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Illinois Free Printable Schedule INS, Tax for Foreign Insurers for 2021 Illinois Tax for Foreign Insurers

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Tax for Foreign Insurers
Schedule INS, Tax for Foreign Insurers

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 Tax for Foreign Insurers Schedule INS *33412191W* Attach to your Form IL-1120. This schedule is for tax years ending on or after December 31, 2019. _______________________________________________________ Year ending ___ ___ Month Year IL Attachment No. 7 ___ ___ - ___ ___ ___ ___ ___ ___ ___ Enter your name as shown on your Form IL-1120. Enter your federal employer identification number (FEIN). Step 1: Figure the tax imposed by your state or country of domicile. You must complete Steps 1 through 7 of your Form IL-1120 before completing this schedule. 1 Enter your state or country of domicile. 1 ______________________ 2 Enter the base income from your Form IL-1120, Line 23. 2 ______________________ 00 3 Enter the net income from your Form IL-1120, Line 39. 3 ______________________ 00 4 Compute the pro forma tax imposed by your state or country of domicile using the income shown on Lines 2 and 3. If your state or country of domicile does not impose an income tax on insurance companies, check the box and enter zero on this line. 4 ______________________ 00 The pro forma tax for Line 4 is the total of all tax measured by net income, less credits, imposed by your state or country of domicile, on an insurance company with base income (before apportionment) equal to Line 2 and net income (after apportionment) equal to Line 3. If you did not check the box on Line 4, attach completed copies of all forms necessary to support the computation of this amount. Step 2: Figure your income tax reduction limit. 5 Enter the net premiums taxable under Section 409 of the Illinois Insurance Code and included in your Form IL-1120, Step 4, Line 29. 6 Multiply Line 5 by 1.75 percent (.0175). This is your total tax reduction limit. 5 ______________________ 00 6 ______________________ 00 7 Enter the following amounts deducted when you computed this year’s federal taxable income: a The privilege tax imposed under Section 409 of the Illinois Insurance Code. Do not include retaliatory tax. 7a ______________________ 00 b The fire insurance company tax imposed under Section 12 of the Fire Investigation Act. 7b ______________________ 00 c Any fire department tax imposed under Section 11-10-1 of the Illinois Municipal Code. 7c ______________________ 00 8 Add Lines 7a through 7c. 8 ______________________ 00 9 Subtract Line 8 from Line 6. (If the amount is negative, enter zero.) This is your 1.75 percent (.0175) income tax reduction limit. Enter here and on Line 14. 9 ______________________ 00 Step 3: Figure your tax. 10 11 12 13 14 15 10 ______________________ 00 Enter the income tax from your Form IL-1120, Line 49. 11 ______________________ 00 Add Lines 10 and 11. This is your tentative tax. 12 ______________________ 00 Enter the amount of pro forma tax from Line 4. 13 ______________________ 00 Enter the 1.75 percent (.0175) income tax reduction limit from Line 9. 14 ______________________ 00 Enter the greater of Line 13 or Line 14. 15 ______________________ 00 If Line 15 is greater than Line 12, you are not entitled to a tax reduction. Do not use this schedule. 16 Enter the lesser of Line 10 or Line 15. 16 ______________________ 00 17 Subtract Line 16 from Line 10. This is your replacement tax reduction. Enter this amount on Form IL-1120, Step 8, Line 51. 17 ______________________ 00 18 If Line 15 is greater than Line 16, subtract Line 16 from Line 15. Otherwise, enter zero. This is your maximum net income tax after applying credits. 18 ______________________ 00 19 Enter the lesser of Line 11 or Line 18. 19 ______________________ 00 20 Subtract Line 19 from Line 11. This is your income tax reduction. Enter this amount on Form IL-1120, Step 8, Line 54. 20 ______________________ 00 Enter the replacement tax from your Form IL-1120, Line 44. Schedule INS (IL-1120) (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. Reset Print Printed by the authority of the State of Illinois - web only, 1 copy
Extracted from PDF file 2020-illinois-schedule-ins.pdf, last modified July 2019

More about the Illinois Schedule INS Corporate Income Tax TY 2020

We last updated the Tax for Foreign Insurers in April 2021, so this is the latest version of Schedule INS, fully updated for tax year 2020. You can download or print current or past-year PDFs of Schedule INS directly from TaxFormFinder. You can print other Illinois tax forms here.

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-1065-V Payment Voucher for Partnership Replacement Tax
Form IL-1120-ST Small Business Corporation Replacement Tax Return (Includes Schedule B)

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 INS from the Department of Revenue in April 2021.

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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 INS

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


2020 Schedule INS

Schedule INS, Tax for Foreign Insurers

2019 Schedule INS

2019 (IL-1120) Schedule INS Instructions

2018 Schedule INS

2016 Schedule INS, Tax for Foreign Insurers

2016 Schedule INS

2016 Schedule INS, Tax for Foreign Insurers

Tax for Foreign Insurers 2015 Schedule INS

(IL-1120) Schedule INS, Tax for Foreign Insurers

Schedule INS 2014 Schedule INS

Schedule INS, Tax for Foreign Insurers


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