St 556X Form PDF Details

When it comes to the adjustment of sales tax transactions for assets like vehicles, watercraft, aircraft, trailers, and mobile homes, the Illinois Department of Revenue's ST-556-X form is the key document required. This particular form, not suitable for leases, is an amended sales tax transaction return designed to rectify or update financial information related to the sales of these items. The importance of accurately completing this form cannot be overstated, as it directly impacts the tax obligations of businesses. Not only does the ST-556-X form allow for corrections to the date of delivery, the purchaser’s details, or even the taxable location name, but it also provides a method to adjust computational errors on the original return. Furthermore, this form has space for claiming credits for taxes that were previously paid, which could significantly affect the financial statements of a business. Importantly, to claim an overpayment due to the customer, the business must have already refunded the customer before filing this return. Completing this form requires careful attention to the detailed instructions provided, ensuring that Steps 1, 2, and 4 are filled out by everyone, with Step 3 specifically reserved for changes to financial information. This process underscores the responsibility of businesses to maintain accuracy in their tax filings, and the ST-556-X form serves as a critical tool for rectifying past transactions to stay in compliance with Illinois tax laws.

QuestionAnswer
Form NameSt 556X Form
Form Length2 pages
Fillable?No
Fillable fields0
Avg. time to fill out30 sec
Other namesillinois st 556x, st556 amended form, st 556x, st556 amended tax return

Form Preview Example

Illinois Department of Revenue

ST-556-X Amended Sales Tax Transaction Return

(For Sales of Vehicles, Watercraft, Aircraft, Trailers, and Mobile Homes - Do not use for leases)

Rev 05 Form 017 Station 312

E S ____/____/____

NS CA DP RC TL EC ___ ___

Read this information first

Do not write above this line.

•

Everyone must complete Steps 1, 2, and 4.

Amount you are paying: $ __________________

•

You must also complete Step 3 if you are changing

Make your check payable to “Illinois Department of Revenue.”

 

 

financial information.

 

•If you are claiming an overpayment on this return and you collected the overpaid tax from your customer(s), you must refund the tax to your customer(s) before filing this return. When you complete this return, you must state, under penalties of perjury, in Step 4, that you unconditionally refunded the overpaid tax to your customer(s).

Step 1: Identify the return you are amending and your business

1Original tax return no.__________________________________ 3 Business name _______________________________________

2Account ID no. ____ ____ ____ ____ - ____ ____ ____ ____ 4 Phone number (_____) _____ - _______________

Illinois account ID number

Step 2: Mark the reason why you are filing an amended return

1 ____

I put the incorrect date of delivery. The correct date is

5

The purchaser’s name or address, the vehicle description, or

 

___ ___/___ ___/___ ___ ___ ___.

 

the trade-in description was incorrect. The correct information is

2 ____

I made a computational error on Lines 3 through 14 of my

 

Purchaser’s name_________________________________

 

original return.

 

Purchaser’s address_______________________________

3 ____

The purchaser returned the vehicle and cancelled the deal.

 

Vehicle description________________________________

 

 

 

 

Trade-in description________________________________

4 I should have reported this sale as:

6 ____

The taxable location name was incorrect. The correct

 

a ____

Sold to a nonresident purchaser (see instructions)

 

name is__________________________.

 

 

Drive-away permit no.______________________ 7 ____ I am claiming credit for tax that was previously paid to an

 

 

Lic. plate no. _________________ State _______

 

Illinois retailer or directly to the Department for an item that

 

b ____

Sold for resale to a Dealer - Enter Illinois Account

 

was purchased for leasing purposes and then sold at retail.

 

 

ID no. or enter “out-of-state dealer.”

 

I did not claim this credit on my original Form ST-556, or on

 

 

_______________________________________

 

a Form RUT-25 or Form RUT-25-LSE, when the sale after

 

c ____

Sold to an exempt organization

 

lease was made. See instructions. The tax return number of

 

 

(Tax-exempt no. E - _______________________)

 

the return used to report the original lease transaction is

 

d ____

Sold to an interstate carrier for hire for use as

 

_______________________________________________.

 

 

rolling stock

8

Other. Please explain. ______________________________

 

 

(Certificate of authority no.__________________)

 

_______________________________________________

 

e ____

Sold for rental use

 

_______________________________________________

 

 

__ __ __ __ — __ __ __ __

 

_______________________________________________

 

 

Purchaser’s account ID no.

 

_______________________________________________

 

 

 

 

 

f ____

Other. Please explain.______________________

 

_______________________________________________

 

 

________________________________________

 

_______________________________________________

 

 

________________________________________

 

_______________________________________________

 

 

________________________________________

 

_______________________________________________

 

 

 

 

 

Please turn this page over to complete Steps 3 and 4.

*501751110*

ST-556-X (R-01/15)

This form is authorized as outlined under the tax or fee Act imposing the tax or fee for which this form is filed. Disclosure of this information is required. Failure to provide information may result in this form not being processed and may result in a penalty.

Page 1 of 2

Step 3: Correct your financial information

Complete this section only if you are changing financial information. Otherwise, go to Step 4 and sign your return.

Penalty and interest information

If you were assessed penalty and interest on the original Form ST-556 that you filed, we will take those figures into account when we compute your amended return. Do not include penalty or interest in the figures you enter on any of the lines in Column A or Column B below.

Round to the nearest whole dollar.

 

Column A

 

Column B

 

 

 

Most recent figures filed

 

Figures as they should

1

Enter the total price. (Include accessories, federal excise tax,

 

 

 

have been filed

 

 

 

 

 

freight and labor, dealer preparation, documentary fees, and

 

 

 

 

 

dealer-reimbursed rebates or incentives.)

1

_______________________

1

_______________________

2

Total trade-in credit or value

2

_______________________

2

_______________________

3

Amount subject to tax - Subtract Line 2 from Line 1.

3

_______________________

3

_______________________

4

Tax - Multiply Line 3 by the correct tax rate. (________________)

4

_______________________

4

_______________________

 

Enter rate.

 

 

 

 

5Use tax for certain districts (See instructions.) Enter the name of the:

a County _________________________________________

 

b City

_________________________________________

 

 

 

 

 

c Township _________________________________________

5

_______________________

5

_______________________

6

Total tax - Line 4 plus Line 5

6

_______________________

6

_______________________

7

Retailer’s allowance (See instructions.)

7

_______________________

7

_______________________

7a

MED fee (See instructions.)

7a_______________________

7a_______________________

8

Net tax due - Line 6 minus Line 7 plus Line 7a

8

_______________________

8

_______________________

9

Prior overpayment

9

_______________________

9

_______________________

10

Previously leased vehicle credit - See instructions.

10

_______________________

10

_______________________

11

Excess tax collected

11

_______________________

11

_______________________

12Total tax due - Line 8 minus Line 9 minus Line 10 plus Line 11 12 _______________________ 12 _______________________

13

Credit memorandum

13

_______________________

13

_______________________

14

Net total due - Subtract Line 13 from Line 12.

14

_______________________

14

_______________________

15

Enter the total amount you have paid.

 

 

15

_______________________

 

Compare Line 14, Column B, and Line 15.

 

 

 

 

•If Line 15 is greater than Line 14, Column B, enter the difference on Line 16.

•If Line 15 is less than Line 14, Column B, enter the difference on Line 17.

16 Overpayment — This is the amount you have overpaid. Go to Step 4 and sign your return.

16 _______________________

17Underpayment — This is the amount you have underpaid. Pay this amount.

Go to Step 4 and sign your return.

17 _______________________

Make your check payable to “Illinois Department of Revenue.”

 

Step 4: 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. Under penalties of perjury, I state that I have unconditionally refunded to my customer(s) any overpaid sales tax that I collected from my customer(s) and am claiming as an overpayment on this return.

_____________________________________________________________________________________________________

Owner, partner, or officer’s signatureTitlePhoneDate

_____________________________________________________________________________________________________

Paid preparer’s signature

Title

Phone

Date

Mail to: ILLINOIS DEPARTMENT OF REVENUE PO BOX 19034

SPRINGFIELD IL 62794-9034

Enter the amount you are paying on the line provided in the “Read this information first” section on the front of this return.

ST-556-X (R-01/15)

*501752110*

Page 2 of 2

How to Edit St 556X Form Online for Free

When working in the online PDF editor by FormsPal, you can complete or alter 556x right here. The editor is consistently upgraded by us, receiving cool functions and growing to be greater. To begin your journey, take these basic steps:

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Step 2: The editor enables you to change your PDF in a variety of ways. Improve it with any text, adjust existing content, and include a signature - all close at hand!

This PDF doc requires specific details; to ensure accuracy, don't hesitate to adhere to the guidelines below:

1. While filling in the 556x, make certain to complete all of the necessary blanks in the associated area. It will help hasten the work, allowing your details to be handled promptly and properly.

How one can prepare 556 amended tax stage 1

2. The next part is usually to submit these blanks: I should have reported this sale as, a Sold to a nonresident purchaser, ID no or enter outofstate dealer, Taxexempt no E, rolling stock Certificate of, c Sold to an exempt organization, d Sold to an interstate carrier, Purchasers account ID no, The taxable location name was, name is I am claiming credit for, and Please turn this page over to.

556 amended tax writing process explained (part 2)

3. Completing Round to the nearest whole dollar, dealerreimbursed rebates or, freight and labor dealer, Total tradein credit or value, Amount subject to tax Subtract, Tax Multiply Line by the, Enter the name of the a County b, Enter rate, Total tax Line plus Line, Retailers allowance See, a MED fee See instructions, a a, Net tax due Line minus Line, Prior overpayment, and Previously leased vehicle credit is essential for the next step, make sure to fill them out in their entirety. Don't miss any details!

Step # 3 of completing 556 amended tax

4. Filling out Credit memorandum, Net total due Subtract Line, Enter the total amount you have, Compare Line Column B and Line, cid If Line is greater than Line, Overpayment This is the amount, Go to Step and sign your return, Underpayment This is the amount, Owner partner or officers signature, Phone, Title, Date, Paid preparers signature, Phone, and Title is crucial in this fourth stage - you should definitely don't rush and fill in each and every blank area!

Filling in segment 4 in 556 amended tax

It is easy to make a mistake while filling in the Owner partner or officers signature, so be sure you go through it again before you finalize the form.

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