Draft Tax Forms

Returns:

1065, 1120-ST, 1065-X, 1120-ST-X — A new Step break was added after the “Net replacement tax” line (Line 58 for Forms IL-1065 and IL-1065-X, Line 56 for Forms IL-1120-ST and IL-1120-ST-X) and the Steps that follow were renumbered.

1065 and 1065-X — Line descriptions/instructions were updated and lines were reformatted on the returns due to investment partnership withholding. Changes include:

• Specific instructions were removed from Line 59a.
• Due to special allocations in certain partnership agreements, the calculation statement was removed from Line 61 and taxpayers are now directed to the instructions.

1065, 1120-ST, 1065-X, 1120-ST-X— Line descriptions/instructions were updated and lines were reformatted on the Schedule B due to investment partnership withholding. Changes include:

• The “see instructions” notes were removed from individual lines of Schedule B, Section A, and a single note was added to the Section A opening paragraph.
• The break line in Schedule B, Section A, was moved from below Line 3 to above Line 3.
• The break titles were updated in Schedule B, Section A.
• Investment partnership withholding references were added to Schedule B, Section A, Lines 4 and 5, and to Schedule B, Section B, Lines G, H, and J.
• Schedule B, Section B, Line B, was updated to read as “Entity type”.

1041 and 1041-X — Line descriptions/instructions were updated and lines were reformatted on the Schedule D. Changes include:

• The “see instructions” notes were removed from individual lines of Schedule D, Section A, and a single note was added to the Section A opening paragraph.
• A break line was added below Schedule D, Section A, Line 1.
• The break titles were updated in Schedule D, Section A.

Schedules:

Form IL-477 — A new step was added to the schedule to affirm the credits claimed on the schedule are valid.

Form IL-1000-E — A note regarding investment partnership withholding was added to the “read this information first” section.

Form IL-2220 —

• Step references for the 1120-ST and 1065 were updated on Line 22, Line 52, and Line 55.
• Column notes were added to the bottom of the first three columns on page 5.

Form IL-4562 — The 40% depreciation lines were added.

Schedule 1299-A — The diamond next to step 3, Column H, has been removed.

Schedule 4255 — REV and MICRO Credits were added and the schedule’s lines were numbered accordingly.

Schedule 80/20 — Diamonds were added next to Step 2, Lines 6c and 7.

Schedule M — The verbiage for Line 35 was updated.

Schedule INL — “Amount” was added to “adjustment amount” on Step 4, Line 16.

Schedule K-1-P —

• The Step 7 heading was changed to incorporate investment partnership withholding.
• Multiple new credit lines were added to Step 7, Line 52 for:
  • REV Illinois
  • REV Construction Jobs
  • MICRO Investment
  • MICRO Illinois
  • MICRO Constructions Jobs
  • Quantum Computing Campuses
  • Music and Musicians
• The “Wages Paid to Ex-Felons” credit was renamed as the “Wages Paid to Returning Citizens” credit on Step 7, Line 52i.
• A new line for MICRO Investment Credits was added to Step 7, Line 54.
• Investment partnership withholding was added to Step 7, Line 55.

Schedule K-1-P(4) — coming soon

Schedule UB/NLD — Line 4 and Line 30 were updated to reflect the new $500,000 NLD limitation.

Vouchers:

No change

Individual Income Tax forms for prior years are final and posted on the Individual Income Tax Forms webpages.

Withholding Income Tax:

Sales Tax:

All:

• 2024 draft forms and instructions will be posted as they become available.