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Illinois Free Printable 2020 Schedule UB/INS - Tax for a Unitary Business Group with Foreign Insurer Members for 2021 Illinois Tax for a Unitary Business Group with Foreign Insurer Members

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Tax for a Unitary Business Group with Foreign Insurer Members
2020 Schedule UB/INS - Tax for a Unitary Business Group with Foreign Insurer Members

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 a Unitary Business Group with Foreign Insurer Members Month Year *33512201W* Year ending 2020 Schedule UB/INS _____ _____ For tax years ending on or after December 31, 2020. Attach to your Form IL-1120. IL Attachment No. 7 __________________________________________________________ ___ ___ - ___ ___ ___ ___ ___ ___ ___ Enter your name as shown on the tax return of the member filing the Schedule UB. Enter your federal employer identification number (FEIN). You must complete Steps 1 through 7 of your Form IL-1120 and all steps of your Schedule UB, Combined Apportionment or Unitary Business Groups, before completing this schedule. Step 1: Figure your foreign insurer member’s A B C tentative tax __ __-__ __ __ __ __ __ __ __ __-__ __ __ __ __ __ __ __ __-__ __ __ __ __ __ __ FEIN FEIN FEIN 1 Enter your combined business income (loss) from Form IL-1120, Line 27. 1 ____________ 00 ____________ 00 ____________ 00 2 Compute the foreign insurer member’s apportionment factor. a Enter the foreign insurer member’s Illinois net sales from Step 4, Line 3 of your Schedule UB. Enter the total in this space: ______________________ 2a ____________ 00 ____________ 00 ____________ 00 b Enter the total everywhere sales from Form IL-1120, Line 28. 2b ____________ 00 ____________ 00 ____________ 00 c Divide Line 2a by Line 2b. Round to six decimal places. This is the foreign insurer member’s apportionment factor. 2c ___•____________ ___•____________ ___•____________ 3 Multiply Line 1 by Line 2c. This is the foreign insurer member’s business income (loss) apportioned to Illinois. 3 ____________ 00 ____________ 00 4 Enter the foreign insurer member’s nonbusiness income (loss) allocable to IL. 4 ____________ 00 ____________ 00 5 Enter the foreign insurer member’s non-unitary partnership business income (loss) apportioned to Illinois. 5 ____________ 00 ____________ 00 6 Add Lines 3 through 5. This is the foreign insurer member’s base income or loss allocable to Illinois. 6 ____________ 00 ____________ 00 7 Enter the unitary group’s base income or loss allocable to Illinois from your Form IL-1120, Line 34. 7 ____________ 00 ____________ 00 8 Divide Line 6 by Line 7. Round to six decimal places. This is the foreign insurer ____________ 00 ____________ 00 ____________ 00 ____________ 00 ____________ 00 member’s share of Illinois base income or loss allocable to Illinois. If negative, enter zero. 8___•____________ ___•____________ ___•____________ 9 Enter the Illinois net loss deduction from your Form IL-1120, Line 38. 9 ____________ 00 ____________ 00 ____________ 00 10 Multiply Line 9 by Line 8. This is the foreign ins. member’s share of the NLD. 10 ____________ 00 ____________ 00 ____________ 00 11 Subtract Line 10 from Line 6. This is the foreign insurer member’s net income or loss. 11 ____________ 00 ____________ 00 ____________ 00 12 Multiply Line 11 by 2.5% (.025). This is the foreign insurer member’s tentative replacement tax. 12 ____________ 00 ____________ 00 ____________ 00 13 See Instructions. This is the foreign insurer member’s tentative income tax. 13 ____________ 00 ____________ 00 ____________ 00 14 15 16 17 18 Enter the recapture of investment credits from your Form IL-1120, Line 46. 14 ____________ 00 ____________ 00 ____________ 00 Multiply Line 14 by Line 8. This is the foreign ins. member’s share of recapture. 15 ____________ 00 ____________ 00 ____________ 00 Add Lines 13 and 15. This is the tentative income tax plus recapture. Enter the Schedule 1299-D credits from your Form IL-1120, Line 48. Multiply Line 17 by Line 8. This is the foreign insurer member’s share of Schedule 1299-D credits. 19 Subtract Line 18 from Line 16 (cannot be less than zero). This is the foreign insurer member’s tentative net income tax. 20 Add Lines 12 and 19. This is the foreign insurer member’s tentative total net tax. Schedule UB/INS (R-12/20) 16 ____________ 00 ____________ 00 ____________ 00 17 ____________ 00 ____________ 00 ____________ 00 18 ____________ 00 ____________ 00 ____________ 00 19 ____________ 00 ____________ 00 ____________ 00 20 ____________ 00 ____________ 00 ____________ 00 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. Page 1 of 3 *33512202W* Step 2: Figure the tax imposed by the foreign insurer member’s state or country A B C of domicile (See instructions.) __ __-__ __ __ __ __ __ __ __ __-__ __ __ __ __ __ __ __ __-__ __ __ __ __ __ __ 21 22 23 24 FEIN FEIN FEIN Enter the foreign ins. member’s state or country of domicile. State or country: 21 ______________ _______________ ______________ Enter the base income (loss) from your Form IL-1120, Line 23. Enter the foreign insurer member’s net income from Line 11. 22 ____________ 00 ____________ 00 ____________ 00 23 ____________ 00 ____________ 00 ____________ 00 Multiply Line 22 by Line 8. This is the foreign insurer member’s share of base income (loss). 24 ____________ 00 ____________ 00 ____________ 00 25 Figure the pro forma tax imposed by the foreign insurer member’s state or country of domicile, using the income shown on Lines 22 and 23. If the state or country of domicile does not impose an income tax on insurance companies, check the box and enter zero on this line. 25 _________ 00 _________ 00 _________ 00 Step 3: Figure your foreign insurer member’s income tax reduction limit 26 Enter the foreign insurer member’s net premiums taxable under Section 409 of the Illinois Insurance Code and included in your Form IL-1120, Step 4, Line 29. 27 Multiply Line 26 by 1.75% (.0175). This is the total tax reduction limit. 28 Enter the following amounts deducted when you computed this year’s 26 ____________ 00 ____________ 00 ____________ 00 27 ____________ 00 ____________ 00 ____________ 00 federal taxable income for the foreign insurer members: a The privilege tax imposed under Section 409 of the Illinois Insurance Code. Do not include retaliatory tax. 28a ____________ 00 ____________ 00 ____________ 00 b The fire insurance company tax imposed under Section 12 of the Fire Investigation Act. 28b ____________ 00 ____________ 00 ____________ 00 c Any fire department tax imposed under Section 11-10-1 of the Illinois Municipal Code. 28c ____________ 00 ____________ 00 ____________ 00 29 Add Lines 28a through 28c. 30 Subtract Line 29 from Line 27 (cannot be less than zero). This is the 1.75 percent income tax reduction limit. 29 ____________ 00 _ ___________ 00 ____________ 00 30 ____________ 00 ____________ 00 _ ___________ 00 Step 4: Figure your foreign insurer member’s tax 31 Enter the foreign insurer member’s pro forma tax from Line 25. 31 ____________ 00 32 Enter the foreign insurer member’s 1.75 percent income tax reduction limit from Line 30. 32 ____________ 00 33 Enter the greater of Line 31 or Line 32. 33 ____________ 00 34 Enter the foreign insurer member’s tentative replacement tax from Line 12. 34 ____________ 00 35 Enter the lesser of Line 33 or Line 34. This is the foreign insurer member’s replacement tax. Enter the total in this space: ______________ 35 ____________ 00 36 If Line 33 is greater than Line 35, subtract Line 35 from Line 33. Otherwise, enter zero. This is the maximum net income tax after applying credits. 37 Enter the foreign insurer member’s tentative net income tax from Line 19. ____________ 00 ____________ 00 ____________ 00 ____________ 00 ____________ 00 ____________ 00 ____________ 00 ____________ 00 ____________ 00 ____________ 00 36 ____________ 00 _ ___________ 00 ____________ 00 37 ____________ 00 _ ___________ 00 ____________ 00 38 Enter the lesser of Line 36 or Line 37. This is the net income tax after applying credits. Enter the total in this space: ______________ 38 ____________ 00 _ ___________ 00 ____________ 00 Enter the amounts from Page 2, Line 38. Page 2 of 3 Schedule UB/INS (R-12/20) *33512203W* Enter the total from Line 38 in this space: ______________ 38 ____________ 00 _ ___________ 00 ____________ 00 39 Enter the foreign insurer member’s share of Schedule 1299-D credits from Line 18. Enter the total in this space: ______________ 39 ____________ 00 _ ___________ 00 ____________ 00 40 Add Lines 38 and 39. This is the foreign insurer member’s income tax before applying credits. Enter the total in this space: _______________ 40 ____________ 00 ____________ 00 ____________ 00 Step 5: Figure the net income of your other (domestic insurer and non-insurer) members 41 Enter the business income (loss) of the unitary business group from Form IL-1120, Line 27. 41 ____________ 00 42 Figure the apportionment formula. a Enter the total Illinois net sales from Form IL-1120, Line 29. 42a ____________ 00 b Enter the foreign insurer members’ total sales from the total line of Line 2a. 42b ____________ 00 43 Subtract Line 42b from Line 42a. This is the other members’ total Illinois sales. 43 ____________ 00 44 Enter the total sales everywhere from your Form IL-1120, Line 28. 44 ____________ 00 45 Divide Line 43 by Line 44. Round to six decimal places. This is the other members’ apportionment factor. 45 ___ • ____________ 46 Multiply Line 41 by Line 45. This is the other members’ business income (loss) apportioned to Illinois. 46 ____________ 00 47 Enter the other members’ nonbusiness income (loss) allocable to Illinois. 47 ____________ 00 48 Enter the other members’ non-unitary partnership business income (loss) apportioned to Illinois. 48 ____________ 00 49 Add Lines 46 through 48. This is the other members’ base income or loss allocable to Illinois. 49 ____________ 00 50 Enter the unitary group’s base income or loss allocable to Illinois from your Form IL-1120, Line 34. 50 ____________ 00 51 Divide Line 49 by Line 50. Round to six decimal places. This is the other members’ share of Illinois base income or loss. If negative, enter zero. 51 ___ • ____________ 52 Enter the Illinois net loss deduction from your Form IL-1120, Line 38. 52 ____________ 00 53 Multiply Line 52 by Line 51. This is the other members’ share of the Illinois net loss deduction. 53 ____________ 00 54 Subtract Line 53 from Line 49. This is the other members’ net income. 54 ____________ 00 Step 6: Figure your unitary group’s total tax 55 56 57 58 59 55 ____________ 00 Enter the foreign insurer members’ total replacement tax from the total line of Line 35. 56 ____________ 00 Add Lines 55 and 56. 57 ____________ 00 Enter the replacement tax after credits from your Form IL-1120, Step 6, Line 44. 58 ____________ 00 Multiply Line 54 by 2.5% (.025). This is the other members’ replacement tax. Subtract Line 57 from Line 58. This is your unitary group’s replacement tax reduction. Enter this amount on your Form IL-1120, Step 8, Line 51. 60 See Instructions. This is the other members’ income tax. 61 62 63 64 65 66 67 68 Enter the recapture of investment credits from your Form IL-1120, Line 46. 69 70 71 72 Subtract Line 68 from Line 67. This is the foreign insurer members’ total net income tax. 59 ____________ 00 60 ____________ 00 61 62 Add Lines 60 and 62. This is the total other members’ tentative income tax plus recapture. 63 Enter the Schedule 1299-D credits from your Form IL-1120, Line 48. 64 Multiply Line 64 by Line 51. This is the other members’ share of Schedule 1299-D credits. 65 Subtract Line 65 from Line 63 (cannot be less than zero). This is the other members’ net income tax. 66 Enter the foreign insurer members’ total income tax before credits from the total line of Line 40. 67 Enter the foreign insurer members’ total share of credits from the total line of Line 39. 68 ____________ 00 Multiply Line 61 by Line 51. This is the other members’ share of recapture. ____________ 00 Add Lines 66 and 69. ____________ 00 ____________ 00 ____________ 00 ____________ 00 ____________ 00 69 ____________ 00 70 ____________ 00 71 ____________ 00 Enter the income tax after credits from your Form IL-1120, Step 7, Line 49. Subtract Line 70 from Line 71. This is your unitary group’s income tax reduction. Enter this amount on your Form IL-1120, Step 8, Line 54. Schedule UB/INS (R-12/20) ____________ 00 Printed by the authority of the State of Illinois - web only, 1 copy Reset Print 72 ____________ 00 Page 3 of 3
Extracted from PDF file 2020-illinois-schedule-ub-ins.pdf, last modified May 2020

More about the Illinois Schedule UB-INS Corporate Income Tax TY 2020

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

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 Schedule UB-INS.

Form Code Form Name
Schedule UB-NLD Unitary Illinois Net Loss Deduction [OBSOLETE]
Schedule UB Combined Apportionment for Unitary Business Group

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 UB-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 UB-INS

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


2020 Schedule UB-INS

2020 Schedule UB/INS - Tax for a Unitary Business Group with Foreign Insurer Members

2019 Schedule UB-INS

2019 Schedule UB/INS Instructions

2018 Schedule UB-INS

2018 IL-1120 Schedule UB/INS, Tax for a Unitary Business Group with Foreign Insurer Members

2017 Schedule UB-INS

2017 IL-1120 Schedule UB/INS, Tax for a Unitary Business Group with Foreign Insurer Members

2016 Schedule UB-INS

2016 Schedule UB/INS, Tax for a Unitary Business Group with Foreign Insurer Members

Tax for a Unitary Business Group with Foreign Insurer Members 2015 Schedule UB-INS

(2015) (IL-1120) Schedule UB/INS, Tax for a Unitary Business Group with Foreign Insurer Members


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