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Illinois Free Printable 2020 IL-1120-ST-X Instructions for 2021 Illinois Amended Small Business Corporation Replacement Tax Return - Includes Schedule B)

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Amended Small Business Corporation Replacement Tax Return - Includes Schedule B)
2020 IL-1120-ST-X Instructions

Illinois Department of Revenue IL-1120-ST-X Instructions Use for tax years ending on or after December 31, 2020, and before December 31, 2021. What’s New? • Schedules NLD, Illinois Net Loss Deduction, is no longer a schedule to be completed and sent in with the return. The schedule has been redesigned as a worksheet to be completed to assist you with calculating your Illinois Net Loss Deduction. The worksheet s not required to be submitted with your return and should be retained with your records. See Appendices C in these instructions. 2020 • Due to the elimination of the NLD schedule, a checkbox for merged losses has been added to Line 50 and a request for a detailed statement of the merged loss(es) has been added to Step 1, Line S and Step 7, Line 50. • A checkbox has been added to Step 8, Line 68, to indicate if there is credit carryforward to a different FEIN on the taxpayer’s final return. A detailed statement must be attached to your return. General Information Who must file Form IL-1120-ST-X? You should file Form IL-1120-ST-X if you are amending a previously filed, processable Form IL-1120-ST, Small Business Corporation Replacement Tax Return, for a tax year ending on or after December 31, 2006. Your change can occur from a state or federal change that affects items used to compute your Illinois net income, net loss, or credits, such as • an amendment of your federal income tax return, • an adjustment made by the Internal Revenue Service (IRS), or • any other recomputation or redetermination. A separate amended return must be filed for each tax year you need to amend. What if I need to change my return before the extended due date expires? If you filed your original Form IL-1120-ST and a state or federal correction or change needs to be made before the extended due date expires (see the instructions of your original return), you should file Form IL-1120-ST-X. Due to the automatic extension, any return filed after the original return and on or before the extended due date will be treated as the original return. If you are filing Form IL-1120-ST-X to change the election on your original return to treat all income other than compensation as business income, check the box in Step 1, Line Q, and provide a written explanation indicating the change to your election in the “Explain the changes on this return” area. How long do I have to amend my return? The amount of time you have to amend your return depends on whether your Form IL-1120-ST-X is being filed to report a state or federal change. State change - If your change creates or increases the Illinois net loss for the year, you must file Form IL-1120-ST-X showing the increase in order to carry the increased loss amount to another year. If your change decreases the tax due to Illinois and you are entitled to a refund or credit carryforward, you must file Form IL-1120-ST-X within • three years after the due date of the return (including extensions), • three years after the date your original return was filed, or • one year after the date your Illinois tax was paid, whichever is latest. IL-1120-ST-X Instructions (R-12/20) If your change increases the tax due to Illinois, you should file Form IL-1120-ST-X and pay the tax, penalty, and interest promptly. Federal change - You should not file this form until you receive a federal finalization notification from the IRS stating that they have accepted your change, a formal agreement, or judgment. Acknowledgement that the IRS received your amended return is not acceptable proof of federal finalization. If your federal change decreases the tax due to Illinois and you are entitled to a refund or credit carryforward, you must file Form IL-1120-ST-X within two years plus 120 days of federal finalization. If your federal change increases the tax due to Illinois, you must file Form IL-1120-ST-X and pay any additional tax within 120 days of IRS partial agreement or finalization, in order to avoid late payment penalties. You must attach proof of the federal finalization date, showing the change was reported to Illinois within 120 days of IRS acceptance, or you may be assessed a late-payment penalty. If you fail to notify us of your change by filing Form IL-1120-ST-X, we may issue a notice of deficiency at any time. Once you file your change, we may issue a notice of deficiency within two years. What if I am amending my return due to multiple federal adjustments? If you are amending your original Form IL-1120-ST due to multiple federal adjustments that were finalized on different dates, then you must complete separate amended Illinois returns for each federal finalization date. For example, if you receive a 2020 return adjustment from the IRS on July 10, 2021, and in August 2021, you amend your federal Form 1120-S and receive federal finalization on October 22, 2021, then you must submit one Form IL-1120-ST-X for the July 10, 2021, adjustments and a separate Form IL-1120-ST-X for the October 22, 2021, adjustments. Failure to file separate amended returns for each federal finalization date may result in the denial of the entire claim, a delay in processing, or the assessment of penalty and interest. What if my amended return involves unitary filing? If you are amending your original • non-unitary Form IL-1120-ST to be included in an existing unitary group, you must file an amended Form IL-1120-ST-X, following the line by line instructions provided for Form IL-1120-ST, Schedule UB, Combined Apportionment for Unitary Business Groups, and Subgroup Schedule, for the tax year you are amending. In addition, Printed by the authority of the State of Illinois - Web only, One copy Page 1 of 6 • — any combined return filed by the combined group on Form IL-1120 must also be amended to include your information, and — each member that filed a separate unitary return must file an amended return to include your information. unitary Form IL-1120-ST to report a state or federal change to your unitary income, any combined return filed by the group or separate unitary return may also need to be amended. What if my amended return involves an Illinois net loss deduction (NLD)? If you have an Illinois NLD carryover from any loss year ending on or after December 31, 1986, it is subtracted from and limited to base income allocable to Illinois. To determine your “Illinois net loss” start with your total unmodified base income and apply all addition and subtraction modifications, and all allocation and apportionment provisions. If you are carrying an Illinois NLD, refer to the “General Information” section of Form IL-1120-ST Instructions and Appendix C in the Form IL-1120-ST Instructions for how to calculate your Illinois Net Loss Deduction if you do not have a method of determining your net loss deduction. Who should sign the return? Your Form IL-1120-ST-X must be signed by the president, vice president, treasurer, or any other officer duly authorized to sign the return. If you paid someone (other than a regular, full-time employee of the taxpayer, such as a clerk, secretary, or bookkeeper) to prepare your return, that individual must also provide a signature, date the return, enter the preparer tax identification number (PTIN) issued to them by the Internal Revenue Service, and provide their firm’s name, address, and phone number. Can a reasonable facsimile be used? In general, you must obtain and use forms prescribed by the Illinois Department of Revenue (IDOR). Separate statements not on forms provided or approved by IDOR will not be accepted and you will be asked for appropriate documentation. Failure to comply with this requirement may result in failure to file penalties, a delay in the processing of your return, or a delay in the generation of any overpayment. Additionally, failure to submit appropriate documentation when requested may result in a referral to our Audit Bureau for compliance action. S corporations must complete Form IL-1120-ST-X. Do not send a computer printout with line numbers and dollar amounts attached to a blank copy of the return. Computer generated printouts are not acceptable, even if they are in the same format as IDOR forms. Computer generated forms from an IDOR-approved software developer are acceptable. What are the penalties and interest? Penalties — You will owe • a late-filing penalty if you do not file a processable return by the extended due date; • a late-payment penalty if you do not pay the tax you owe by the original due date of the return; • a bad check penalty if your remittance is not honored by your financial institution; • a cost of collection fee if you do not pay the amount you owe within 30 days of the date printed on your bill. Interest — The interest rate is the federal underpayment rate, which is set by the IRS under IRC Section 6621. For more information about penalties and interest, see Publication 103, Penalties and Interest for Illinois Taxes, available at tax.illinois.gov. Page 2 of 6 What must I attach to my Form IL-1120-ST-X? This form must contain a complete explanation of the reasons for filing the claim or amendment. You must attach proof of the federal finalization date and any schedules, forms, breakdowns, statements, or other documentation required to support your claim. If Form IL-1120-ST-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 audit report from the IRS • your federal record of account verifying your ordinary business income If you are filing Form IL-1120-ST-X because • you filed an amended federal return and your tax due to Illinois decreases, you must attach proof of the federal finalization date, 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, if applicable. • you filed an amended federal return and your tax due to Illinois increases, you must attach proof of the federal finalization date, including a signed and dated copy of any federal report of income tax examination changes, if applicable, showing the change was reported to Illinois within 120 days of IRS acceptance, or you may be assessed a late-payment penalty. • of a change by the IRS, you must include all copies of the federal examining officer’s reports, including preliminary, revised, corrected, and superseding reports, and a signed and dated copy of any federal report of income tax examination changes, if applicable. • you copied information incorrectly from your federal Form 1120S onto your Form IL-1120-ST, you must include a copy of your federal Form 1120S. • of a change in, or audit of, another state’s tax return, you must include a copy of the other state’s corrected return or the examining officer’s reports. • of a change in the information reported on your Schedule B, Partners’ or Shareholders’ Information, you must include a corrected Illinois Schedule B. • of changes reported on a revised Schedule K-1-P or K-1-T (or any equivalent document) you received, you must include a copy of the revised Schedule(s) K-1-P or K-1-T (or equivalent document). Do not attach copies of Schedule(s) K-1-P you issued and which lists your name and federal employer identification number (FEIN) in Step 1 of Schedule K-1-P. • of changes, other than those described above, see Form IL-1120-ST Instructions and any schedules for the year you are changing to determine what attachments you must provide. Should I round? You must round the dollar amounts on Form IL-1120-ST-X to whole dollar amounts. To do this, you should drop any amount less than 50 cents and increase any amount of 50 cents or more to the next higher dollar. Where should I file? Mail your Form IL-1120-ST-X to: ILLINOIS DEPARTMENT OF REVENUE PO BOX 19016 SPRINGFIELD IL 62794-9016 What if I need additional assistance or forms? • Visit our website at tax.illinois.gov for assistance, forms or schedules. IL-1120-ST-X Instructions (R-12/20) • Write us at: ILLINOIS DEPARTMENT OF REVENUE PO BOX 19001 SPRINGFIELD IL 62794-9001 • Call 1 800 732‑8866 or 217 782-3336 (TDD, telecommunications device for the deaf, at 1 800 544-5304). • Visit a taxpayer assistance office - 8:00 a.m. to 5:00 p.m. (Springfield office) and 8:30 a.m. to 5:00 p.m. (all other offices), Monday through Friday. Specific Instructions For instructions regarding completion of Steps 1 through 8, refer to the Form IL-1120-ST Instructions and schedules for the year being amended. Specific instructions for most of the lines are included. If a specific line is not referenced, follow the instructions on the form. Enter the tax year you are amending in the space provided at the top of Form IL-1120-ST-X. Step 1: Identify your small business corporation A — Type or print your legal business name. If you have a name change from your original return, check the corresponding box. B — Type or print your mailing address. If your address has changed since you filed your last return, check the box. C — Check the box if you are filing this form only to report an increased net loss, you have no surcharges for Compassionate Use of Medical Cannabis Program Act or sale of assets by gaming licensee or pass-through withholding payments to report on behalf of your members on your original or amended return, and no overpayment will result. Complete Steps 2 through 5, Step 6, if applicable, and Step 7, Lines 47 through 49. Sign the return in Step 10 and leave the rest of the form blank. D — You must check the box and attach Form IL-4562, Special Depreciation, if you are claiming special depreciation addition or subtraction modifications on Form IL-1120-ST-X, even if the amounts are not changing from your original return. E — You must check the box and attach Schedule M, Other Additions and Subtractions (for businesses), if you are claiming other addition or subtraction modifications on Form IL-1120-ST-X, even if the amounts are not changing from your original return. F — You must check the box and attach Schedule 80/20, RelatedParty Expenses, if you are claiming related-party expenses modifications on your Form IL-1120-ST-X, even if the amounts are not changing from your original return. G — Check the box if you are claiming deductions or credits listed on Illinois Schedule 1299-A, Tax Subtractions and Credits. You must check the box on Line G and attach Illinois Schedule 1299-A and any other required support listed on Schedule 1299-A to your tax return to support any deductions or credits you are claiming or passing to your shareholders. H — Check this box if you are a unitary business group and have attached the Subgroup Schedule. I — Check the appropriate box for the reason you are filing this return. If you are amending due to a federal change, you must check the appropriate box for partial agreed or finalized and include the date of IRS finalization, which might not be the date the federal amended return was filed. Attach a dated copy of any federal examining officer’s report. If you do not provide this date or the required attachments, you may be assessed penalties and interest. J — Check this box if you are filing this amended return to report changes to your Illinois sales factor numerator due to the inclusion or exclusion of throwback sales. IL-1120-ST-X Instructions (R-12/20) K — Check this box if you are filing this amended return to report changes to your Illinois sales factor numerator due to the inclusion or exclusion of double throwback sales. L — Check this box if you are a 52/53 week filer. A 52/53 week filer is a fiscal filer with a tax year that varies from 52 to 53 weeks because their tax year ends on the same day of the week instead of the last day of the month. M — Enter your entire federal employer identification number (FEIN). N — If you are a member of a unitary business group, check the box and enter the entire FEIN of the member who prepared Illinois Schedule UB. Attach Schedule UB to the return. O — Enter your North American Industry Classification System (NAICS) Code. If you are unsure of your code, you can research the information at www.census.gov/eos/www/naics/ or www.irs.gov. P — Enter your Illinois corporate file (charter) number provided to you by the Secretary of State. Q — If you are filing Form IL-1120-ST-X on or before the extended due date and wish to make the election to treat all income, other than compensation, as business income for this tax year, check this box. If you previously reported nonbusiness income on Form IL-1120-ST, Step 6, Lines 36 and 44, you must reduce these amounts to zero on this Form IL-1120-ST-X. This election must be made by the extended due date of the original tax return. Once made, the election is irrevocable. If you are filing Form IL-1120-ST-X after the extended due date of the original return and did not make the election on your original return, you cannot check this box. R — If you have completed federal Form 8886 or federal Schedule M-3, Part II, Line 10, to report a tax shelter and you did not attach a copy to the original return, check the appropriate box and attach a copy of the federal form or schedule to this return. If you are filing this return because of changes associated with federal Form 8886 or federal Schedule M-3, Part II, Line 10, provide a detailed explanation in the “Explain the changes on this return” area. S — Check the box if you must adjust loss or loss carryover due to discharge of indebtedness. For more information, see the Form IL-1120-ST, Step 7, Line 48 instructions and Appendix D in the Form IL-1120-ST instructions. T — If your business activity is protected under Public Law 86-272, check this box and complete Steps 1 through 7 of your IL-1120-ST-X. Explain the changes on this return This area allows you to explain what specific changes you are making to your Illinois tax return. You should include all relevant information, including, but not limited to, changes made to • specific addition and subtraction modifications, • unitary membership or unitary status, • the business income election, • credit or credit recapture amounts, • the Illinois net operating loss deduction, and • the federal or other state return that caused changes to the Illinois return. You must provide an explanation for each line item you change. Page 3 of 6 If your changes generate an overpayment which you elect to receive as a credit carryforward and you elect to apply that credit to a tax year other than the year described in the Line 68 instructions, you must follow the instructions found under “May I apply my credit to a different tax year?” If you fail to include the required information in your explanation, your election will be considered invalid and we will not apply your credit as you requested. General Information for Steps 2 through 8 Column A — Enter the amounts from your most recently filed or adjusted return for the year that you are amending. These may be figures from your original Form IL-1120-ST, or a previously amended or audited return. Column B — Enter the correct amount for each line in Column B. For each line item you change, you must provide an explanation of the change in the “Explain the changes on this return” area of your return. For instructions regarding completion of Steps 2 through 8, refer to the Form IL-1120-ST Instructions and schedules for the year being amended. If you are filing this form only to report an increase in your Illinois net loss, you have no surcharges for Compassionate Use of Medical Cannabis Program Act or sale of assets by gaming licensee or pass-through withholding payments to report on behalf of your members on your original or amended return, and the change will not result in an overpayment, see the instructions for Step 7, Line 47. Step 2 and Step 3: Figure your ordinary income or loss and Figure your unmodified base income or loss If you are a member of a unitary group see “What if I am a member of a unitary group?“ and the instructions for Steps 2 and 3 in the Form IL-1120-ST instructions. Lines 1 through 13 — Refer to your Form IL-1120-ST, Steps 2 and 3, Specific Instructions, for the year being amended. Do not apply your Illinois net loss deduction amount in this step. Net Loss Deductions (NLDs) are reported on Step 7, Line 50. Step 4 and Step 5: Figure your income or loss and Figure your Illinois base income or loss If you are a member of a unitary group see “What if I am a member of a unitary group?“ and the instructions for Step 4 in the Form IL-1120-ST instructions. Line 14 — If you are a member of a unitary group enter your combined company income as shown on Schedule UB, Step 2, Column E, Line 30. Otherwise, follow the instructions on the form. Lines 15 through 21 and Lines 23 through 33 — List each item and the amount on the line provided. You must identify all subtractions and attach all of the required supporting documentation. If you need to make a correction to Line 20 or Line 24, use the worksheet located in the Schedule B Instructions (Form IL-1120-ST Instructions) to figure the correct amounts. You must attach a corrected Illinois Schedule B if there is a change in the information reported on your most recently filed Illinois Schedule B. Line 35 — This is your base income or loss. Column A — Enter the amounts from your most recently filed or adjusted return. Do not check a box on Lines A or B to indicate how your income was reported on your most recently filed or adjusted return. The check boxes on Lines A and B are used when reporting your amended base income or loss in column B. Column B — Follow the instructions on the form and check the check one of these boxes and follow the instructions for that line when completing Column B. Check the box on Line A if • all of your base income or loss is derived inside Illinois; and • you do not have any income or loss to report on Lines 36, 37, 44, or 45. If you check the box on Line A, do not complete Step 6, Column B. All of your amended base income or loss is allocable to Illinois. Skip Step 6, Column B, enter the amount from Step 5, Column B, Line 35 on Step 7, Column B, Line 47, and complete the remainder of the return. Check the box on Line B if any of the following apply • your base income or loss is derived inside and outside Illinois; • all of your base income or loss is derived outside Illinois; or • you have income or loss to report on Lines 36, 37, 44, or 45. If you check the box on Line B, you must complete all lines of Step 6, Column B. Submitting Form IL-1120-ST-X with an incomplete Step 6, Column B, including Lines 40, 41, and 42 may result in a delay in processing your return, further correspondence, and you may be required to submit further information to support your filing. See the Specific Instructions for Step 6 for more information. Unitary filers - You must complete both Step 4 of the Schedule UB and Step 6, Column B of the Form IL-1120-ST-X. Step 6: Figure your income allocable to Illinois Complete Step 6 only if you originally completed this step, or you need to make a change that affects your base income or loss allocable to Illinois. Refer to Form IL-1120-ST, Step 6, Specific Instructions, for the year being amended. You must check the box on Line B and complete Step 6 if any portion of Step 5, Column B, Line 35, base income or loss, is derived outside Illinois, or you have any income or loss to report on Column B, Lines 36, 37, 44, or 45. If you do not complete all of Step 6, Column B, Lines 36 through 46, we may issue a notice and demand proposing 100 percent of income as being allocated to Illinois, or in the case of a loss return, a notice indicating none of your loss as being allocated to Illinois. Lines 36 and 44 — If you elected to treat all of your income other than compensation as business income on your original tax return, you must follow that election by entering zero on Form IL-1120-ST-X, Lines 36 and 44. If you are filing Form IL-1120-ST-X before the extended due date and are making the election to treat all nonbusiness income as business income, Column B, Lines 36 and 44 should be reduced to zero. Step 7: Figure your net income Line 47 — Follow the instructions on the form. If the amount in 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 Illinois NLD. See the Net Loss Deduction information and Appendix C or E in the Form IL-1120 instructions for more information. If you are filing this form only to report an increase in your Illinois net loss, you have no surcharges for Compassionate Use of Medical Cannabis Program Act or sale of assets by gaming licensee or pass-through withholding payments to report on behalf of your members on your original or amended return, and the change will not result in an overpayment, check the box in Step 1, Line C, complete Steps 2 through 5, Step 6, if applicable, and Step 7, Lines 47 through 49. Complete the “Explain the changes on this return” area stating what caused the increase in the Illinois net loss and sign the return in Step 10. Leave the rest of the form blank. box on Line A or B that applies to the amount in Column B. You must Page 4 of 6 IL-1120-ST-X Instructions (R-12/20) Line 48 — If the amount on Line 47 is a loss, and you were required to reduce the net operating loss reported on your federal Form 1120S because you excluded any discharge of indebtedness income from this tax year’s gross income, then you may be required to reduce the net loss reported on Line 47. Use Appendix D found in the IL-1120-ST Instructions to figure your loss reduction. Attach a copy of your federal Form 982, Reduction of Tax Attributes Due to Discharge of Indebtedness, to your Form IL-1120-ST-X. For more information, see Illinois Income Tax Regulations Section 100.2310(c). Line 49 — If you have a discharge of indebtedness adjustment on Line 48, add Line 47 (a negative number) and Line 48 (a positive number), and enter the result here. This amount cannot be greater than zero. If you do not have a discharge of indebtedness adjustment, enter zero on Line 48 and the amount from Line 47 on Line 49. Line 50 — Enter your Illinois net loss deduction carryforward as determined using your own calculation method or from Form IL-1120-ST, Appendix C. Step 8: Figure your net replacement tax, surcharge, and pass-through withholding payments you owe Follow the instructions on the form. Be sure to attach any required schedules or forms. Line 53 — See Illinois Schedule 4255, Recapture of Investment Credits, for more information. You must attach Illinois Schedule 4255 if you have an amount on this line. Line 55 — See Form IL-477, Replacement Tax Investment Credits, for more information. You must attach Form IL-477 and any other required support listed on Form IL-477 if you have an amount on this line. Line 57 — Compassionate Use of Medical Cannabis Program Act surcharge. Use the instructions and the Surcharge Worksheet in the Form IL-1120-ST instructions to figure your surcharge. Line 58 — Sale of Assets by Gaming Licensee surcharge. Use the instructions and the Surcharge Worksheet in the Form IL-1120-ST instructions to figure your surcharge. Line 59 — Complete all sections of Illinois Schedule B and enter the amount from Illinois Schedule B, Section A, Line 9 on this line. This is the amount of pass-through withholding payments you owe on behalf of your members. You must attach a corrected Illinois Schedule B if there is a change in the information reported on your most recently filed Illinois Schedule B. See “Definitions to help you complete your Form IL-1120-ST” in the Form IL-1120-ST instructions for more information. Do not include on Line 59 any pass-through withholding payments reported to you on Schedule(s) K-1-P or K-1-T. Pass-through withholding payment amounts reported to you are included on Step 9, Line 61c. You must also issue revised Schedule(s) K-1-P to your shareholders if any amounts reported to them on the original Schedule(s) K-1-P you issued have changed. Mark the top of the revised Schedule(s) K-1-P you issue as “Revised.” Step 9: Figure your refund or balance due If you are filing this form only to report an increase in your Illinois net loss, you have no surcharges for Compassionate Use of Medical Cannabis Program Act or sale of assets by gaming licensee or pass-through withholding payments to report on behalf of your members on your original or amended return, and an overpayment will not result, do not complete this step. Line 61a — Enter the sum of any overpayment from your prior year tax returns that you requested to be applied to this year’s tax return. Take into account any correspondence we may have sent IL-1120-ST-X Instructions (R-12/20) you that changed the amount of your credit carryforward from the previous year. Line 61b — Enter the sum of the following, not including any penalty and interest previously paid: • voluntary estimated payments or tax prepayments made during the tax year, • extension payments, • any tax payments you made with a previously filed Form IL-1120-ST-X, and • any other payments made prior to the date this amended return is filed (e.g., responding to a bill). Line 61c — Enter the amount you wish to claim of Illinois pass-through withholding payments reported to you by partnerships, S corporations, or trusts on Schedule(s) K-1-P or K-1-T. If you received more than one Schedule K-1-P or K-1-T, add the amounts you wish to claim from all the schedules and enter the total on Line 61c. Attach copies of the Schedules K-1-P and K-1-T you received from the pass-through entities to your Form IL-1120-ST-X. See “Definitions to help you complete your Form IL-1120-ST” in the Form IL-1120-ST instructions for more information. Do not include on Line 61c any pass-through withholding payments you owe on behalf of your members. Pass-through withholding payments you owe on behalf of your members are included on Step 8, Line 59. Line 61d — Enter the amount of any Illinois gambling withholding shown on Form W-2G. Attach Form W-2G. Line 63 — Enter previously paid penalty and interest. This information can be obtained from your MyTax Illinois account. Sign into mytax.illinois.gov to view or register your account. Line 64 — Enter the total amount of any overpayment, credit, or refund (whether or not you received the overpayment) reported on your previously filed Form IL-1120-ST, or Form IL-1120-ST-X. Do not include any interest that you received. Line 68 — Enter the amount of overpayment you elect to be credited forward. Check the box on this line if this is your final return and any remaining carryforward is being transferred to another entity. Attach a detailed statement to your return listing the FEIN of the entity receiving the credit carryforward, the date the credit was transferred, and the reason for the transfer. See Form IL-1120-ST, Step 9, Line 64 instructions for more information. Your credit carryforward will not be applied if you do not file a processable return. If your overpayment accrues interest and you elect to receive your • entire overpayment as a credit carryforward, any interest due will be applied with your credit as an additional credit carryforward. We will calculate the amount of interest due and notify you. When you claim your credit carryforward in a future year you must include this interest amount in the amount claimed. • overpayment as both a credit carryforward and a refund, we 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 of this return. Page 5 of 6 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 original return 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 69 — 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. We do not currently offer direct deposit as a method for receiving a refund from an amended return. Overpayments will be refunded by check. Line 70 — Follow the instructions on the form. This is your amount of tax due that must be paid in full if $1 or more. We encourage you to let us figure your penalties and interest and send you a bill instead of determining these amounts yourself. We will compute any penalty and interest due and notify you. For more information see “What are the penalties and interest?” and Publication 103, Penalties and Interest for Illinois Taxes. We will apply all payments against tax first, penalty second, and interest third. If you have a balance due on Lines 70 be sure to enter the amount you are paying on the top of Page 1 of the Form IL-1120-ST-X. Complete a payment voucher, Form IL-1120-ST-X-V, make your check or money order payable to “Illinois Department of Revenue”, and attach them to the front of the return. Step 10: Signature, date, and paid preparer’s information You must sign and date your return. If you do not sign your return, it will not be considered filed and you may be subject to a nonfiler penalty. If you pay someone to prepare your return, the income tax return preparer must also sign and date the return, enter the preparer tax identification number (PTIN) issued to them by the Internal Revenue Service, and provide their firm’s name, address, and phone number. If you want to allow the paid preparer listed in this step to discuss this return with IDOR, check the box. This authorization will allow your paid preparer to answer any questions that arise during the processing of your return, call us with questions about your return, and receive or respond to notices we send. The authorization will automatically end no later than one year after you file your amended return. You may revoke the authorization at any time by calling or writing us. Page 6 of 6 IL-1120-ST-X Instructions (R-12/20)
Extracted from PDF file 2020-illinois-form-il-1120-st-x.pdf, last modified November 2020

More about the Illinois Form IL-1120-ST-X Corporate Income Tax Amended Return TY 2020

We last updated the Amended Small Business Corporation Replacement Tax Return - Includes Schedule B) in February 2021, so this is the latest version of Form IL-1120-ST-X, fully updated for tax year 2020. You can download or print current or past-year PDFs of Form IL-1120-ST-X directly from TaxFormFinder. You can print other Illinois tax forms here.


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Related Illinois Corporate Income Tax Forms:

TaxFormFinder has an additional 75 Illinois income tax forms that you may need, plus all federal income tax forms. These related forms may also be needed with the Illinois Form IL-1120-ST-X.

Form Code Form Name
Form IL-1120-ST-V Payment Voucher for Small Business Corporation Replacement Tax
Form IL-1120 Corporation Income and Replacement Tax Return
Form IL-1120-V Payment Voucher for Corporation Income and Replacement Tax
Form IL-1120-ST Small Business Corporation Replacement Tax Return (Includes Schedule B)
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

Download all IL tax forms View all 76 Illinois Income Tax Forms


Form Sources:

Illinois usually releases forms for the current tax year between January and April. We last updated Illinois Form IL-1120-ST-X from the Department of Revenue in February 2021.

Show Sources >

Form IL-1120-ST-X is an Illinois Corporate Income Tax form. An amended tax return is used to correct errors or omissions in a previously-filed tax return. While taxpayers will not generally be punished simply for correcting an error in a previous return, errors that resulted in an underpayment of owed tax can sometimes result in penalties or interest owed.

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-ST-X

We have a total of ten past-year versions of Form IL-1120-ST-X in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:


2020 Form IL-1120-ST-X

2020 IL-1120-ST-X Instructions

2019 Form IL-1120-ST-X

2019 IL-1120-ST-X Instructions

2018 Form IL-1120-ST-X

2017 IL-1120-ST-X, Amended Small Business Corporation Replacement Tax Return

2017 Form IL-1120-ST-X

2017 IL-1120-ST-X, Amended Small Business Corporation Replacement Tax Return

2016 Form IL-1120-ST-X

2016 IL-1120-ST-X, Amended Small Business Corporation Replacement Tax Return

2014 IL-1120-ST-X 2014 Form IL-1120-ST-X

2014, IL-1120-ST-X, Amended Small Business Corporation Replacement Tax Return

Amended Small Business Corporation Replacement Tax Return 2013 Form IL-1120-ST-X

2013 IL-1120-ST-X


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Source: http://www.taxformfinder.org/illinois/form-il-1120-st-x