PDF document

- 1 -

                                                                          Use for tax year ending on or 
        Illinois Department of Revenue
                                                                          after December 31, 2022 and 
                                                                          before December 31, 2023.
        IL-1120-X Instructions                                                                                                  2022
                                      General Information
Who must file Form IL-1120-X?                                              Acknowledgement that the IRS received your amended 
You should file Form IL-1120-X if you are amending a previously         return is not acceptable proof of federal finalization.
filed, processable Form IL-1120, Corporation Income and                 If your federal change decreases the tax due to Illinois and you 
Replacement Tax Return, or Form IL-1120-X, for a tax year ending        are entitled to a refund or credit carryforward, you must file 
on or after December 31, 1986. Your change can occur from a state       Form IL-1120-X within two years plus 120 days of federal finalization.
or federal change that affects items used to compute your Illinois net  If your federal change increases the tax due to Illinois, you must 
income, net loss, or credits, such as                                   file Form IL-1120-X and pay any additional tax within 120 days of 
• an amendment of your federal income tax return,                       IRS partial agreement or finalization. In order to avoid late payment 
• an adjustment made by the Internal Revenue Service (IRS), or          penalties, you must attach proof of the federal finalization date, 
• any other recomputation or redetermination.                           showing the change was reported to Illinois within 120 days of IRS 
A separate Form IL-1120-X must be filed for each tax year you need      acceptance, or you may be assessed a late-payment penalty.
to amend.                                                                  If you fail to notify us of your change by filing 
                                                                        Form IL-1120-X, we may issue a notice of deficiency at any time. 
What if I need to change my return before the                           Once you file your change, we may issue a notice of deficiency within 
                                                                        two years.
extended due date expires?
If you filed your original Form IL-1120 and a state or federal          What if I am amending my return due to multiple 
correction or change needs to be made before the extended due 
                                                                        federal adjustments?
date expires (see the instructions of your original return), you should 
file Form IL-1120-X. Due to the automatic extension, any return filed   If you are amending your original Form IL-1120 due to multiple 
after the original return and on or before the extended due date will   federal adjustments that were finalized on different dates, then 
be treated as the original return.                                      you must complete separate amended Illinois returns for each 
If you are filing Form IL-1120-X to change the election on your         federal finalization date. For example, if you receive a 2022 return 
original return to treat all income other than compensation as          adjustment from the IRS on July 10, 2023, and in August 2023, 
business income, check the box in Step 1, Line Q, and provide a         you amend your U.S. Form 1120 and receive federal finalization on 
written explanation indicating the change to your election in the       October 22, 2023, then you must submit one Form IL-1120-X for the 
“Explain the changes on this return” area on Form IL-1120-X.            July 10, 2023, adjustments and a separate Form IL-1120-X for the 
                                                                        October 22, 2023, adjustments. Failure to file separate amended 
How long do I have to amend my return?                                  returns for each federal finalization date may result in the denial of 
The amount of time you have to amend your return depends on             the entire claim, a delay in processing, or the assessment of penalty 
whether your Form IL-1120-X is being filed to report a state or federal and interest. 
change.                                                                    Federal finalization notification must be attached to your 
                                                                        amended return before the return will be processed.
       If an amended return claiming a credit or refund is filed 
within six months of the expiration of the statute of limitations, then What if my amended return involves unitary filing?
the statute of limitations will automatically be extended an additional 
six months for issuing an assessment of additional tax due.             If you are amending your original 
                                                                        • unitary Form IL-1120 to report a state or federal change to your 
State change - If your change creates or increases the Illinois net 
                                                                          unitary income, you must file one combined Form IL-1120-X for 
loss for the year, you must file Form IL-1120-X showing the increase 
                                                                          all members and a revised Illinois Schedule UB, Combined 
in order to carry the increased loss amount to another year.
                                                                          Apportionment for Unitary Business Groups along with any 
If your change decreases the tax due to Illinois and you are entitled 
                                                                          necessary Subgroup Schedules.
to a refund or credit carryforward, you must file Form IL-1120-X 
                                                                        • non-unitary Form IL-1120 to be included in an existing 
within
                                                                          unitary group, you must file Form IL-1120-X, reporting a zero 
• three years after the due date of the return (including 
                                                                          tax liability, and the unitary group must file one combined 
  extensions),
                                                                          Form IL-1120-X and attach a revised Illinois Schedule UB that 
• three years after the date your original return was filed, or
                                                                          includes you as a member.
• one year after the date your Illinois tax was paid, whichever is 
  latest.                                                               What if my amended return involves an Illinois 
If your change increases the tax due to Illinois, you should file 
Form IL-1120-X and pay the tax, penalty, and interest promptly.         net loss deduction (NLD)?
                                                                        If you have an Illinois NLD carryforward from any loss year ending on 
Federal change - Do not file this amended return until you 
                                                                        or after December 31, 1986, it is subtracted from and limited to base 
receive a federal finalization notification from the IRS stating that 
                                                                        income allocable to Illinois.
they have accepted your change, either by paying a refund, or by 
                                                                        To determine your “Illinois net loss” start with federal taxable income 
final assessment, agreement, or judgment. In order to process an 
                                                                        and apply all addition and subtraction modifications, and all allocation 
amended return due to a federal change, the Illinois Department of 
                                                                        and apportionment provisions.
Revenue (IDOR) requires federal finalization notification. The federal 
                                                                        If you are carrying an Illinois NLD, refer to the “General Information” 
finalization notification includes one or more of the following:
                                                                        section of Form IL-1120 Instructions and Schedule NLD or UB/NLD 
• a copy of your federal audit report (signed and dated by a 
                                                                        Instructions for how to calculate your Illinois Net Loss Deduction. 
  federal auditor), 
• an IRS account transcript, or 
• a federal refund check.

IL-1120-X Instructions (R-12/22)      Printed by the authority of the State of Illinois - web only - one copy.                         Page 1 of 6

- 2 -

Enlarge image

Who should sign the return? • you filed a U.S. Form 1120X and your tax due to Illinois
increases, you must attach proof of the federal finalization
Your Form IL-1120-X must be signed by the president, vice president,
date, including a signed and dated copy of any federal report
treasurer, or any other officer duly authorized to sign the return. If
of income tax examination changes (e.g., Form 4549A and
you paid someone (other than a regular employee of the taxpayer,
B), if applicable, showing the change was reported to Illinois
such as a clerk, secretary, or bookkeeper) to prepare your return,
within 120 days of IRS acceptance, or you may be assessed a
that individual must provide a signature, date the return, enter the
late-payment penalty.
preparer tax identification number (PTIN) issued to them by the
• of a change by the IRS, you must include all copies of the
Internal Revenue Service, and provide their firm’s name, federal
federal examining officer’s reports, including preliminary,
employer identification number (FEIN), address, and phone number.
revised, corrected, and superseding reports, and a signed and
Can a reasonable facsimile be used? dated copy of any federal report of income tax examination
changes (e.g., Form 4549A and B), if applicable.
In general, you must obtain and use forms prescribed by the Illinois
• you copied information incorrectly from your U.S. Form 1120
Department of Revenue (IDOR). Separate statements not on forms
onto your Form IL-1120, you must include a copy of your
provided or approved by IDOR will not be accepted and you will
be asked for appropriate documentation. Failure to comply with U.S. Form 1120.
this requirement may result in failure to file penalties, a delay • of a change in, or audit of, another state’s tax return, you
in the processing of your return, or a delay in the generation must include a copy of the other state’s corrected return or the
of any overpayment. Additionally, failure to submit appropriate examining officer’s reports.
documentation when requested may result in a referral to our Audit • of changes reported on a revised Schedule K-1-P or K-1-T (or
Bureau for compliance action. any equivalent document) you received, you must include a
Corporations must complete Form IL-1120-X. Do not send a copy of the revised Schedule(s) K-1-P or K-1-T (or equivalent
computer printout with line numbers and dollar amounts attached document).
to a blank copy of the return. Computer generated printouts are • of changes, other than those described above, see
not acceptable, even if they are in the same format as IDOR forms. Form IL-1120 Instructions and any schedules for the year you
Computer generated forms from an IDOR-approved software are changing to determine what attachments you must provide.
developer are acceptable.
Should I round?
What are the penalties and interest? You must round the dollar amounts on Form IL-1120-X to
Penalties — You will owe whole-dollar amounts. To do this, you should drop any amount less
• a late-filing penalty if you do not file a processable return by than 50 cents and increase any amount of 50 cents or more to the
the extended due date; next higher dollar.
• a late-payment penalty if you do not pay the tax you owe by
the original due date of the return; Where should I file?
• a late-payment penalty for underpayment of estimated tax if Mail your Form IL-1120-X to:
you were required to make estimated tax payments and failed to ILLINOIS DEPARTMENT OF REVENUE
do so, or failed to pay the required amount by the payment due PO BOX 19016
date; SPRINGFIELD IL 62794-9016
• a bad check penalty if your remittance is not honored by your
financial institution; What if I need additional assistance or forms?
• a cost of collection fee if you do not pay the amount you owe • Visit our website at tax.illinois.gov for assistance, forms or
within 30 days of the date printed on your bill. schedules.
Interest — The interest rate is the federal underpayment rate, which • Write us at:
is set by the IRS under Internal Revenue Code (IRC) Section 6621. ILLINOIS DEPARTMENT OF REVENUE
For more information about penalties and interest, see PO BOX 19001
Publication 103, Penalties and Interest for Illinois Taxes, available at SPRINGFIELD IL 62794-9001
tax.illinois.gov. • Call 1 800 732-8866 or 217 782-3336 (TDD,
telecommunications device for the deaf, at 1 800 544-5304).
What must I attach to my Form IL-1120-X?
• Visit a taxpayer assistance office - 8:00 a.m. to 5:00 p.m.
This form must contain a complete explanation of the reasons for (Springfield office) and 8:30 a.m. to 5:00 p.m. (all other offices),
filing the claim or amendment. You must attach proof of the federal Monday through Friday.
finalization date and any schedules, forms, breakdowns, statements,
or other documentation required to support your claim. If Form
IL-1120-X is submitted without the proper attachments, it may be
partially or totally denied.
Examples of federal finalization include a copy of one or more of the
following items:
• your federal refund check
• your audit report from the IRS
• your federal transcript verifying your federal taxable income
If you are filing Form IL-1120-X because
• you filed a U.S. Form 1120X or U.S. Form 1139 and your tax
due to Illinois decreases, you must attach proof of the federal
finalization date, include a copy of that federal return, plus
any other related forms, schedules, or attachments, including
a signed and dated copy of any federal report of income tax
examination changes (e.g., Form 4549A and B), if applicable.
Page 2 of 6 IL-1120-X Instructions (R-12/22)

- 3 -

Enlarge image

Specific Instructions
For instructions regarding completion of Steps 1 through 7, refer L — Check this box if you are a 52/53 week filer. A 52/53 week
to the Form IL-1120 Instructions and schedules for the year being filer is a fiscal filer with a tax year that varies from 52 to 53 weeks
amended. because their tax year ends on the same day of the week instead of
Specific instructions for most of the lines are provided on the the last day of the month.
following pages. If a specific line is not referenced, follow the M — Enter your entire federal employer identification number (FEIN).
instructions on the form. If you are a unitary company, enter the FEIN of the designated agent.
Enter the tax year you are amending in the space provided at the top N — Enter your North American Industry Classification System
of Form IL-1120-X. (NAICS) Code. If you are unsure of your code, you can research the
information at www.census.gov/naics or www.irs.gov.
Step 1: Identify your corporation O— Enter your Illinois corporate file (charter) number assigned to
A — Type or print your legal business name. If you have a name you by the Illinois Secretary of State. If you are filing a unitary return,
change from your original return, check the corresponding box. enter the corporate file (charter) number of the designated agent.
B — Type or print your mailing address. If your address has changed P — Check the appropriate box for the reason you are filing
since you filed your last return, check the box. this return. If you are amending due to a federal change, you
C — If you are filing an Illinois combined unitary return, check this must check the appropriate box for partial agreed or finalized and
box and attach a complete and corrected Illinois Schedule UB. If you include the date of IRS finalization, which might not be the date the
are a foreign insurer, check the box and, if you are entitled to a tax federal amended return was filed. Attach a dated copy of any federal
reduction, attach a completed Illinois Schedule INS, Tax for Foreign examining officer’s report. If you do not provide this date or the
Insurers. Combined unitary return filers with one or more foreign required attachments, you may be assessed penalties and interest.
insurer members, check both boxes and follow the instructions for Q — If you are filing Form IL-1120-X on or before the extended due
both boxes. If your unitary group is entitled to a tax reduction, attach date, and wish to make the election to treat all income, other than
a completed Illinois Schedule UB/INS, Tax for a Unitary Business compensation, as business income for this tax year, check this box.
Group with Foreign Insurer Members. If you previously had nonbusiness income on Form IL-1120, Step
See the specific instructions for Step 8 in order to claim the 4, Lines 24 and 32, you must reduce these amounts to zero on this
tax reduction calculated on Schedule INS or Schedule UB/INS. Form IL-1120-X. Once made, the election is irrevocable. If you are
D — Check the box if you are filing this form only to report an filing Form IL-1120-X after the extended due date of the original
increased net loss, you have no surcharges for Compassionate return and did not make the election on your original return, you
Use of Medical Cannabis Program Act or sale of assets by gaming cannot check this box.
licensee on your original or amended return, and no overpayment R — Check the box if you must adjust your loss or loss carryover
will result. Complete Steps 2 and 3, Step 4, if applicable, and Step 5, due to Discharge of Indebtedness. For more information, see the
Lines 35 through 37. Sign the return in Step 9 and leave the rest of instructions for Line 36 and Schedule NLD or UB/NLD Instructions.
the form blank. S — Check the box if you are a cooperative and completed
E — If you completed U.S. Form 8886 or U.S. Schedule M-3, Part II, Schedule INL either to make a first-time election for treatment of
Line 12, to report a tax shelter and you did not attach a copy to income or to figure your patronage and nonpatronage income or loss,
the original return, check the appropriate box and attach a copy or you are a real estate mortgage investment conduit (REMIC) that
of the federal form or schedule to this return. If you are filing this completed Schedule INL to make an adjustment to Illinois income.
return because of changes associated with U.S. Form 8886 or Attach Schedule INL to your tax return.
U.S. Schedule M-3, Part II, Line 12, provide a detailed explanation in T — Check this box if you annualized your income on
the “Explain the changes on this return” area. Form IL-2220, Computation of Penalties for Businesses. Attach
F — If you are a unitary company and completed Schedule UB, Form IL-2220 to your tax return. If you are filing Form IL-1120-X after
check the box and attach Schedule UB to your return. the extended due date of the original return, you cannot check this
box. Late-payment penalty for underpayment of estimated tax is
G — If you are a unitary company and completed Subgroup
based on the tax shown due on your original return.
Schedule, check this box and attach Subgroup Schedule. See
Subgroup Schedule Instructions for more information. U — Check this boxonly if you have sales into Illinoisand you
are not required to allocate them because you are protected by
H —You must check the box and attach Schedule 1299-D, Income
Public Law 86-272. Complete Steps 1 through 5 of Form IL-1120-X.
Tax Credits (for corporations and fiduciaries), and any other required
support listed on Schedule 1299-D if you are entitled to take income V — Check this box if you are filing this amended return to report
tax credits on Step 7, Line 48, of your Form IL-1120-X, even if the changes to your Illinois sales factor numerator due to the inclusion or
amount is not changing from your original return, or if you have exclusion of throwback sales.
earned credits in this tax year, but are unable to use them. W — Check this box if you are filing this amended return to report
I — You must check the box and attach Form IL-4562, Special changes to your Illinois sales factor numerator due to the inclusion or
Depreciation, if you are claiming special depreciation addition or exclusion of double throwback sales.
subtraction modifications on Form IL-1120-X, even if the amounts are Explain the changes on this return
not changing from your original return.
J — You must check the box and attach Schedule M, Other The purpose of this area is to allow you to explain what specific
Additions and Subtractions (for businesses), if you are claiming other changes you are making to your Illinois tax return. You should
addition or subtraction modifications on Form IL-1120-X, even if the include all relevant information, including, but not limited to, changes
amounts are not changing from your original return. made to
K — You must check the box and attach Schedule 80/20, Related- • specific addition and subtraction modifications,
Party Expenses, if you are claiming related-party expense • unitary membership or unitary status,
modifications on your Form IL-1120-X, even if the amounts are not • the business income election,
changing from your original return.
IL-1120-X Instructions (R-12/22) Page 3 of 6

- 4 -

Enlarge image

• credit or credit recapture amounts, delay in processing your return, further correspondence, and you
• the Illinois net operating loss deduction, and may be required to submit further information to support your filing.
• the federal or other state return that caused changes to the See the the specific instructions for Step 4 for more information.
Illinois return. Unitary filers - You must complete both Step 4 of the
You must provide an explanation for each line item you change. Schedule UB and Step 4, Column B of the Form IL-1120-X.
If your changes generate an overpayment which you elect to receive Step 4: Figure your income allocable to Illinois
as a credit carryforward and you elect to apply that credit to a tax
year other than the year described in the Line 66 instructions, you Complete Step 4 only if you originally completed this part, or
must follow the instructions found under “May I apply my credit to a you need to make a change that affects your base income or
different tax year?” If you fail to include the required information in loss allocable to Illinois. Refer to Form IL-1120, Step 4, Specific
your explanation, your election will be considered invalid and we will Instructions, for the year being amended.
not apply your credit as you requested. You must check the box on Line B and complete Step 4 if any
portion of Column B, Line 23, base income or loss, is derived outside
General Information for Steps 2 through 7 Illinois, or you have any income or loss to report on Column B, Lines
Column A — Enter the amounts from your most recently filed or 24, 25, 32, or 33.
adjusted return for the year that you are amending. These may be If you do not complete all of Step 4, Column B, Lines 24 through 34,
figures from your original Form IL-1120, or a previously amended or we may issue a notice and demand proposing 100 percent of income
audited return. as being allocated to Illinois, or in the case of a loss return, a notice
Column B — Enter the correct amount for each line in Column B. indicating none of your loss as being allocated to Illinois.
For each line item you change, you must provide an explanation for Lines 24 and 32 — If you elected to treat all of your income other
that change in the “Explain the changes on this return” area. than compensation as business income on your original tax return,
If you are filing this form only to report an increase in your you must follow that election by entering zero on Form IL-1120-X,
Illinois net loss, you have no surcharges for Compassionate Use of Lines 24 and 32, if it is after the extended due date of the return.
Medical Cannabis Program Act or sale of assets by gaming licensee If you are filing Form IL-1120-X before the extended due date and
on your original or amended return, and the change will not result in are making the election to treat all nonbusiness income as business
an overpayment, see the instructions for Step 5, Line 35. income, Column B, Lines 24 and 32 should be reduced to zero.
Step 2: Figure your income or loss Step 5: Figure your net income
Lines 1 through 8 — Refer to your Form IL-1120, Step 2, Specific Line 35 — Follow the instructions on the form. If the amount in
Instructions, for the year being amended. Column A reflects income and the corrected amount in Column B
reflects a loss, you may be able to carry this loss to other years as an
Do not apply your Illinois net loss deduction amount in this
Illinois NLD. See the Net Loss Deduction information and Schedule
step. Net Loss Deductions (NLDs) are reported on Step 5, Line 38.
NLD or UB/NLD Instructions for more information.
Step 3: Figure your base income or loss If you are filing this form only to report an increase in your
Illinois net loss, you have no surcharges for Compassionate Use of
Lines 10 through 22 — List each item and the amount on the line
Medical Cannabis Program Act or sale of assets by gaming licensee
provided. You must identify all subtractions and attach all of the
on your original or amended return, and the change will not result in
required supporting documentation.
an overpayment, check the box in Step 1, Line D, complete Steps 2
Line 23 — This is your base income or loss. and 3, Step 4, if applicable, and Step 5, Lines 35 through 37. Explain
Column A — Enter the amounts from your most recently filed or what caused the increase in the Illinois net loss in the “Explain the
adjusted return. Do not check a box on Lines A or B to indicate changes on this return” area and sign the return in Step 9. Leave the
how your income was reported on your most recently filed or rest of the form blank.
adjusted return. The check boxes on Lines A and B are used when Line 36 — If you were required to reduce the net operating loss
reporting your amended base income or loss in column B.
reported on your U.S. Form 1120 because you excluded any
Column B — Follow the instructions on the form and check the box discharge of indebtedness income from this tax year’s gross income,
on Line A or B that applies to the amount in Column B. You must then you may be required to reduce the net loss reported on Line 35.
check one of these boxes and follow the instructions for that line Use the Loss Reduction Worksheet on Page 10 of the IL-1120
when completing Column B. Instructions to figure your loss reduction. Attach a copy of your
Check the box on Line A if U.S. Form 982, Reduction of Tax Attributes Due to Discharge of
• all of your base income or loss is derived inside Illinois; and Indebtedness, and a detailed statement to your Form IL-1120-X.
• you do not have any income or loss to report on Lines 24, 25, For more information, see 86 Ill. Adm. Code Section 100.2310(c).
32, or 33. If you are a combined group reporting a combined net loss on
If you check the box on Line A, do not complete Step 4, Column Line 35, you may be required to reduce this loss if one or more of
B. All of your amended base income or loss is allocable to Illinois. your group members excluded discharge of indebtedness income
Skip Step 4, Column B, enter the amount from Step 3, Column B, and was required to reduce a federal net operating loss incurred for
Line 23 on Step 5, Column B, Line 35, and complete the remainder this tax year.
of the return. If you also have Illinois net operating loss carryovers to
Check the box on Line B if any of the following apply: the tax year of the debt cancellation, you may also be required to
• your base income or loss is derived inside and outside Illinois; reduce those carryovers. See Schedule NLD Instructions for more
information.
• all of your base income or loss is derived outside Illinois; or
Line 37 — If you have a discharge of indebtedness adjustment
• you have income or loss to report on Lines 24, 25, 32, or 33.
on Line 36, add Lines 35 (a negative number) and 36 (a positive
If you check the box on Line B, you must complete all lines of number), and enter the result here. This amount cannot be greater
Step 4, Column B. Submitting Form IL-1120-X with an incomplete than zero.
Step 4, Column B, including Lines 28, 29, and 30 may result in a
Page 4 of 6 IL-1120-X Instructions (R-12/22)

- 5 -

Enlarge image

If you do not have a discharge of indebtedness adjustment, For combined unitary filers with one or more members who are
enter zero on Line 36 and enter the amount from Line 35 on Line 37. foreign insurers
Line 38 — Enter your Illinois net loss deduction carryforward • complete Form IL-1120-X, Steps 1 through 7, before completing
from Illinois Schedule NLD, Step 1, Line 7 total box, or Illinois Illinois Schedule UB/INS;
Schedule UB/NLD, Step 3, Line 30. Attach Illinois Schedule NLD or • complete all steps of your Schedule UB, before completing
Unitary Illinois Schedule UB/NLD to your Form IL-1120-X. Illinois Schedule UB/INS;
For tax years ending on or after December 31, 2021, and • complete Schedule UB/INS;
before December 31, 2024, this amount is limited to $100,000 or • report your foreign insurer replacement tax reduction on Step 8,
less. Line 51; and
If you are a cooperative and you separate your patronage and • report your foreign insurer income tax reduction on Step 8,
nonpatronage income or loss, complete Schedule INL and follow Line 54.
the directions for computation of your Illinois net loss deduction in
Line 50 — Follow the instructions on the form.
Schedule NLD or Schedule UB/NLD Instructions.
If you are a foreign insurer do not apply a tax reduction
If any of the loss being claimed on Line 38, originated from a
to this line. Follow the instructions above and on Schedule INS or
company other than the one filing this return, check the box on
Schedule UB/INS.
Line 38 and attach a detailed statement to your return with
Line 51 — Enter your foreign insurer replacement tax reduction from
• the FEIN of the company from which you acquired the loss, Schedule INS, Step 3, Line 17, or Schedule UB/INS, Step 6, Line 60.
• the reason (e.g., merger) you are allowed to use that company’s Attach Schedule INS or Schedule UB/INS.
losses, and Line 52 — Subtract Line 51 from Line 50 and enter the result on this
• the date you acquired the loss. line. If Line 51 is blank, enter the amount from Line 50 on Line 52.
This is your net replacement tax.
Step 6: Figure your replacement tax after credits Line 53 — Follow the instructions on the form.
Follow the instructions on the form. Be sure to attach any required If you are a foreign insurer do not apply a tax reduction
schedules or forms. to this line. Follow the instructions above and on Schedule INS or
Line 41 — See Illinois Schedule 4255, Recapture of Investment Tax Schedule UB/INS.
Credits, for more information. You must attach Illinois Schedule 4255 Line 54 — Enter your foreign insurer income tax reduction from
if you have an amount on this line. Schedule INS, Step 3, Line 20, or Schedule UB/INS, Step 6, Line 73.
Line 43 — See Form IL-477, Replacement Tax Investment Credits, Attach Schedule INS or Schedule UB/INS.
for more information. You must attach Form IL-477 and any other Line 55 — Subtract Line 54 from Line 53 and enter the result on this
required support listed on Form IL-477 if you have an amount on this line. If Line 54 is blank, enter the amount from Line 53 on Line 55.
line. This is your net income tax.
Step 7: Figure your income tax after credits Line 56 — Compassionate Use of Medical Cannabis Program Act
surcharge. Use the instructions and the Surcharge Worksheet in the
Follow the instructions on the form and attach any required Form IL-1120 Instructions to figure your surcharge.
schedules. Sale of assets by gaming licensee surcharge. Use
Line 57 —
Line 45 — See Form IL-1120, Line 45 instructions for the amount to the instructions and Surcharge Worksheet in the Form IL-1120
enter here. Instructions to figure your surcharge.
Line 46 — See Illinois Schedule 4255 for more information regarding Line 58— Add Lines 52, 55, 56, and 57, and enter the total on
the recapture of investment credits. You must attach Illinois this line. This is your total net income and replacement taxes, and
Schedule 4255 if you have an amount on this line. surcharges.
Line 48 — See Illinois Schedules 1299-D and 1299-I for more Line 59a — Enter the sum of any overpayment from your prior year
information regarding income tax credits. If you have an amount on tax returns that you requested to be applied to this year’s tax return.
this line, check the box in Step 1, Line H, and attach Illinois Schedule Take into account any correspondence we may have sent that
1299-D and any other required support listed on Schedule 1299-D. changed the amount of your credit carryforward from the previous
year.
Step 8: Figure your refund or balance due
Line 59b — Enter the sum of the following, not including any penalty
If you are filing this form only to report an increase in your and interest previously paid:
Illinois net loss, you have no surcharges for Compassionate Use of
• estimated payments or tax prepayments made during the tax
Medical Cannabis Program Act or sale of assets by gaming licensee
year,
on your original or amended return, and an overpayment will not
result, do not complete this step. • extension payments,
If you are a foreign insurer, review the instructions below. • any tax payments you made with a previously filed
Form IL-1120-X, and
For non-unitary foreign insurers
• any other payments made prior to the date this amended return
• complete Form IL-1120-X, Steps 1 through 7, before completing
is filed (e.g., responding to a bill).
Illinois Schedule INS;
Line 59c — Enter the amount you wish to claim of Illinois
• complete Schedule INS;
pass-through withholding payments reported to you by partnerships,
• report your foreign insurer replacement tax reduction on Step 8, S corporations, or trusts, on Schedule(s) K-1-P or K-1-T. If you
Line 51; and received more than one Schedule K-1-P or K-1-T, add the amounts
• report your foreign insurer income tax reduction on Step 8, from all the schedules and enter the total on Line 59c. Attach
Line 54. copies of the Schedules K-1-P and K-1-T you received from
the pass-through entities to your Form IL-1120. See “What are
pass-through withholding payments?” under “General Information” in
the Form IL-1120 Instructions for more information.
IL-1120-X Instructions (R-12/22) Page 5 of 6

- 6 -

Enlarge image

Line 59d —   Enter the amount of any PTE tax credit received as          We do not currently offer direct deposit as a method for receiving a 
shown on Schedule(s) K-1-P and K-1-T. Attach Schedule(s) K-1-P           refund from an amended return. Overpayments will be refunded by 
and K-1-T.                                                               check.
Line 59e — Enter the amount of any Illinois gambling withholding         Line 68 —Follow the instructions on the form. This is your amount 
and withholding from sports wagering winnings shown on                   of tax due that must be paid in full if $1 or more. We encourage you 
Form W-2G. Attach Forms W-2G.                                            to let us figure your penalties and interest and send you a bill instead 
Line 61 — Enter previously paid penalty and interest. This               of determining these amounts yourself. We will compute any penalty 
information can be obtained from your MyTax Illinois account. Sign       and interest due and notify you. For more information see “What 
into mytax.illinois.gov to view your account or to register for an       are the penalties and interest?” and Publication 103, Penalties and 
account.                                                                 Interest for Illinois Taxes.
Line 62 — Enter the total amount of any overpayment, credit                       We will apply all payments against tax first, penalty second, 
carryforward, or refund (whether or not you received the                 and interest third. 
overpayment) reported on your previously filed Form IL-1120 or           If you have a balance due on Line 68 be sure to enter the amount 
Form IL-1120-X. Do not include interest that you received. Do            you are paying on the top of Page 1 of Form IL-1120-X. Complete 
not reduce the amount reported on this line to pay a tax increase        Form IL-1120-X-V, Payment Voucher for Amended Corporation 
reported on an amended return filed after the extended due date of       Income and Replacement Tax, make your check or money order 
the original return. You cannot change the amount to be credited         payable to “Illinois Department of Revenue”  , and attach them both 
forward from the amount reported on your original return after the       to the front of the return or file and pay electronically.
extended due date.
Line 66 — Enter the amount of overpayment you elect to be applied        Step 9 — Signature, date, and paid preparer’s 
against your estimated tax obligation. Check the box on this line        information
if this is your final return and any remaining carryforward is being     You must sign and date your return. If you do not sign your return, 
transferred to another entity. Attach a detailed statement to your       it will not be considered filed and you may be subject to a nonfiler 
return listing the FEIN of the entity receiving the credit carryforward, penalty.
the date the credit was transferred, and the reason for the transfer.    If you pay someone to prepare your return, the income tax return 
See Form IL-1120, Step 8, Line 64 instructions for more information.     preparer must also sign and date the return, enter the preparer tax 
Your credit carryforward will not be applied if you do not file a        identification number (PTIN) issued to them by the Internal Revenue 
processable return.                                                      Service, and provide their firm’s name, FEIN, address, and phone 
If your overpayment accrues interest and you elect to receive your       number. 
•    entire overpayment as a credit carryforward, any interest           If you want to allow the paid preparer listed in this step to discuss 
     due will be applied with your credit as an additional credit        this return with IDOR, check the box. This authorization will allow 
     carryforward. We will calculate the amount of interest due          your paid preparer to answer any questions that arise during the 
     and notify you. When you claim your credit carryforward in a        processing of your return, call us with questions about your return, 
     future year you must include this interest amount in the amount     and receive or respond to notices we send. The authorization will 
     claimed.                                                            automatically end no later than one year after you file your amended 
                                                                         return. You may revoke the authorization at any time by calling or 
•    overpayment as both a credit carryforward and a refund, we          writing us.
     will apply the credit as you request and include any interest due 
     with your refund.
      Your credit carryforward may be reduced by us due to 
corrections we make to your return, or to satisfy any unpaid tax, 
penalty, and interest due for this year or any other year. If we reduce 
your credit carryforward, it may result in a late-payment penalty in a 
subsequent year.
May I apply my credit to a different tax year? 
Yes. If you wish to apply your credit to a tax year other than the one 
described above, you must indicate the tax year to which you wish to 
have the credit apply in the “Explain the changes on this return” area.
If you do not follow these instructions, your election will be 
considered invalid and we will apply your credit as indicated under 
“To which tax year will my credit apply?” in the Form IL-1120 
Instructions.
If you submit a valid request, we will apply your credit as you 
requested and notify you. Once made, your election to change the 
tax year to which your credit will apply is irrevocable. 
      You may only apply your credit to tax years occurring after 
the year of the return creating the overpayment. If you request to 
apply more credit than our records show you have available, we 
will apply the maximum amount available and notify you of the 
difference. 
Line 67 — Follow the instructions on the form. We will calculate any 
interest that may be due you and include it in your refund check. Any 
refund may be reduced to satisfy any outstanding liability.

Page 6 of 6                                                                                                      IL-1120-X Instructions (R-12/22)

PDF file checksum: 3873435829

(Plugin #1/9.12/13.0)