Illinois Form 1120 PDF Details

Every year, corporations operating within Illinois navigate the intricacies of filing their tax returns, and at the heart of this process is the Illinois Form IL-1120. This form, designed by the Illinois Department of Revenue, is crucial for documenting Corporation Income and Replacement Tax for the fiscal year. With a specific focus on tax years ending on or after December 31, 2020, and before December 31, 2021, the IL-1120 form not only caters to corporations on a standard calendar year but also accommodates those operating on a different fiscal timeline. It meticulously outlines the financial responsibilities of corporations, including income, loss deductions, and various credits that could influence the final tax liability. The form is a comprehensive tool for corporations to report their earnings and calculate their due taxes accurately, with sections dedicated to identifying the corporation, determining income or loss, figuring base income or loss, and ultimately, computing the net income subject to tax or available for refund. In addition, it is equipped with schedules and attachments designed to capture the nuances of various business activities and financial adjustments, ensuring a detailed and thorough tax reporting process. As such, it serves as a critical document for both the corporations filing it and the state authorities processing it, embodying the intersection of corporate finance and tax policy in Illinois.

QuestionAnswer
Form NameIllinois Form 1120
Form Length4 pages
Fillable?No
Fillable fields0
Avg. time to fill out1 min
Other namesillinois corporation income tax, 2020 il 1120, il 1120 v, il form 1120

Form Preview Example

Illinois Department of Revenue

*63512201W*

 

2020 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 2020, enter your fiscal tax year here.

Tax year beginning

 

 

 

20

, ending

 

 

 

20

 

 

 

 

 

 

 

 

 

 

 

 

 

 

month day

 

year

month day

 

year

This form is for tax years ending on or after December 31, 2020, and before December 31, 2021. 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.

ZCheck this box if your tax year began on or after January 1, 2021.

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.

Refer to the 2020 IL-1120 Instructions for the address to mail your return.

IL-1120 (R-12/20)

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.

IR

NS

DR ____

Page 1 of 4

*63512202W*

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.

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

 

 

11River Edge Redevelopment Zone Dividend subtraction.

Attach Schedule 1299-B.

11

 

00

12River Edge Redevelopment Zone Interest subtraction.

 

Attach Schedule 1299-B.

12

 

00

 

 

13

High Impact Business Dividend subtraction. Attach Schedule 1299-B.

13

 

00

 

 

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

 

00

22

Total subtractions. Add Lines 10 through 21.

 

22

 

23

Base income or loss. Subtract Line 22 from Line 9.

 

23

 

00

4

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

 

00

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

 

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 NB.

 

32

 

 

00

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

 

00

34 Base income or loss allocable to Illinois. Add Lines 31 through 33.

34

 

00

Page 2 of 4

IL-1120 (R-12/20)

Step 5: Figure your net income

*63512203W*

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).

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. See Instructions.

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

61Payments. See instructions.

a

Credits from previous overpayments.

61a

 

00

b

Total payments made before the date this return is filed.

61b

 

00

cPass-through withholding reported to you on Schedule(s)

 

K-1-P or K-1-T. Attach Schedule(s) K-1-P or K-1-T.

61c

 

00

 

 

 

d Illinois gambling withholding. Attach Form(s) W-2G.

61d

 

00

 

00

62

Total payments. Add Lines 61a through 61d.

 

62

 

63

Overpayment. If Line 62 is greater than Line 60, subtract Line 60 from Line 62.

63

 

00

64Amount 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 Line 64 from Line 63. This is the amount to be refunded.

 

 

65

 

00

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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.

 

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

(

)

Enter the amount of your payment on the top of page 1 in the space provided.

IL-1120 (R-12/20)

Printed by the authority of the State of Illinois - web only, 1 copy

Page 3 of 4

Attach supporting documents to your Form IL-1120.

*ZZZZZZZZZ*

 

 

 

 

If you completed:

Attach:

 

 

 

 

Form IL-1120

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. 1120, Pages 1 through 5, or equivalent

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Step 1, Line E (unitary) only

 

 

 

 

 

 

 

 

 

 

 

 

 

Schedule UB

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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 and Schedule UB/INS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Check the box on Form IL-1120, Step 1, Line H

 

 

 

 

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 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

 

 

 

 

 

 

 

 

 

 

Schedule(s) K-1-P or K-1-T

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

Federal Form 982

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

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

Illinois gambling 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

IL-1120 (R-12/20)

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As a way to complete this PDF form, ensure that you enter the right details in every blank field:

1. The il form 1120 needs particular information to be inserted. Make certain the following blanks are filled out:

Tips on how to fill out 2020 il form 1120 step 1

2. Right after this section is filled out, proceed to enter the suitable details in these - E Check the box and see the, Unitary Filer Combined return, Foreign insurer, S If you are making the business, income check this box and enter, F If you completed the following, T Check your method of accounting, forms to this return, Federal Form, Federal Schedule M Part II Line, G Apportionment Formulas Mark the, Apportionment Formula instructions, Sales companies, Insurance companies Transportation, and Financial organizations Federally.

Filling out segment 2 of 2020 il form 1120

3. Your next part will be easy - fill in every one of the form fields in Step Figure your income or loss, Federal taxable income from US, Attach a copy of your federal, Net operating loss deduction from, State municipal and other, Illinois income and replacement, Illinois Special Depreciation, Other additions Attach Schedule M, Attach Schedule B, Attach Schedule B, Step Figure your base income or, and Whole dollars only in order to complete this process.

2020 il form 1120 writing process outlined (part 3)

4. This fourth paragraph comes next with all of the following empty form fields to complete: 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, complete all lines of Step Do not, Step Figure your income allocable, partnerships included on a, or estates See instructions, and Add Lines and Business income.

2020 il form 1120 conclusion process detailed (part 4)

Be very careful when completing on Step Line You may not and or estates See instructions, since this is where most users make mistakes.

5. This last point to finalize this PDF form is integral. You'll want to fill out the required form fields, which includes Add Lines and Business income, Business income or loss, included on a Schedule UB S, Base income or loss allocable to, Page of, Printed by the authority of the, and IL R, before submitting. Or else, it could generate a flawed and possibly unacceptable form!

Tips to fill in 2020 il form 1120 portion 5

Step 3: Prior to addressing the next step, make certain that blank fields have been filled out the right way. The moment you’re satisfied with it, click on “Done." Join FormsPal right now and immediately access il form 1120, available for download. All adjustments made by you are kept , so that you can change the pdf at a later stage if necessary. At FormsPal, we aim to be sure that your details are kept secure.