongside any necessary attachments such as federal forms and schedules. Understanding how to accurately report income, deductions, and credits is vital, as the form guides users through calculating their base income or loss, determining the appropriate apportionment for Illinois, and ultimately figuring out their net income and taxes owed. Additionally, corporations need to be aware of specific requirements for various types of businesses, including unitary filers and foreign insurers. Completing the Illinois 1120 form accurately is not just a matter of compliance; it plays a significant role in ensuring that businesses meet their tax obligations while taking advantage of available deductions and credits.
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Workers Comp Illinois - Employers must provide the employee’s average weekly wage on the form.
Illinois Apc 430 - The owner’s name and contact information, including address and phone number, must be provided on the form.
This form is specifically designed for corporations, but it may also apply to certain partnerships and S corporations under specific circumstances.
Not every business entity is required to file this form. Only those meeting certain criteria, such as being a corporation or a specific type of partnership, must file.
The filing due date can vary based on whether the business operates on a calendar year or a fiscal year. Always check the instructions for your specific due date.
Many lines on the Illinois 1120 require information from your federal tax return. Failing to attach the necessary federal forms may lead to delays or penalties.
Nonbusiness income must be reported, especially if you are making the business income election. This can affect your overall tax liability.
Delaying payment can result in penalties and interest. It is crucial to pay any owed taxes by the due date to avoid additional charges.
There are specific instructions for electronic filing and mailing. Ensure you follow these guidelines to avoid issues with your submission.
Each tax year has its own version of the form. Ensure you are using the correct form for the tax year you are filing.
While some may find it manageable, the complexity of tax laws can make it beneficial to seek professional assistance to ensure accuracy and compliance.
Illinois Department of Revenue
*63512211W*
2021 Form IL-1120
Corporation Income and Replacement Tax Return
See “When should I file?” in the Form IL-1120 instructions for a list of due dates.
If this return is not for calendar year 2021, enter your fiscal tax year here.
Tax year beginning
20
, ending
month day
year
This form is for tax years ending on or after December 31, 2021, and before December 31, 2022. For all other situations, see instructions to determine the correct form to use.
Enter the amount you are paying.
$ _______________________
Step 1: Identify your corporation
AEnter your complete legal business name. If you have a name change, check this box.
Name:
BEnter your mailing address.
Check this box if either of the following apply:
•this is your first return, or
•you have an address change.
C/O:
__________________________________________________
Mailing address:
___________________________________________
City:
State:
ZIP:
CIf this is the first or final return, check the applicable box(es).
First return
Final return (Enter the date of termination.
)
mm dd
yyyy
DIf this is a final return because you sold this business, enter the date sold
(mm dd yyyy)
, and the new owner’s FEIN.
ECheck the box and see the instructions if your business is a:
Unitary Filer (Combined return)
Foreign insurer
FIf you completed the following, check the box and attach the federal
form(s) to this return.
Federal Form 8886 Federal Schedule M-3, Part II, Line 12
GApportionment Formulas. Mark the appropriate box or boxes and see
Apportionment Formula instructions.
Sales companies
Insurance companies
Financial organizations
Transportation companies
Federally regulated exchanges
H Check this box if you attached Illinois Schedule UB.
I Check this box if you attached the Subgroup Schedule.
J Check this box if you attached Illinois Schedule 1299-D.
K Check this box if you attached Form IL-4562.
L Check this box if you attached Illinois Schedule M (for businesses). M Check this box if you attached Schedule 80/20.
NEnter your federal employer identification number (FEIN).
OIf you are a member of a group filing a federal consolidated return, enter the FEIN of the parent.
PEnter your North American Industry Classification System (NAICS) Code. See instructions.
QEnter your corporate file (charter) number assigned to you by the Secretary of State.
REnter the city, state, and zip code where your accounting records are kept. (Use the two-letter postal abbreviation, E.G., IL, GA, etc.)
City
State
ZIP
SIf you are making the business income election to treat all nonbusiness income as business income, check this box and enter zero on Lines 24 and 32.
TCheck your method of accounting.
Cash Accrual Other
UIf you are making a discharge of indebtedness adjustment on Form IL-1120, Line 36, check this
box and attach federal Form 982 and a detailed statement.
VCheck this box if you attached Schedule INL.
WIf you annualized your income on Form IL-2220,
check this box and attach Form IL-2220.
XCheck this box if your business activity is protected under Public Law 86-272.
Y Check this box if you are a 52/53 week filer.
Attach your payment and Form IL-1120-V here.
If you owe tax on Line 67, make an electronic payment at Tax.Illinois.gov. If you must mail your payment, complete a payment voucher, Form IL-1120-V. Write your FEIN, tax year ending, and “IL-1120-V” on your check or money order and make it payable to “Illinois Department of Revenue.” Attach your voucher and payment here.
Enter the amount of your payment on the top of this page in the space provided.
If a payment is not enclosed, mail this return to:
If a payment is enclosed, mail this return to:
ILLINOIS DEPARTMENT OF REVENUE
PO BOX 19048
PO BOX 19038
SPRINGFIELD IL 62794-9048
SPRINGFIELD IL 62794-9038
This form is authorized as outlined by the Illinois Income Tax Act. Disclosure of this
IR
NS
DR ____
Page 1 of 4
information is REQUIRED. Failure to provide information could result in a penalty.
IL-1120 (R-12/21)
*63512212W*
Step 2: Figure your income or loss
(Whole dollars only)
1Federal taxable income from U.S. Form 1120, Line 30.
Attach a copy of your federal return.
1
00
2
Net operating loss deduction from U.S. Form 1120, Line 29a. This amount cannot be negative.
3
State, municipal, and other interest income excluded from Line 1.
4
Illinois income and replacement tax and surcharge deducted in arriving at Line 1.
5
Illinois Special Depreciation addition. Attach Form IL-4562.
6
Related-Party Expenses additions. Attach Schedule 80/20.
7
Distributive share of additions. Attach Schedule(s) K-1-P or K-1-T.
8
Other additions. Attach Schedule M (for businesses).
9
Add Lines 1 through 8. This amount is your income or loss.
Step 3: Figure your base income or loss
10
Interest income from U.S. Treasury and other exempt federal obligations.
11River Edge Redevelopment Zone Dividend subtraction.
Attach Schedule 1299-B.
11
12River Edge Redevelopment Zone Interest subtraction.
12
13
High Impact Business Dividend subtraction. Attach Schedule 1299-B.
14
High Impact Business Interest subtraction. Attach Schedule 1299-B.
15
Contribution subtraction. Attach Schedule 1299-B.
16
Contributions to certain job training projects. See instructions.
17
Foreign Dividend subtraction. Attach Schedule J. See instructions.
18
Illinois Special Depreciation subtraction. Attach Form IL-4562.
19
Related-Party Expenses subtraction. Attach Schedule 80/20.
Distributive share of subtractions. Attach Schedule(s) K-1-P or K-1-T.
21
Other subtractions. Attach Schedule M (for businesses).
22
Total subtractions. Add Lines 10 through 21.
23
Base income or loss. Subtract Line 22 from Line 9.
AIf the amount on Line 23 is derived inside Illinois only, check this box and enter the amount from Step 3, Line 23 on Step 5, Line 35. You may not complete Step 4. (You must leave Step 4, Lines 24 through 34 blank.)
If you are a unitary filer, do not check this box. Check the box on Line B and complete Step 4.
B If any portion of the amount on Line 23 is derived outside Illinois, or you are a unitary filer, check this box and complete all lines of Step 4. (Do not leave Lines 28 through 30 blank.) See instructions.
Step 4: Figure your income allocable to Illinois
(Complete only if you checked the box on Line B, above.)
24 Nonbusiness income or loss. Attach Schedule NB.
24
25Business income or loss included in Line 23 from non-unitary partnerships, partnerships included on a Schedule UB, S corporations, trusts,
or estates. See instructions.
25
26
Add Lines 24 and 25.
27
Business income or loss. Subtract Line 26 from Line 23.
28
Total sales everywhere. This amount cannot be negative.
29
Total sales inside Illinois. This amount cannot be negative.
30
Apportionment Factor. Divide Line 29 by Line 28. Round to six decimal places.
31
Business income or loss apportionable to Illinois. Multiply Line 27 by Line 30.
32
Nonbusiness income or loss allocable to Illinois. Attach Schedule NB.
33Business income or loss apportionable to Illinois from non-unitary partnerships, partnerships
included on a Schedule UB, S corporations, trusts, or estates. See instructions.
33
34 Base income or loss allocable to Illinois. Add Lines 31 through 33.
34
Page 2 of 4
Printed by the authority of the state of Illinois. Web only, one copy.
Step 5: Figure your net income
*63512213W*
35Base income or net loss from Step 3, Line 23, or Step 4, Line 34.
36Discharge of indebtedness adjustment. Attach federal Form 982. See instructions.
37Adjusted base income or net loss. Add Lines 35 and 36. See instructions.
38Illinois net loss deduction. If Line 37 is zero or a negative amount, enter zero. Check this box and attach a detailed statement if you have merged losses.
39Net income. Subtract Line 38 from Line 37.
3500
3600
3700
3800
3900
Step 6: Figure your replacement tax after credits
40
Replacement tax. Multiply Line 39 by 2.5% (.025).
41
Recapture of investment credits. Attach Schedule 4255.
42
Replacement tax before credits. Add Lines 40 and 41.
43
Investment credits. Attach Form IL-477.
44
Replacement tax after credits. Subtract Line 43 from Line 42. If the amount is negative, enter zero.
Step 7: Figure your income tax after credits
45
Income tax. Multiply Line 39 by 7.0% (.07).
46
47
Income tax before credits. Add Lines
45 and 46.
48
Income tax credits. Attach Schedule
1299-D.
49
Income tax after credits. Subtract Line 48 from Line 47. If the amount is negative, enter zero.
Step 8: Figure your refund or balance due
50Replacement tax before reductions. Enter the amount from Line 44.
51Foreign Insurer replacement tax reduction. Attach Schedule INS or UB/INS. See instructions.
52Subtract Line 51 from Line 50. This is your net replacement tax.
53Income tax before reductions. Enter the amount from Line 49.
54Foreign Insurer income tax reduction. Attach Schedule INS or UB/INS. See instructions.
55Subtract Line 54 from Line 53. This is your net income tax.
56Compassionate Use of Medical Cannabis Program Act surcharge. See instructions.
57Sale of assets by gaming licensee surcharge. See instructions.
58Total net income and replacement taxes and surcharges. Add Lines 52, 55, 56, and 57.
59Underpayment of estimated tax penalty from Form IL-2220. See instructions.
60Total taxes, surcharges, and penalty. Add Lines 58 and 59.
61Payments. See instructions.
a
Credits from previous overpayments.
61a
b
Total payments made before the date this return is filed.
61b
cPass-through withholding reported to you.
Attach Schedule(s) K-1-P or K-1-T.
61c
d
Pass-through entity tax credit reported to you.
61d
e
Illinois income tax withholding. Attach Form(s) W-2G.
61e
62Total payments. Add Lines 61a through 61e.
63Overpayment. If Line 62 is greater than Line 60, subtract Line 60 from Line 62.
64Amount to be credited forward. See instructions.
Check this box and attach a detailed statement if this carryforward is going to a different FEIN.
65Refund. Subtract Line 64 from Line 63. This is the amount to be refunded.
66Complete to direct deposit your refund.
Routing Number
Checking or
Savings
Account Number
5000
5100
5200
5300
5400
5500
5600
5700
5800
5900
6000
6200
63 00
64 00
6500
67 Tax due. If Line 60 is greater than Line 62, subtract Line 62 from Line 60. This is the amount you owe.
67
Step 9: Sign below - Under penalties of perjury, I state that I have examined this return and, to the best of my knowledge, it is true, correct and complete.
Sign
(
Check if the Department
Here
may discuss this return with the
Signature of authorized officer
Date (mm/dd/yyyy) Title
Phone
paid preparer shown in this step.
Paid
Check if
Print/Type paid preparer’s name
Paid preparer’s signature
Date (mm/dd/yyyy)
self-employed
Paid Preparer’s PTIN
Preparer
Firm’s name
Firm’s FEIN
Use Only
Firm’s address
Firm’s phone
Page 3 of 4
Enter the amount of your payment in the space provided on the top of page 1.
Attach supporting documents to your Form IL-1120.
*ZZZZZZZZZ*
If you completed:
Attach:
Form IL-1120
U.S. 1120, Pages 1 through 6, or equivalent
Step 1, Line E (unitary) only
Schedule UB/Subgroup Schedule
Check the box on Form IL-1120, Step 1, Line H
Step 1, Line E (foreign insurer) only
Schedule INS
Step 1, Line E (unitary) and (foreign insurer)
Schedule UB/Subgroup Schedule and Schedule UB/INS
Step 1, Line F
Federal Form 8886 or Federal Schedule M-3 (as applicable)
Step 1, Line U
Federal Form 982
Step 1, Line V
Schedule INL
Step 1, Line W
Form IL-2220
Lines 5 and 18
Form IL-4562
Special Depreciation addition
Check the box on Form IL-1120, Step 1, Line K
Special Depreciation subtraction
Lines 6 and 19
Schedule 80/20
Related-Party Expenses addition
Check the box on Form IL-1120, Step 1, Line M
Related-Party Expenses subtraction
Lines 7 and 20
Schedule(s) K-1-P or K-1-T
Distributive share of additions
Distributive share of subtractions
Lines 8 and 21
Schedule M and any required support listed on Schedule M
Other additions
Check the box on Form IL-1120, Step 1, Line L
Other subtractions
Lines 11 through 15
Schedule 1299-B and any required support listed on Schedule
River Edge Redevelopment Zone
1299-B
Dividend subtraction
Interest subtraction
High Impact Business Dividend subtraction
High Impact Business Interest subtractions
Contributions subtraction
Line 17
Foreign Dividend Subtraction
Illinois Schedule J, and U.S. 1120, Schedule C or equivalent
Lines 24 and 32
Schedule NB
Nonbusiness income or loss
Nonbusiness income or loss allocable to Illinois
Lines 25 and 33
Business income or loss from non-unitary
partnerships, partnerships included on a Schedule UB,
S corporations, trusts, or estates
Business income or loss apportionable to Illinois from
non-unitary partnerships, partnerships included on a
Schedule UB, S corporations, trusts, or estates
Line 36 Discharge of indebtedness adjustment
Check the box on Form IL-1120, Step 1, Line U
Lines 41 and 46 Recapture of investment credit
Schedule 4255
Line 43
Investment credits
Form IL-477 and any required support listed on Form IL-477
Line 48
Income tax credits
Schedule 1299-D and any required support listed in the Schedule
1299-D instructions or Schedule 1299-I
Check the box on Form IL-1120, Step 1, Line J
Lines 51 and 54 Foreign Insurer tax reduction
Schedule INS or Schedule UB/INS (for unitary filers)
Check the box on Form IL-1120, Step 1, Line E
Line 59
Underpayment of estimated tax penalty
If you annualized your income on Form IL-2220, Step 6,
check the box on Form IL-1120, Step 1, Line W
Line 61c
Pass-through withholding reported
All Schedules K-1-P and K-1-T you received showing
to you
pass-through withholding
Line 61d Pass-through entity tax credit
reported to you
pass-through entity tax credit
Line 61e Illinois income tax withholding
Copies of all Forms W-2G
**Failure to attach the required documents may result in the disallowance of the corresponding line item.**
Page 4 of 4
When filling out the Illinois 1120 form, it is essential to follow specific guidelines to ensure accuracy and compliance. Here’s a list of things you should and shouldn’t do:
Completing the Illinois 1120 form is essential for corporations operating in Illinois. This form is used to report income, deductions, and tax liability. To ensure accuracy, follow the steps outlined below carefully.
After completing the form, double-check all entries for accuracy. Attach any required documents and payment if necessary. Finally, submit the form to the Illinois Department of Revenue by the due date to avoid penalties.