Enlarge image | Use your mouse or Tab key to move through the fields. Use your mouse or space bar to enable check boxes. Illinois Department of Revenue *63512221W* 2022 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 2022, enter your fiscal tax year here. Enter the amount you are paying. Tax year beginning 20 , ending 20 month day year month day year This form is for tax years ending on or after December 31, 2022, and before December 31, 2023. For all other situations, see instructions to determine the correct form to use. $ _______________________ Step 1: Identify your corporation N Enter your federal employer identification number (FEIN). A Enter your complete legal business name. If you have a name change, check this box. Name: O If you are a member of a group filing a federal consolidated return, enter the FEIN of the parent. B Enter your mailing address. Check this box if either of the following apply: • this is your first return, or PEnter your North American Industry Classification • you have an address change. System (NAICS) Code. See instructions. C/O: __________________________________________________ Mailing address: ___________________________________________ Q Enter your corporate file (charter) number assigned to you by the Secretary of State. City: State: ZIP: C If this is the first or final return, check the applicable box(es). R Enter the city, state, and zip code where your First return accounting records are kept. (Use the two-letter Final return (Enter the date of termination. ) postal abbreviation, e.g., IL, GA, etc.) mm dd yyyy D If this is a final return because you sold this business, enter the date sold (mm dd yyyy) , and the new owner’s FEIN. City State ZIP SIf you are making the business income election to treat all nonbusiness income as business E Check the box and see the instructions if your business is a: income, check this box and enter zero on Unitary Filer (Combined return) Foreign insurer Lines 24 and 32. F If you completed the following, check the box and attach the federal T Check your method of accounting. form(s) to this return. Cash Accrual Other Federal Form 8886 Federal Schedule M-3, Part II, Line 12 U If you are making a discharge of indebtedness adjustment on Schedules NLD or UB/NLD, or G Apportionment Formulas . Mark the appropriate box or boxes and see Form IL-1120, Line 36, check this box and Apportionment Formula instructions. Sales companies attach federal Form 982. Insurance companies Financial organizations V Check this box if you attached Transportation companies Federally regulated exchanges Schedule INL. H Check this box if you attached Illinois Schedule UB. W If you annualized your income on Form IL-2220, I Check this box if you attached the Subgroup Schedule. check this box and attach Form IL-2220. J Check this box if you attached Illinois Schedule 1299-D. X Check this box if your business activity is protected under Public Law 86-272. K Check this box if you attached Form IL-4562. Y Check this box if you are a 52/53 week filer. L Check this box if you attached Illinois Schedule M (for businesses). M Check this box if you attached Schedule 80/20. 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: Attach your payment and ILLINOIS DEPARTMENT OF REVENUE ILLINOIS DEPARTMENT OF REVENUE Form IL-1120-V here 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 ____ IL-1120 (R-12/22) information is REQUIRED. Failure to provide information could result in a penalty. Page 1 of 4 |
Enlarge image | *63512222W* Step 2: Figure your income or loss (Whole dollars only) 1 Federal 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. 2 00 3 State, municipal, and other interest income excluded from Line 1. 3 00 4 Illinois income and replacement tax and surcharge deducted in arriving at Line 1. 4 00 5 Illinois Special Depreciation addition. Attach Form IL-4562. 5 00 6 Related-Party Expenses additions. Attach Schedule 80/20. 6 00 7 Distributive share of additions. Attach Schedule(s) K-1-P or K-1-T. 7 00 8 Other additions. Attach Schedule M (for businesses). 8 00 9 Add Lines 1 through 8. This amount is your income or loss. 9 00 Step 3: Figure your base income or loss 10 Interest income from U.S. Treasury and other exempt federal obligations. 10 00 11 River Edge Redevelopment Zone Dividend subtraction. Attach Schedule 1299-B. 11 00 12 River Edge Redevelopment Zone Interest subtraction. Attach Schedule 1299-B. 12 00 13 High Impact Business Dividend subtraction. Attach Schedule 13 00 1299-B. 14 High Impact Business Interest subtraction. Attach Schedule 1299-B. 14 00 15 Contribution subtraction. Attach Schedule 1299-B. 15 00 16 Contributions to certain job training projects. See instructions. 16 00 17 Foreign Dividend subtraction. Attach Schedule J. See instructions. 17 00 18 Illinois Special Depreciation subtraction. Attach Form IL-4562. 18 00 19 Related-Party Expenses subtraction. Attach Schedule 80/20. 19 00 20 Distributive share of subtractions. Attach Schedule(s) K-1-P or K-1-T. 20 00 21 Other subtractions. Attach Schedule M (for businesses). 21 00 22 Total subtractions. Add Lines 10 through 21. 22 00 23 Base income or loss. Subtract Line 22 from Line 9. 23 00 A If 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. 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 00 25 Business 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 00 26 Add Lines 24 and 25. 26 00 27 Business income or loss. Subtract Line 26 from Line 23. 27 00 28 Total sales everywhere. This amount cannot be negative. 28 29 Total sales inside Illinois. This amount cannot be negative. 29 30 Apportionment Factor. Divide Line 29 by Line 28. Round to six decimal places. 30 31 Business income or loss apportionable to Illinois. Multiply Line 27 by Line 30. 31 00 32 Nonbusiness income or loss allocable to Illinois. Attach Schedule 32 00 NB. 33 Business income or loss apportionable to Illinois from non-unitary partnerships, partnerships included on a Schedule UB, S corporations, trusts, or estates. See instructions. 33 00 34 Base income or loss allocable to Illinois. Add Lines 31 through 33. 34 00 Page 2 of 4 Printed by the authority of the state of Illinois. Electronic only, one copy. IL-1120 (R-12/22) |
Enlarge image | *63512223W* Step 5: Figure your net income 35 Base income or net loss from Step 3, Line 23, or Step 4, Line 34. 35 00 36 Discharge of indebtedness adjustment. Attach federal Form 982. See instructions. 36 00 37 Adjusted base income or net loss. Add Lines 35 and 36. See instructions. 37 00 38 Illinois net loss deduction. If Line 37 is zero or a negative amount, enter zero. Attach Schedule NLD or UB/NLD. Check this box and attach a detailed statement if you have merged losses. 38 00 39 Net income. Subtract Line 38 from Line 37. 39 00 Step 6: Figure your replacement tax after credits 40 Replacement tax. Multiply Line 39 by 2.5% (.025). 40 00 41 Recapture of investment credits. Attach Schedule 4255. 41 00 42 Replacement tax before credits. Add Lines 40 and 41. 42 00 43 Investment credits. Attach Form IL-477. 43 00 44 Replacement tax after credits. Subtract Line 43 from Line 42. If the amount is negative, enter zero. 44 00 Step 7: Figure your income tax after credits 45 Income tax. Multiply Line 39 by 7.0% (.07). 45 00 46 Recapture of investment credits. Attach Schedule 4255. 46 00 47 Income tax before credits. Add Lines 45 and 46. 47 00 48 Income tax credits. Attach Schedule 1299-D. 48 00 49 Income tax after credits. Subtract Line 48 from Line 47. If the amount is negative, enter zero. 49 00 Step 8: Figure your refund or balance due 50 Replacement tax before reductions. Enter the amount from Line 44. 50 00 51 Foreign Insurer replacement tax reduction. Attach Schedule INS or UB/INS. See instructions. 51 00 52 Subtract Line 51 from Line 50. This is your net replacement tax. 52 00 53 Income tax before reductions. Enter the amount from Line 49. 53 00 54 Foreign Insurer income tax reduction. Attach Schedule INS or UB/INS. See instructions. 54 00 55 Subtract Line 54 from Line 53. This is your net income tax. 55 00 56 Compassionate Use of Medical Cannabis Program Act surcharge. See instructions. 56 00 57 Sale of assets by gaming licensee surcharge. See instructions. 57 00 58 Total net income and replacement taxes and surcharges. Add Lines 52, 55, 56, and 57. 58 00 59 Underpayment of estimated tax penalty from Form IL-2220. See instructions. 59 00 60 Total taxes, surcharges, and penalty. Add Lines 58 and 59. 60 00 61 Payments. See instructions. a Credits from previous overpayments. 61a 00 b Total payments made before the date this return is filed. 61b 00 c Pass-through withholding reported to you. Attach Schedule(s) K-1-P or K-1-T. 61c 00 d Pass-through entity tax credit reported to you. Attach Schedule(s) K-1-P or K-1-T. 61d 00 e Illinois income tax withholding. Attach Form(s) W-2G. 61e 00 62 Total payments. Add Lines 61a through 61e. 62 00 63 Overpayment. If Line 62 is greater than Line 60, subtract Line 60 from Line 62. 63 00 64 Amount to be credited forward. See instructions. Check this box and attach a detailed statement if this carryforward is going to a different FEIN. 64 00 65 Refund. Subtract. 65 00 Line 64 from Line 63 This is the amount to be refunded. 66 Complete to direct deposit your refund. Routing Number Checking or Savings Account Number 67 Tax due. If Line 60 is greater than Line 62, subtract Line 62 from Line 60. This is the amount you owe. 67 00 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. Check if Paid 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 ( ) IL-1120 (R-12/22) Enter the amount of your payment in the space provided on the top of page 1. Page 3 of 4 Reset Print |
Enlarge image | 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 or Line I 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 Check the box on Form IL-1120, Step 1, Line H or Line I 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 River Edge Redevelopment Zone Interest subtraction High Impact Business Dividend subtraction High Impact Business Interest subtraction Contribution 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 Schedule(s) K-1-P or K-1-T Business income or loss from non-unitary partnerships, partnerships included on a Schedule UB, Failure to attach the required S corporations, trusts, or estates documents may result in the Business income or loss apportionable to Illinois from disallowance of the non-unitary partnerships, partnerships included on a corresponding line item. Schedule UB, S corporations, trusts, or estates Line 36 Discharge of indebtedness adjustment Federal Form 982 Check the box on Form IL-1120, Step 1, Line U Line 38 Illinois net loss deduction Schedule NLD or UB/NLD (for unitary filers) Lines 41 and 46 Recapture of investment credits 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 Form IL-2220 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 All Schedules K-1-P and K-1-T you received showing reported to you pass-through entity tax credit Line 61e Illinois income tax withholding Copies of all Forms W-2G Page 4 of 4 IL-1120 (R-12/22) |