Form Il 1065 X PDF Details

The IL-1065 X Amended Partnership Replacement Tax Return is a critical form for partnerships in Illinois looking to amend their previously filed tax returns for tax years ending on or after December 31, 2013. This form allows partnerships to correct information on their original tax return, report increased net losses, and adjust their tax obligations accordingly. Structured to guide partnerships through the amendment process, the form requests detailed information including the partnership's legal name, any changes to this name or mailing address, and the federal employer identification number (FEIN). Additionally, the form involves calculating ordinary income or loss, unmodified base income or loss, and ultimately determining the partnership's net income, which influences the overall replacement tax due or refund owed. Partnerships can also indicate changes in income due to state or federal amendments, classify themselves as investment or publicly traded partnerships, and detail any attachments necessary to support their amended return. The form, while comprehensive, is designed to ensure accuracy and transparency in the amendment process, helping partnerships align their tax records with the Illinois Department of Revenue.

QuestionAnswer
Form NameForm Il 1065 X
Form Length4 pages
Fillable?No
Fillable fields0
Avg. time to fill out1 min
Other namesIL 1065 X 1065x 2010 form

Form Preview Example

Illinois Department of Revenue

Amended Partnership

2013 IL-1065-X

Replacement Tax Return

For tax years ending on or after December 31, 2013

 

Indicate what tax year you are amending: Tax year beginning

 

 

 

 

 

, ending

 

 

 

 

 

 

month day

 

year

 

month day

 

year

If you are filing an amended return for tax years ending before December 31, 2013,

 

 

you cannot use this form. For prior years, use the amended return form for that year.

 

 

Write the amount you are paying.

$

Step 1: Identify your partnership

AWrite your complete legal business name.

If you have a name change, check this box.

Name:

BWrite your mailing address.

If you have an address change, check this box.

C/O:

Mailing address:

City:

 

State:

 

ZIP:

CCheck this box if you are filing this form only to report an increased net

loss on Line 47, Column B.

DCheck this box if you are:

classified as an investment partnership. classified as a publicly traded partnership.

ECheck the applicable box for the type of change being made.

NLD

State change Federal change

If a federal change, check one:

Partial agreed Finalized

Write the finalization date

GWrite your federal employer identification no (FEIN).

H Check this box if you are a member of a unitary business group, and write the FEIN of the member filing the Schedule UB, Combined Apportionment for Unitary Business Groups.

IWrite your North American Industry Classification System Code (NAICS). See instructions.

JIf you have completed the following federal forms, check the box and attach them to this return, if you have not previously done so.

Federal Form 8886

Federal Schedule M-3

K Check this box if you attached Form IL-4562. L Check this box if you attached Schedule M.

M Check this box if you attached Schedule 80/20. N Check this box if you attached Schedule 1299-A.

Attach your federal finalization to this return.

FCheck this box if you are filing Form IL-1065-X before the extended due date and making the election to treat all nonbusiness income as

business income.

If you owe tax on Line 70, complete a payment voucher, Form IL-1065-X-V, make your check payable to “Illinois Department of Revenue” and attach them here.

Write the amount of your payment on the top of this page in the space provided.

Mail this return to: Illinois Department of Revenue, P.O. Box 19016, Springfield, IL 62794-9016

Step 2: Explain the changes on this return

your payment and

IL-1065-X-V here.

Attach

Form

IL-1065-X (R-12/13)

This form is authorized as outlined by the Illinois Income Tax Act. Disclosure of this information is REQUIRED. Failure to provide information could result in a penalty.

Page 1 of 4

Step 3: Figure your ordinary income or loss

 

A

 

B

 

 

 

As most recently

 

Corrected

 

 

 

reported or adjusted

 

amount

1

Ordinary income or loss or equivalent from U.S. Schedule K.

1

 

00

1

 

00

2

Net income or loss from all rental real estate activities.

2

 

00

2

 

00

3

Net income or loss from other rental activities.

3

 

00

3

 

00

4

Portfolio income or loss.

4

 

00

4

 

00

5

Net IRC Section 1231 gain or loss.

5

 

00

5

 

00

6All other items of income or loss that were not included in the computation of income or loss on Page 1 of U.S. Form 1065 or 1065-B.

Identify:

 

 

6

 

00

6

 

00

7 Add Lines 1 through 6. This is your ordinary income.

7

00

7

00

 

 

 

 

 

 

 

 

 

Step 4: Figure your unmodified base income or loss

8

Charitable contributions.

8

 

00

8

 

00

9

Expense deduction under IRC Section 179.

9

 

00

9

 

00

10

Interest on investment indebtedness.

10

 

00

10

 

00

11All other items of expense that were not deducted in the computation of ordinary income or loss on Page 1 of U.S. Form 1065 or 1065-B.

Identify:

11

00

11

00

12 Add Lines 8 through 11.

12

00

12

00

13Subtract Line 12 from Line 7. This is your total unmodified

 

base income or total loss.

13

00

13

00

 

 

 

 

 

 

 

Step 5: Figure your income or loss

 

 

 

 

 

 

14

Write the amounts from Line 13.

14

 

00

14

 

00

15

State, municipal, and other interest income excluded from Line 14.

15

 

00

15

 

00

16

Illinois replacement tax deducted in arriving at Line 14.

16

 

00

16

 

00

17

Illinois Special Depreciation addition (Form IL-4562).

17

 

00

17

 

00

18

Related-party expenses addition (Schedule 80/20).

18

 

00

18

 

00

19

Distributive share of additions (Schedule(s) K-1-P or K-1-T).

19

 

00

19

 

00

20

Guaranteed payments to partners from U.S. Form 1065 or 1065-B.

20

 

00

20

 

00

21The amount of loss distributable to a partner subject to

 

replacement tax (Schedule B).

21

 

00

21

 

00

22

Other additions (Schedule M for businesses).

22

 

00

22

 

00

23

Add Lines 14 through 22. This is your income or loss.

23

 

00

23

 

00

Step 6: Figure your base income or loss

24

Interest income from U.S. Treasury and exempt federal obligations.

24

 

00

24

 

00

25

August 1, 1969, valuation limitation amount (Schedule F).

25

 

00

25

 

00

26Personal service income or reasonable allowance for

compensation of partners.

26

00 26

00

27Share of income distributable to a partner subject to

 

replacement tax (Schedule B).

27

 

00

27

 

00

28

River Edge Redevelopment Zone Dividend subtraction (Schedule 1299-A).

28

 

00

28

 

00

29

High Impact Business Dividend subtraction (Schedule 1299-A).

29

 

00

29

 

00

30

Illinois Special Depreciation subtraction (Form IL-4562).

30

 

00

30

 

00

31

Related-party expenses subtraction (Schedule 80/20).

31

 

00

31

 

00

32

Distributive share of subtractions (Schedule(s) K-1-P or K-1-T).

32

 

00

32

 

00

33

Other subtractions (Schedule M for businesses).

33

 

00

33

 

00

34

Total subtractions. Add Lines 24 through 33.

34

 

00

34

 

00

35

Base income or loss. Subtract Line 34 from Line 23.

35

 

00

35

 

00

AIf the amount on Line 35 is derived inside Illinois only, check this box and write the amount from Step 6, Line 35 on Step 8, Line 47. You may not complete Step 7. (You must leave Step 7, Lines 36 through 46 blank.)

BIf any portion of the amount on Line 35 is derived outside Illinois, check this box and complete all lines of Step 7. See instructions. (If you are a unitary filer, you must complete Lines 40 through 42.)

Page 2 of 4

IL-1065-X (R-12/13)

Step 7: Figure your income allocable to Illinois

A

B

(Complete only if you checked the box on Line B, above.)

 

As most recently

 

Corrected

 

reported or adjusted

 

amount

 

 

 

36 Nonbusiness income or loss (Schedule NB).

36

 

00

36

 

00

37Trust, estate, and non-unitary partnership business income

 

or loss included in Line 35.

37

 

00

37

 

00

38

Add Lines 36 and 37.

38

 

00

38

 

00

39

Business income or loss. Subtract Line 38 from Line 35.

39

 

00

39

 

00

40

Total sales everywhere (this amount cannot be negative).

40

 

00

40

 

00

41

Total sales inside Illinois (this amount cannot be negative).

41

00

41

00

42

Apportionment factor. Divide Line 41 by Line 40 (carry to six decimal places).

42

 

 

 

 

42

 

 

 

 

43

Business income or loss apportionable to Illinois. Multiply Line 39 by Line 42.

43

 

00

43

 

00

44

Nonbusiness income or loss allocable to Illinois (Schedule NB).

44

 

00

44

 

00

45Trust, estate, and non-unitary partnership business income

or loss apportionable to Illinois.

45

 

00

45

 

00

46 Base income or loss allocable to Illinois. Add Lines 43 through 45.

46

 

00

46

 

00

Step 8: Figure your net income

47 Base income or net loss from Step 6, Line 35 or Step 7, Line 46.

47

 

00

47

 

00

48Illinois net loss deduction (Schedule NLD).

 

If Line 47 is zero or negative, write “0.”

48

 

00

48

 

00

49

Income after NLD. Subtract Line 48 from Line 47.

49

 

00

49

 

00

50

Write the amount from Step 6, Line 35.

50

00

50

00

51

Divide Line 47 by Line 50. (This figure cannot be greater than “1”.)

51

 

 

 

 

51

 

 

 

 

 

52

Exemption allowance. Multiply Line 51 by $1,000.

52

 

00

52

 

00

53

Net income. Subtract Line 52 from Line 49.

53

00

53

00

 

 

 

 

 

 

 

 

 

 

 

 

 

Step 9: Figure your net replacement tax

54

Replacement tax. Multiply Line 53 by 1.5% (.015).

54

 

00

54

 

00

55

Recapture of investment credits (Schedule 4255).

55

 

00

55

 

00

56

Replacement tax before investment credits. Add Lines 54 and 55.

56

 

00

56

 

00

57

Investment credits (Form IL-477).

57

 

00

57

 

00

58

Net replacement tax. Subtract Line 57 from Line 56. If negative, write “0”.

58

00

58

00

 

 

 

 

 

 

 

 

Step 10: Figure your refund or balance due

59 a Credit from prior year overpayment.

59a

 

00

b Form IL-505-B (extension) payment.

59b

 

00

c Pass-through entity payments. (Schedule(s) K-1-P or K-1-T).

59c

 

00

d Gambling withholding (Form(s) W-2G).

59d

 

00

60

Total payments. Add Lines 59a through 59d.

60

 

00

61

Tax paid with original return (do not include penalties and interest).

61

 

00

62

Subsequent tax payments made since the original return was filed.

62

 

00

63

Total tax paid. Add Lines 60, 61, and 62.

63

 

00

64Total amount previously refunded and credited for the year being amended,

 

whether or not you received the overpayment.

64

 

00

65

Net tax paid. Subtract Line 64 from Line 63.

65

 

00

66

Refund. If Line 65 is greater than Line 58, subtract Line 58 from Line 65.

66

 

00

67

Tax due. If Line 58 is greater than Line 65, subtract Line 65 from Line 58.

67

 

00

68

Penalty (See instructions.)

68

 

00

69

Interest (See instructions.)

69

 

00

70

Total balance due. Add Lines 67 through 69.

70

00

 

 

 

 

 

Step 11: Sign here

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.

 

 

 

 

 

 

 

 

 

(

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Signature of partner

 

Date

 

 

 

 

 

 

Title

 

Phone

 

 

 

 

 

 

 

 

 

 

Signature of preparer

 

Date

 

 

 

 

 

Preparer’s Social Security number or firm’s FEIN

 

 

 

 

 

 

 

 

 

 

 

Preparer’s firm name (or yours, if self-employed)

 

Address

 

 

 

IL-1065-X (R-12/13)

 

 

 

 

 

 

 

 

 

 

 

 

 

Check this box if we may discuss this return with the preparer shown in this step.

()

Phone

Page 3 of 4

Illinois Department of Revenue

Schedule B

Partners’ or Shareholders’ Identification

Year ending

Month Year

Attach to your Form IL-1065 or Form IL-1120-ST

IL Attachment no. 1

 

 

Write your name as shown on your Form IL-1065 or Form IL-1120-ST.

Write your federal employer identification number (FEIN).

Step 1: Provide the following information

1

Write the amount of base income or net loss from your Form IL-1065 or Form IL-1120-ST, Line 47.

1

2

Write the apportionment factor from your Form IL-1065 or Form IL-1120-ST, Line 42.

2

Step 2: Identify your partners or shareholders. Attach additional sheets if necessary.

A

B

C

D

E

F

G

 

 

 

Partner’s or shareholder’s

Member

Pass-through

Excluded from

 

 

Partner or

distributable amount of

subject to Illinois

entity payment

pass-through

 

 

Shareholder type

base income or loss

replacement tax

amount

entity payments

Name and Address

SSN or FEIN

(See instructions.)

(See instr.)

(See instr.)

(See instr.)

(See instr.)

1

2

3

4

5

6

7 Add the amounts shown in Column D for partners or

 

shareholders for which you have entered a check mark

 

in Column E. Write the total here. (See instructions.)

7

ILSchedule-1065-X (RB-12/(R-12/13)

Page 4 of 4

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Form Il 1065 X conclusion process explained (step 1)

2. Right after filling out the last section, head on to the subsequent part and enter the necessary details in these blanks - C Check this box if you are filing, classified as an investment, Check the applicable box for the, NLD, State change, Federal change, If a federal change check one, Partial agreed, Finalized, Write the finalization date, Attach your federal finalization to, Check this box if you are filing, J If you have completed the, check the box and attach them to, and Federal Form.

The best ways to prepare Form Il 1065 X stage 2

3. This 3rd segment is fairly simple, Step Figure your ordinary income, income or loss on Page of US Form, As most recently reported or, B Corrected amount, Step Figure your unmodified base, ordinary income or loss on Page, base income or total loss, and Step Figure your income or loss - each one of these form fields will have to be filled in here.

Form Il 1065 X completion process described (part 3)

In terms of B Corrected amount and ordinary income or loss on Page, ensure that you double-check them in this current part. Both of these could be the key fields in this document.

4. This fourth paragraph arrives with these blank fields to fill out: Write the amounts from Line, replacement tax Schedule B, compensation of partners, replacement tax Schedule B, and Step Figure your base income or.

replacement tax Schedule B, Write the amounts from Line, and compensation of partners inside Form Il 1065 X

5. The final notch to conclude this document is essential. Ensure to fill in the displayed fields, for instance Step Figure your base income or, A If the amount on Line is, on Step Line You may not, B If any portion of the amount on, See instructions If you are a, Page of, and ILX R, prior to submitting. Neglecting to do this could give you a flawed and potentially incorrect document!

Stage no. 5 in completing Form Il 1065 X

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