Illinois Corporation Income and Replacement Tax Return
Extracted from PDF file 2022-illinois-form-il-1120.pdf, last modified July 2022
Corporation Income and Replacement Tax ReturnUse your mouse or Tab key to move through the fields. Use your mouse or space bar to enable check boxes. Illinois Department of Revenue 2022 Form IL-1120 *63512221W* Corporation Income and Replacement Tax Return See “When should I file?” in the Form IL-1120 instructions for a list of due dates. If this return is not for calendar year 2022, enter your fiscal tax year here. Tax year beginning 20 , ending 20 month day year month day year Enter the amount you are paying. This form is for tax years ending on or after December 31, 2022, and before December 31, 2023. For all other situations, see instructions to determine the correct form to use. $ _______________________ N Enter your federal employer identification number (FEIN). Step 1: Identify your corporation A Enter your complete legal business name. If you have a name change, check this box. Name: O If you are a member of a group filing a federal consolidated return, enter the FEIN of the parent. B Enter your mailing address. Check this box if either of the following apply: P Enter your North American Industry Classification • this is your first return, or System (NAICS) Code. See instructions. • you have an address change. C/O: __________________________________________________ Mailing address: ___________________________________________ Q Enter your corporate file (charter) number City: State: assigned to you by the Secretary of State. ZIP: C If this is the first or final return, check the applicable box(es). R Enter the city, state, and zip code where your First return accounting records are kept. (Use the two-letter Final return (Enter the date of termination. ) postal abbreviation, e.g., IL, GA, etc.) mm dd yyyy D If this is a final return because you sold this business, enter the date sold (mm dd yyyy) , and the new owner’s FEIN. E Check the box and see the instructions if your business is a: Unitary Filer (Combined return) Foreign insurer F If 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 City State ZIP S If 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. T Check your method of accounting. Cash Accrual Other U If you are making a discharge of indebtedness adjustment on Schedules NLD or UB/NLD, or Form IL-1120, Line 36, check this box and attach federal Form 982. G Apportionment Formulas. Mark the appropriate box or boxes and see Apportionment Formula instructions. Sales companies Insurance companies Financial organizations V Check this box if you attached Transportation companies Federally regulated exchanges Schedule INL. H Check this box if you attached Illinois Schedule UB. W If you annualized your income on Form IL-2220, check this box and attach Form IL-2220. 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. X Check this box if your business activity is protected under Public Law 86-272. L Check this box if you attached Illinois Schedule M (for businesses). Y Check this box if you are a 52/53 week filer. Attach your payment and Form IL-1120-V here. M Check this box if you attached Schedule 80/20. If you owe tax on Line 67, make an electronic payment at Tax.Illinois.gov. If you must mail your payment, complete a payment voucher, Form IL-1120-V. Write your FEIN, tax year ending, and “IL-1120-V” on your check or money order and make it payable to “Illinois Department of Revenue.” Attach your voucher and payment here. Enter the amount of your payment on the top of this page in the space provided. If a payment is not enclosed, mail this return to: If a payment is enclosed, mail this return to: ILLINOIS DEPARTMENT OF REVENUE ILLINOIS DEPARTMENT OF REVENUE PO BOX 19048 PO BOX 19038 SPRINGFIELD IL 62794-9048 SPRINGFIELD IL 62794-9038 IL-1120 (R-12/22) 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 *63512222W* Step 2: Figure your income or loss (Whole dollars only) 1 Federal taxable income from U.S. Form 1120, Line 30. 00 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 Step 3: Figure your base income or loss 10 Interest income from U.S. Treasury and other exempt federal obligations. 11 River Edge Redevelopment Zone Dividend subtraction. 10 00 Attach Schedule 1299-B. 11 00 12 13 14 15 16 17 18 19 20 21 00 12 River Edge Redevelopment Zone Interest subtraction. Attach Schedule 1299-B. 13 High Impact Business Dividend subtraction. Attach Schedule 1299-B. 14 High Impact Business Interest subtraction. Attach Schedule 1299-B. 15 16 17 18 19 20 21 22 23 Contribution subtraction. Attach Schedule 1299-B. Contributions to certain job training projects. See instructions. Foreign Dividend subtraction. Attach Schedule J. See instructions. Illinois Special Depreciation subtraction. Attach Form IL-4562. Related-Party Expenses subtraction. Attach Schedule 80/20. Distributive share of subtractions. Attach Schedule(s) K-1-P or K-1-T. Other subtractions. Attach Schedule M (for businesses). Total subtractions. Add Lines 10 through 21. Base income or loss. Subtract Line 22 from Line 9. 4 00 00 00 00 00 00 00 00 00 22 23 00 00 A If the amount on Line 23 is derived inside Illinois only, check this box and enter the amount from Step 3, Line 23 on Step 5, Line 35. You may not complete Step 4. (You must leave Step 4, Lines 24 through 34 blank.) If you are a unitary filer, do not check this box. Check the box on Line B and complete Step 4. 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.) 00 24 Nonbusiness income or loss. Attach Schedule NB. 24 25 Business income or loss included in Line 23 from non-unitary partnerships, partnerships included on a Schedule UB, S corporations, trusts, or estates. See instructions. 26 27 28 29 30 Add Lines 24 and 25. Business income or loss. Subtract Line 26 from Line 23. 25 00 26 00 27 00 Total sales everywhere. This amount cannot be negative. 28 Total sales inside Illinois. This amount cannot be negative. 29 Apportionment Factor. Divide Line 29 by Line 28. Round to six decimal places. 30 31 00 32 Nonbusiness income or loss allocable to Illinois. Attach Schedule NB. 33 Business income or loss apportionable to Illinois from non-unitary partnerships, partnerships 32 00 included on a Schedule UB, S corporations, trusts, or estates. See instructions. 33 34 00 31 Business income or loss apportionable to Illinois. Multiply Line 27 by Line 30. 34 Base income or loss allocable to Illinois. Add Lines 31 through 33. Page 2 of 4 Printed by the authority of the state of Illinois. Electronic only, one copy. 00 IL-1120 (R-12/22) *63512223W* Step 5: Figure your net income 35 36 37 38 39 00 Base income or net loss from Step 3, Line 23, or Step 4, Line 34. 35 00 Discharge of indebtedness adjustment. Attach federal Form 982. See instructions. 36 00 Adjusted base income or net loss. Add Lines 35 and 36. See instructions. 37 Illinois net loss deduction. If Line 37 is zero or a negative amount, enter zero. Attach Schedule NLD or UB/NLD. 00 Check this box and attach a detailed statement if you have merged losses. 38 00 Net income. Subtract Line 38 from Line 37. 39 Step 6: Figure your replacement tax after credits 40 41 42 43 44 Replacement tax. Multiply Line 39 by 2.5% (.025). Recapture of investment credits. Attach Schedule 4255. Replacement tax before credits. Add Lines 40 and 41. Investment credits. Attach Form IL-477. Replacement tax after credits. Subtract Line 43 from Line 42. If the amount is negative, enter zero. 40 41 42 43 44 00 45 46 47 48 49 00 00 00 00 00 Step 7: Figure your income tax after credits 45 46 47 48 49 Income tax. Multiply Line 39 by 7.0% (.07). Recapture of investment credits. Attach Schedule 4255. Income tax before credits. Add Lines 45 and 46. Income tax credits. Attach Schedule 1299-D. Income tax after credits. Subtract Line 48 from Line 47. If the amount is negative, enter zero. 00 00 00 00 Step 8: Figure your refund or balance due 00 50 Replacement tax before reductions. Enter the amount from Line 44. 50 51 Foreign Insurer replacement tax reduction. Attach Schedule INS or UB/INS. See instructions. 51 52 Subtract Line 51 from Line 50. This is your net replacement tax. 52 53 Income tax before reductions. Enter the amount from Line 49. 53 54 Foreign Insurer income tax reduction. Attach Schedule INS or UB/INS. See instructions. 54 55 Subtract Line 54 from Line 53. This is your net income tax. 55 56 Compassionate Use of Medical Cannabis Program Act surcharge. See instructions. 56 57 Sale of assets by gaming licensee surcharge. See instructions. 57 58 Total net income and replacement taxes and surcharges. Add Lines 52, 55, 56, and 57. 58 59 Underpayment of estimated tax penalty from Form IL-2220. See instructions. 59 60 Total taxes, surcharges, and penalty. Add Lines 58 and 59. 60 61 Payments. See instructions. 00 a Credits from previous overpayments. 61a 00 b Total payments made before the date this return is filed. 61b c Pass-through withholding reported to you. 00 Attach Schedule(s) K-1-P or K-1-T. 61c d Pass-through entity tax credit reported to you. 00 Attach Schedule(s) K-1-P or K-1-T. 61d 00 e Illinois income tax withholding. Attach Form(s) W-2G. 61e 62 Total payments. Add Lines 61a through 61e. 62 63 Overpayment. If Line 62 is greater than Line 60, subtract Line 60 from Line 62. 63 64 Amount to be credited forward. See instructions. Check this box and attach a detailed statement if this carryforward is going to a different FEIN. 64 65 Refund. Subtract Line 64 from Line 63. This is the amount to be refunded. 65 66 Complete to direct deposit your refund. Routing Number Checking or Account Number 00 00 00 00 00 00 00 00 00 00 00 00 00 00 Savings 00 67 Tax due. If Line 60 is greater than Line 62, subtract Line 62 from Line 60. This is the amount you owe. 67 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. Check if the Department Sign ( ) may discuss this return with the Here Signature of authorized officer Paid Preparer Use Only Print/Type paid preparer’s name Date (mm/dd/yyyy) paid preparer shown in this step. Phone Title Paid preparer’s signature Date (mm/dd/yyyy) Check if self-employed Paid Preparer’s PTIN Firm’s name Firm’s FEIN Firm’s address Firm’s phone IL-1120 (R-12/22) Enter the amount of your payment in the space provided on the top of page 1. Reset Print ( ) Page 3 of 4 *ZZZZZZZZZ* Attach supporting documents to your Form IL-1120. If you completed: Attach: Form IL-1120 Step 1, Line E (unitary) only U.S. 1120, Pages 1 through 6, or equivalent Schedule UB/Subgroup Schedule Check the box on Form IL-1120, Step 1, Line H or Line I Step 1, Line E (foreign insurer) only Schedule INS Step 1, Line E (unitary) and (foreign insurer) Schedule UB/Subgroup Schedule and Schedule UB/INS Check the box on Form IL-1120, Step 1, Line H or Line I Step 1, Line F Federal Form 8886 or Federal Schedule M-3 (as applicable) Step 1, Line U Federal Form 982 Step 1, Line V Schedule INL Step 1, Line W Form IL-2220 Lines 5 and 18 Form IL-4562 Special Depreciation addition Check the box on Form IL-1120, Step 1, Line K Special Depreciation subtraction Lines 6 and 19 Schedule 80/20 Related-Party Expenses addition Check the box on Form IL-1120, Step 1, Line M Related-Party Expenses subtraction Lines 7 and 20 Schedule(s) K-1-P or K-1-T Distributive share of additions Distributive share of subtractions Lines 8 and 21 Schedule M and any required support listed on Schedule M Other additions Check the box on Form IL-1120, Step 1, Line L Other subtractions Lines 11 through 15 Schedule 1299-B and any required support listed on Schedule River Edge Redevelopment Zone 1299-B Dividend subtraction River Edge Redevelopment Zone Interest subtraction High Impact Business Dividend subtraction High Impact Business Interest subtraction Contribution subtraction Line 17 Foreign Dividend Subtraction Illinois Schedule J, and U.S. 1120, Schedule C or equivalent Lines 24 and 32 Schedule NB Nonbusiness income or loss Nonbusiness income or loss allocable to Illinois Lines 25 and 33 Schedule(s) K-1-P or K-1-T Business income or loss from non-unitary partnerships, partnerships included on a Schedule UB, 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 Line 38 Illinois net loss deduction Lines 41 and 46 Recapture of investment credits Line 43 Investment credits Line 48 Income tax credits Lines 51 and 54 Foreign Insurer tax reduction Line 59 Underpayment of estimated tax penalty Line 61c Pass-through withholding reported to you Line 61d Pass-through entity tax credit reported to you Line 61e Illinois income tax withholding Page 4 of 4 Failure to attach the required documents may result in the disallowance of the corresponding line item. Federal Form 982 Check the box on Form IL-1120, Step 1, Line U Schedule NLD or UB/NLD (for unitary filers) Schedule 4255 Form IL-477 and any required support listed on Form IL-477 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 Schedule INS or Schedule UB/INS (for unitary filers) Check the box on Form IL-1120, Step 1, Line E 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 All Schedules K-1-P and K-1-T you received showing pass-through withholding All Schedules K-1-P and K-1-T you received showing pass-through entity tax credit Copies of all Forms W-2G IL-1120 (R-12/22)
2022 Form IL-1120, Corporation Income and Replacement Tax Return
More about the Illinois Form IL-1120 Corporate Income Tax Tax Return TY 2022
We last updated the Corporation Income and Replacement Tax Return in February 2023, so this is the latest version of Form IL-1120, fully updated for tax year 2022. You can download or print current or past-year PDFs of Form IL-1120 directly from TaxFormFinder. You can print other Illinois tax forms here.
Related Illinois Corporate Income Tax Forms:
|Form Code||Form Name|
|Form IL-1120-ST||Small Business Corporation Replacement Tax Return (Includes Schedule B)|
|Form IL-1120-ST-V||Payment Voucher for Small Business Corporation Replacement Tax|
|Form IL-1120-ST-X||Amended Small Business Corporation Replacement Tax Return - Includes Schedule B)|
|Form IL-1120-V||Payment Voucher for Corporation Income and Replacement Tax / Estimated Tax|
|Form IL-1120-ST-X-V||Payment Voucher for Amended Small Business Corporation Replacement Tax|
|Form IL-1120-X||Amended Corporation Income and Replacement Tax Return|
|Form IL-1120-X-V||Payment Voucher for Amended Corporation Income and Replacement Tax|
|Form IL-1120-ES||Estimated Income and Replacement Tax Payments for Corporations|
Illinois usually releases forms for the current tax year between January and April. We last updated Illinois Form IL-1120 from the Department of Revenue in February 2023.
Form IL-1120 is an Illinois Corporate Income Tax form. Like the Federal Form 1040, states each provide a core tax return form on which most high-level income and tax calculations are performed. While some taxpayers with simple returns can complete their entire tax return on this single form, in most cases various other additional schedules and forms must be completed, depending on the taxpayer's individual situation, to create a complete income tax return package.
About the Corporate Income Tax
The IRS and most states require corporations to file an income tax return, with the exact filing requirements depending on the type of company.
Sole proprietorships or disregarded entities like LLCs are filed on Schedule C (or the state equivalent) of the owner's personal income tax return, flow-through entities like S Corporations or Partnerships are generally required to file an informational return equivilent to the IRS Form 1120S or Form 1065, and full corporations must file the equivalent of federal Form 1120 (and, unlike flow-through corporations, are often subject to a corporate tax liability).
Additional forms are available for a wide variety of specific entities and transactions including fiduciaries, nonprofits, and companies involved in other specific types of business.
Historical Past-Year Versions of Illinois Form IL-1120
We have a total of twelve past-year versions of Form IL-1120 in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:
2022 Form IL-1120, Corporation Income and Replacement Tax Return
2021 Form IL-1120, Corporation Income and Replacement Tax Return
2020 Form IL-1120, Corporation Income and Replacement Tax Return
2019 Form IL-1120, Corporation Income and Replacement Tax Return
2017 Form IL-1120, Corporation Income and Replacement Tax Return
2017 Form IL-1120, Corporation Income and Replacement Tax Return
2016 Form IL-1120, Corporation Income and Replacement Tax Return
2015 Form IL-1120, Corporation Income and Replacement Tax Return
2014 Form IL-1120 - Corporation Income and Replacement Tax Return
While we do our best to keep our list of Illinois Income Tax Forms up to date and complete, we cannot be held liable for errors or omissions. Is the form on this page out-of-date or not working? Please let us know and we will fix it ASAP.