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Illinois Free Printable 2023 Form IL-1120-ST, Small Business Corporation Replacement Tax Return for 2024 Illinois Small Business Corporation Replacement Tax Return (Includes Schedule B)

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Small Business Corporation Replacement Tax Return (Includes Schedule B)
2023 Form IL-1120-ST, Small Business Corporation Replacement Tax Return

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 *32712231W* Small Business Corporation Replacement Tax Return 2023 Form IL-1120-ST Due on or before the 15th day of the 3rd month following the close of the tax year. If this return is not for calendar year 2023, enter your fiscal tax year here. Tax year beginning 20 , ending 20 month day year month day Enter the amount you are paying. year This form is for tax years ending on or after December 31, 2023, and before December 31, 2024. For all other situations, see instructions to determine the correct form to use. $ N Enter your federal employer identification number Step 1: Identify your small business corporation A Enter your complete legal business name. If you have a name change, check this box. Name: (FEIN). O Check this box if you are a member of a unitary business group and enter the FEIN of the B Enter your mailing address. member who prepared the Schedule UB, Combined Apportionment for Unitary Business Group. Attach Schedule UB to this return. C/O: Mailing address: City: State: First return Final return (Enter the date of termination. ZIP: P Enter your North American Industry Classification C If this is the first or final return, check the applicable box(es). mm dd yyyy ) System (NAICS) Code. See instructions. Q your Illinois corporate file (charter) number issued by the Secretary of State. Enter 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 Apportionment Formulas. Check the appropriate box or boxes and see the Apportionment Formula instructions. Financial organizations Transportation companies Federally regulated exchanges Sales companies F Check this box if you attached Form IL-4562. G Check this box if you attached Illinois Schedule M (for businesses). H Check this box if you attached Schedule 80/20. I Check this box if you attached Schedule 1299-A. J Check this box if you attached the Subgroup Schedule. K Check this box if you are a 52/53 week filer. L Check this box if you elected to file and pay Pass-through Entity Tax. See instructions. M If you are paying Pass-through Entity Tax and you annualized your income on Form IL-2220, check this box and attach Form IL-2220. R Enter the city, state, and zip code where your accounting records are kept. (Use the two-letter postal abbreviation, e.g., IL, GA, etc.) City and attach the federal form(s) to this return. Federal Form 8886 Federal Sch. M-3, Part II, Line 10 U If you are making a discharge of indebtedness adjustment on Schedule NLD or Form IL-1120-ST, Line 48, check this box and attach federal Form 982. Check this box if your business activity is V protected under Public Law 86-272. Step 2: Figure your ordinary income or loss Attach your payment and Form IL-1120-ST-V here. 1 2 3 4 5 (Whole dollars only) 00 00 00 00 00 6 7 00 00 00 00 00 8 Expense deduction under IRC Section 179. 9 Interest on investment indebtedness. 10 All other items of expense that were not deducted in the computation of ordinary income or loss on Page 1 of U.S. Form 1120-S. See instructions. Identify: ______________________________ 11 Add Lines 8 through 11. 12 Subtract Line 12 from Line 7. This amount is your total unmodified base income or loss. 13 IR IL-1120-ST (R-12/23) NS DR 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 36 and 44. T If you have completed the following, check the box 1 Ordinary income or loss, or equivalent from federal Schedule K. 2 Net income or loss from all rental real estate activities. 3 Net income or loss from other rental activities. 4 Portfolio income or loss. 5 Net IRC Section 1231 gain or loss. 6 All other items of income or loss that were not included in the computation of income or loss on Page 1 of U.S. Form 1120-S. See instructions. Identify: ______________________________ 7 Add Lines 1 through 6. This is your ordinary income or loss. Step 3: Figure your unmodified base income or loss 8 Charitable contributions. 9 10 11 12 13 State 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. 00 00 00 Page 1 of 5 *32712232W* Step 4: Figure your income or loss 14 15 16 17 18 19 20 21 22 Enter the amount from Line 13. Unitary filers, enter the amount from Schedule UB, Step 2, Col E, Line 30. 14 00 15 16 17 18 19 20 21 22 00 34 35 00 State, municipal, and other interest income excluded from Line 14. Illinois taxes and surcharge deducted in arriving at Line 14. See instructions. Illinois Special Depreciation addition. Attach Form IL-4562. Related-Party Expenses addition. Attach Schedule 80/20. Distributive share of additions. Attach Schedule(s) K-1-P or K-1-T. The amount of loss distributable to a shareholder subject to replacement tax. Attach Schedule B. Other additions. Attach Illinois Schedule M (for businesses). Add Lines 14 through 21. This amount is your income or loss. 00 00 00 00 00 00 00 Step 5: Figure your base income or loss 23 Interest income from U.S. Treasury or other exempt federal obligations. 23 00 24 River Edge Redevelopment Zone Dividend subtraction. Attach Schedule 1299-A. 25 River Edge Redevelopment Zone Interest subtraction. Attach Schedule 1299-A. 26 High Impact Business Dividend subtraction. Attach Schedule 1299-A. 27 High Impact Business Interest subtraction. Attach Schedule 1299-A. 28 Contribution subtraction. Attach Schedule 1299-A. 29 Illinois Special Depreciation subtraction. Attach Form IL-4562. 30 Related-Party Expenses subtraction. Attach Schedule 80/20. 31 Distributive share of subtractions. Attach Schedule(s) K-1-P or K-1-T. 32 Other subtractions. Attach Schedule M (for businesses). 33 00 24 Share of income distributable to a shareholder subject to replacement tax. Attach Schedule B. 25 26 27 28 29 30 31 32 33 34 Total subtractions. Add Lines 23 through 33. 35 Base income or loss. Subtract Line 34 from Line 22. 00 00 00 00 00 00 00 00 00 00 A If the amount on Line 35 is derived inside Illinois only, check this box and enter the amount from Step 5, Line 35 on Step 7, Line 47. You may not complete Step 6. (You must leave Step 6, Lines 36 through 46 blank.) If you are a unitary filer, do not check this box. Check the box on Line B and complete Step 6. B If any portion of the amount on Line 35 is derived outside Illinois, or you are a unitary filer, check this box and complete all lines of Step 6. (Do not leave Lines 40 through 42 blank.) See instructions. Step 6: Figure your income allocable to Illinois (Complete only if you checked the box on Line B, above.) 36 Nonbusiness income or loss. Attach Schedule NB. 37 Business income or loss included in Line 35 from non-unitary partnerships, partnerships included on a Schedule UB, S corporations, trusts, or estates. See instructions. 38 Add Lines 36 and 37. 39 Business income or loss. Subtract Line 38 from Line 35. 40 Total sales everywhere. This amount cannot be negative. 40 41 Total sales inside Illinois. This amount cannot be negative. 41 42 Apportionment factor. Divide Line 41 by Line 40. Round to six decimal places. 42 43 Business income or loss apportionable to Illinois. Multiply Line 39 by Line 42. 44 Nonbusiness income or loss allocable to Illinois. Attach Schedule NB. 45 Business income or loss apportionable to Illinois from non-unitary partnerships, partnerships included on a Schedule UB, S corporations, trusts, or estates. See instructions. 46 Base income or loss allocable to Illinois. Add Lines 43 through 45. IL-1120-ST (R-12/23) 36 00 37 38 39 00 00 00 43 44 00 45 46 00 00 00 Page 2 of 5 *32712233W* Step 7: Figure your net income 47 48 49 50 Base income or net loss from Step 5, Line 35, or Step 6, Line 46. Discharge of indebtedness adjustment. Attach federal Form 982. See instructions. Adjusted base income or net loss. Add Lines 47 and 48. Illinois net loss deduction. If Line 49 is zero or a negative amount, enter zero. Attach Schedule NLD. Check this box and attach a detailed statement if you have merged losses. 51 Net income. Subtract Line 50 from Line 49. 47 48 49 50 00 00 00 00 51 00 Step 8: Figure the taxes, surcharges, pass-through withholding, and penalty you owe 52 53 54 55 56 57 58 59 60 61 62 63 64 Replacement tax. Multiply Line 51 by 1.5% (.015). Recapture of investment credits. Attach Schedule 4255. Replacement tax before investment credits. Add Lines 52 and 53. Investment credits. Attach Form IL-477. Net replacement tax. Subtract Line 55 from Line 54. If the amount is negative, enter zero. Compassionate Use of Medical Cannabis Program Act surcharge. See instructions. Sale of assets by gaming licensee surcharge. See instructions. Pass-through withholding you owe on behalf of your members. Enter the amount from Schedule B, Section A, Line 5. See instructions. Attach Schedule B. 00 Pass-through entity income. See instructions. 60 Pass-through entity tax. Multiply Line 60 by 4.95% (.0495). Total net replacement tax, surcharges, pass-through withholding, and pass-through entity tax you owe. Add Lines 56, 57, 58, 59, and 61. Underpayment of estimated tax penalty from Form IL-2220. See instructions. Total taxes, surcharges, pass-through withholding, and penalty. Add Lines 62 and 63. 52 53 54 55 56 57 58 00 00 00 00 00 00 00 59 00 61 00 62 63 64 00 00 00 Step 9: Figure your refund or balance due 65 Payments. See instructions. a Credit from previous overpayments. b Total payments made before the date this return is filed. c Pass-through withholding reported to you. 65a 65b 00 00 Attach Schedule(s) K-1-P or K-1-T. 65c d Illinois income tax withholding. Attach Form(s) W-2G. 65d 66 Total payments. Add Lines 65a through 65d. 67 Overpayment. If Line 66 is greater than Line 64, subtract Line 64 from Line 66. 68 Amount to be credited forward. See instructions. Check this box and attach a detailed statement if this carryforward is going to a different FEIN. 69 Refund. Subtract Line 68 from Line 67. This is the amount to be refunded. 70 Complete to direct deposit your refund 00 00 66 67 68 00 00 00 69 00 71 Tax Due. If Line 64 is greater than Line 66 subtract Line 66 from Line 64. This is the amount you owe. 71 00 Routing Number Checking or Savings Account Number Enter the amount of your payment on the top of Page 1 in the space provided. Step 10: 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. Sign Here ( Signature of authorized officer Paid Preparer Use Only Date (mm/dd/yyyy) Print/Type paid preparer’s name Title Paid preparer’s signature Check if the Department may discuss this return with the paid preparer shown in this step. ) Phone Date (mm/dd/yyyy) Check if self-employed Paid Preparer’s PTIN Firm’s name Firm’s FEIN Firm’s address Firm’s phone ( ) If a payment is enclosed, mail your Form IL-1120-ST to: If a payment is not enclosed, mail your Form IL-1120-ST to: Illinois Department of Revenue Illinois Department of Revenue P.O. Box 19053 P.O. Box 19032 Springfield, IL 62794-9053 Springfield, IL 62794-9032 IL-1120-ST (R-12/23) Printed by the authority of the state of Illinois - electronic only - one copy. Page 3 of 5 Illinois Department of Revenue 2023 Schedule B Year ending *30812231W* Partners’ or Shareholders’ Information Month Attach to your Form IL-1065 or Form IL-1120-ST. Enter your name as shown on your Form IL-1065 or Form IL-1120-ST. Year IL Attachment No. 1 Enter your federal employer identification number (FEIN). Read this information first • You must read the Schedule B instructions and complete Schedule(s) K-1-P and Schedule(s) K-1-P(3) before completing this schedule. • You must complete Section B of Schedule B and provide all the required information for your partners or shareholders before completing Section A of Schedule B. Failure to follow these instructions may delay the processing of your return or result in you receiving further correspondence from the Illinois Department of Revenue. You may also be required to submit further information to support your filing. Section A: Total members’ information (from Schedule(s) K-1-P and Schedule B, Section B) Before completing this section you must first complete Schedule(s) K-1-P, Schedule(s) K-1-P(3) and Schedule B, Section B. You will use the amounts from those schedules when completing this section. Totals for resident and nonresident partners or shareholders (from Schedule(s) K-1-P and Schedule B, Section B) 1 Enter the total of all nonbusiness income or loss you reported on Schedule(s) K-1-P for your members. 1 See instructions. 2 Enter the total of all income and replacement tax credits you reported on Schedule(s) K-1-P for your 2 members. See instructions. 3 Add the amounts shown on Schedule B, Section B, Line E for all partners or shareholders on all pages for which you have checked the box indicating the entity is subject to Illinois replacement tax or an ESOP. Enter the total here. See instructions. 3 Totals for nonresident partners or shareholders only (from Schedule B, Section B) 4 Enter the total pass-through withholding you reported on all pages of your Schedule B, Section B, Line J for your a. b. c. d. e. nonresident individual members. See instructions. 4a nonresident estate members. See instructions. 4b partnership and S corporation members. See instructions. 4c nonresident trust members. See instructions. 4d C corporation members. See instructions. 4e 5 Add Line 4a through Line 4e. This is the total pass-through withholding you owe on behalf of all your nonresident partners or shareholders. This amount should match the total amount from Schedule B, Section B, Line J for all nonresident partners or shareholders on all pages. Enter the total here and on Form IL-1065 (Form IL-1065-X), Line 59, or Form IL-1120-ST (Form IL-1120-ST-X), Line 59. See instructions. 6 Enter the total pass-through entity tax credit paid on all pages of Schedule B, Section B, Line K. 5 6 7 Enter the total pass-through entity tax credit received and distributed on all pages of Schedule B, 7 Section B, Line L. Attach all pages of Schedule B, Section B behind this page. Schedule B (R-12/23) 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 4 of 5 Illinois Department of Revenue 2023 Schedule B *30812232W* Enter your name as shown on your Form IL-1065 or Form IL-1120-ST. Enter your federal employer identification number (FEIN). Section B: Members’ information (See instructions before completing.) Member 1 Member 2 A Name C/O Address 1 Address 2 City State, ZIP B Partner or Shareholder Member 3 C SSN/FEIN D Subject to Illinois replacement tax or an ESOP E Member’s distributable amount of base income or loss F Excluded from pass-through withholding G Share of Illinois income subject to pass-through withholding withholding before credits H Pass-through I Distributable share of credits paid to members J Pass-through withholding amount K PTE tax credit L PTE tax credit received and distributed to members Schedule B (R-12/23) If you have more members than space provided, attach additional copies of this page as necessary. Printed by the authority of the state of Illinois - electronic only - one copy. Reset Print Page 5 of 5
Extracted from PDF file 2023-illinois-form-il-1120-st.pdf, last modified July 2023

More about the Illinois Form IL-1120-ST Corporate Income Tax Tax Return TY 2023

We last updated the Small Business Corporation Replacement Tax Return (Includes Schedule B) in January 2024, so this is the latest version of Form IL-1120-ST, fully updated for tax year 2023. You can download or print current or past-year PDFs of Form IL-1120-ST 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.

Form Code Form Name
Form IL-1120 Corporation Income and Replacement Tax Return
Form IL-1120-V Payment Voucher for Corporation Income and Replacement Tax / Estimated Tax
Form IL-1120-ST-V Payment Voucher for Small Business Corporation Replacement Tax
Form IL-1120-X Amended Corporation Income and Replacement Tax Return
Form IL-1120-ST-X Amended 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-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 from the Department of Revenue in January 2024.

Show Sources >

Form IL-1120-ST 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-ST

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


2023 Form IL-1120-ST

2023 Form IL-1120-ST, Small Business Corporation Replacement Tax Return

2022 Form IL-1120-ST

2022 Form IL-1120-ST, Small Business Corporation Replacement Tax Return

2021 Form IL-1120-ST

2021 IL-1120-ST Instructions

2020 Form IL-1120-ST

2020 IL-1120-ST Instructions

2019 Form IL-1120-ST

2019 IL-1120-ST Instructions

2018 Form IL-1120-ST

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

2017 Form IL-1120-ST

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

2016 Form IL-1120-ST

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

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

2014 Form IL-1120-ST - Small Business Corporation Replacement Tax Return

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

2013 Form IL-1120-ST


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