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Illinois Free Printable Schedule INL, Illinois Net Loss Adjustments for Cooperatives and REMIC Owners for 2021 Illinois Illinois Net Loss Adjustments for Cooperatives and REMIC Owners

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Illinois Net Loss Adjustments for Cooperatives and REMIC Owners
Schedule INL, Illinois Net Loss Adjustments for Cooperatives and REMIC Owners

Use your mouse or Tab key to move through the fields. Use your mouse or space bar to enable check boxes. Illinois Department of Revenue Attach to your Form IL-1120. Schedule INL *95512191W* Year ending __ __ Illinois Net Loss Adjustments for Cooperatives and REMIC Owners Month Year IL Attachment No. 20 Step 1: Provide the following information A _____________________________________________________________ B ___ ___ - ___ ___ ___ ___ ___ ___ ___ Enter your federal employer identification number (FEIN). Enter your name as shown on your Form IL-1120. C Check the box indicating the reason for completing Schedule INL. Cooperative Adjustments (Complete Steps 2 and 3 only.) REMIC Adjustments (Complete Step 4 only.) Step 2: Make your election (Cooperatives only) 1 Mark this box if this is the first year for which you are filing Schedule INL. If you marked the box in Line 1, complete the following statement by checking the appropriate box 1a or 1b. I elect to compute Illinois net income for all taxable years: a allowing patronage losses to offset nonpatronage income. If you check this box, do not complete Step 3 on this form or complete this form in subsequent years. b without allowing patronage losses to offset nonpatronage income. 2 Mark this box if you elected to offset nonpatronage loss against patronage income for federal purposes for this tax year. Step 3: Figure your Illinois income or loss (Cooperatives only) A B Patronage Nonpatronage 3 Federal taxable income. (Federal Form 1120-C, Schedule G, Line 10, or Form 8817, Line 29.) 3a ____________ 00 3b ____________ 00 4 Addition modifications 4a ____________ 00 4b ____________ 00 5 Subtraction modifications 5a ____________ 00 5b ____________ 00 6 Base income. Add Lines 3 through 5. 6a ____________ 00 6b ____________ 00 7 Nonbusiness income or loss 7a ____________ 00 7b ____________ 00 8 Business income or loss from non-unitary partnerships, partnerships included on Schedule UB, S corporations, trusts, or estates. 8a ____________ 00 8b ____________ 00 9 Add Lines 7 and 8. 9a ____________ 00 9b ____________ 00 10 Business income or loss. Subtract Line 9 from Line 6. 10a ____________ 00 10b ____________ 00 11 Apportionment factor from Form IL-1120, Line 30 11a ___ ___________ 11b ___ ___________ 12 Business income or loss apportioned to Illinois. Multiply Line 10 by Line 11. 12a ____________ 00 12b ____________ 00 13 Nonbusiness income or loss allocated to Illinois from Form IL-1120, Line 32. 13a ____________ 00 13b ____________ 00 14 Business income or loss apportionable to Illinois from non-unitary partnerships, partnerships included on a Schedule UB, S corporations, trusts, or estates from Form IL-1120, Line 33. 14a ____________ 00 14b ____________ 00 15 Base income or loss allocable to Illinois. Add Lines 12 through 14. 15a ____________ 00 15b ____________ 00 16 Discharge of Indebtedness adjustment. See instructions. 16a ____________ 00 16b ____________ 00 17 Adjusted base income or net loss. Add Lines 15 and 16. See instructions. 17a ____________ 00 17b ____________ 00 18 Illinois net loss deduction 18a ____________ 00 18b ____________ 00 19 Net income or loss. Subtract Line 18 from Line 17. 19a ____________ 00 19b ____________ 00 20 Combined net income or loss. See instructions. 20 ____________ 00 Schedule INL Front (R-12/19) 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. *95512192W* Step 4: Figure your Illinois income or loss (REMIC residual interest owners only.) 1 Enter your base income or net loss from Form IL-1120, Line 35. 1 ____________ 00 2 Enter your recomputed federal taxable income. See instructions. 2 ____________ 00 3 Total addition modifications. (Form IL-1120, Lines 2 through 8.) 3 ____________ 00 4 Total subtraction modifications entered as a negative number. (Form IL-1120, Line 22.) 4 ____________ 00 5 Base income. Add Lines 2 through 4. 5 ____________ 00 6 Nonbusiness income or loss. (Form IL-1120, Line 24.) 6 ____________ 00 7 Business income or loss from non-unitary partnerships, partnerships included on a Schedule UB, S corporations, trusts, or estates. (Form IL-1120, Line 25.) 7 ____________ 00 8 Add Lines 6 and 7. 8 ____________ 00 9 Business income or loss. Subtract Line 8 from Line 5. 9 ____________ 00 10 Apportionment factor from Form IL-1120, Line 30 10 ___ ___________ 11 Business income or loss apportioned to Illinois. Multiply Line 9 by Line 10. 11 ____________ 00 12 Nonbusiness income or loss allocated to Illinois from Form IL-1120, Line 32. 12 ____________ 00 13 Business income or loss apportionable to Illinois from non-unitary partnerships, partnerships included on a Schedule UB, S corporations, trusts, or estates from Form IL-1120, Line 33. 13 ____________ 00 14 Recomputed base income or net loss allocable to Illinois. Add Lines 11 through 13. 14 ____________ 00 15 Subtract Line 1 from Line 14. See instructions. If the result is positive or zero, stop here. Do not complete the rest of this form. 15 ____________ 00 16 Enter any discharge of indebtedness amount from Form IL-1120, Line 36. 16 ____________ 00 17 If Line 1 is negative or zero, add Lines 1 and 16, and enter the total here. positive, enter zero here. 17 ____________ 00 18 Add Lines 15 and 17. If the result is n egative, this is the amount you may use as an NLD carryforward in subsequent tax years. 18 ____________ 00 Schedule INL Back (R-12/19) Printed by the authority of the State of Illinois - web only, 1 copy Reset Print
Extracted from PDF file 2020-illinois-schedule-inl.pdf, last modified July 2019

More about the Illinois Schedule INL Corporate Income Tax TY 2020

We last updated the Illinois Net Loss Adjustments for Cooperatives and REMIC Owners in April 2021, so this is the latest version of Schedule INL, fully updated for tax year 2020. You can download or print current or past-year PDFs of Schedule INL directly from TaxFormFinder. You can print other Illinois tax forms here.


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Other Illinois Corporate Income Tax Forms:

TaxFormFinder has an additional 75 Illinois income tax forms that you may need, plus all federal income tax forms.

Form Code Form Name
Form IL-1120-ST-V Payment Voucher for Small Business Corporation Replacement Tax
Schedule K-1-T Beneficiary's Share of Income and Deductions
Form IL-1120 Corporation Income and Replacement Tax Return
Form IL-1120-ST Small Business Corporation Replacement Tax Return (Includes Schedule B)
Form IL-516-B Pass-through Prepayment [OBSOLETE]

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 Schedule INL from the Department of Revenue in April 2021.

Show Sources >

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 Schedule INL

We have a total of six past-year versions of Schedule INL in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:


2020 Schedule INL

Schedule INL, Illinois Net Loss Adjustments for Cooperatives and REMIC Owners

2019 Schedule INL

2019 (IL-1120) Schedule INL, Instructions for Illinois Net Loss Adjustments for Cooperatives and REMIC Owners

2018 Schedule INL

Schedule INL, Illinois Net Loss Adjustments for Cooperatives and REMIC Owners

2016 Schedule INL

Schedule INL, Illinois Net Loss Adjustments for Cooperatives and REMIC Owners

Illinois Net Loss Adjustments for Cooperatives and REMIC Owners 2015 Schedule INL

(IL-1120) Schedule INL, Illinois Net Loss Adjustments for Cooperatives and REMIC Owners

Schedule INL  Illinois Net Loss Adjustments for Cooperatives and REMIC Owners 2014 Schedule INL

Schedule INL Illinois Net Loss Adjustments for Cooperatives and REMIC Owners


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