Fill a Valid Illinois 1120 Form

The Illinois 1120 form is a tax return specifically designed for corporations operating within the state, allowing them to report their income and calculate the replacement tax owed. It is essential for businesses to accurately complete this form to comply with state tax regulations and avoid potential penalties. Understanding the various sections and requirements of the IL-1120 can simplify the filing process and ensure compliance.

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Table of Contents

The Illinois 1120 form, officially known as the Corporation Income and Replacement Tax Return, is a critical document for corporations operating within the state. This form is specifically designed for tax years ending on or after December 31, 2020, and before December 31, 2021. Corporations must adhere to the filing deadlines outlined in the form's instructions. The form requires businesses to provide essential information, including their legal name, mailing address, and federal employer identification number (FEIN). It also includes sections to indicate whether the return is the first or final submission, as well as details regarding any name changes or address updates. Corporations must calculate their income or loss by reporting federal taxable income and making necessary adjustments for various additions and subtractions, such as state and municipal interest income and Illinois special depreciation. Furthermore, the form includes steps to determine the income allocable to Illinois, as well as the calculation of net income, replacement tax, and income tax after credits. Corporations are also required to report any overpayments or balances due, ensuring compliance with state tax regulations. Proper completion of the Illinois 1120 form is essential for accurate tax reporting and to avoid potential penalties for incomplete submissions.

Example - Illinois 1120 Form

Illinois Department of Revenue	63512211W
2021 Form IL-1120

Corporation Income and Replacement Tax Return

See “When should I file?” in the Form IL-1120 instructions for a list of due dates.

If this return is not for calendar year 2021, enter your fiscal tax year here.

Tax year beginning		20	, ending		20

	month day		year	month day		year

This form is for tax years ending on or after December 31, 2021, and before December 31, 2022. For all other situations, see instructions to determine the correct form to use.

Enter the amount you are paying.

$ _______________________

Step 1: Identify your corporation

AEnter your complete legal business name. If you have a name change, check this box.

Name:

BEnter your mailing address.

Check this box if either of the following apply:

•this is your ﬁrst return, or

•you have an address change.

C/O:	__________________________________________________
Mailing address:		___________________________________________
City:			State:	ZIP:

CIf this is the first or final return, check the applicable box(es).

First return
Final return (Enter the date of termination.			)
	mm dd	yyyy

DIf this is a final return because you sold this business, enter the date sold

(mm dd yyyy)

, and the new owner’s FEIN.

ECheck the box and see the instructions if your business is a:

Unitary Filer (Combined return)

Foreign insurer

FIf you completed the following, check the box and attach the federal

form(s) to this return.

Federal Form 8886 Federal Schedule M-3, Part II, Line 12

GApportionment Formulas. Mark the appropriate box or boxes and see

Apportionment Formula instructions.	Sales companies
Insurance companies	Financial organizations
Transportation companies	Federally regulated exchanges

H Check this box if you attached Illinois Schedule UB.

I Check this box if you attached the Subgroup Schedule.

J Check this box if you attached Illinois Schedule 1299-D.

K Check this box if you attached Form IL-4562.

L Check this box if you attached Illinois Schedule M (for businesses). M Check this box if you attached Schedule 80/20.

NEnter your federal employer identification number (FEIN).

OIf you are a member of a group filing a federal consolidated return, enter the FEIN of the parent.

PEnter your North American Industry Classification System (NAICS) Code. See instructions.

QEnter your corporate file (charter) number assigned to you by the Secretary of State.

REnter the city, state, and zip code where your accounting records are kept. (Use the two-letter postal abbreviation, E.G., IL, GA, etc.)

City

State

ZIP

SIf you are making the business income election to treat all nonbusiness income as business income, check this box and enter zero on Lines 24 and 32.

TCheck your method of accounting.

Cash Accrual Other

UIf you are making a discharge of indebtedness adjustment on Form IL-1120, Line 36, check this

box and attach federal Form 982 and a detailed statement.

VCheck this box if you attached Schedule INL.

WIf you annualized your income on Form IL-2220,

check this box and attach Form IL-2220.

XCheck this box if your business activity is protected under Public Law 86-272.

Y Check this box if you are a 52/53 week filer.

Attach your payment and Form IL-1120-V here.

If you owe tax on Line 67, make an electronic payment at Tax.Illinois.gov. If you must mail your payment, complete a payment voucher, Form IL-1120-V. Write your FEIN, tax year ending, and “IL-1120-V” on your check or money order and make it payable to “Illinois Department of Revenue.” Attach your voucher and payment here.

Enter the amount of your payment on the top of this page in the space provided.

If a payment is not enclosed, mail this return to:	If a payment is enclosed, mail this return to:
ILLINOIS DEPARTMENT OF REVENUE	ILLINOIS DEPARTMENT OF REVENUE
PO BOX 19048	PO BOX 19038
SPRINGFIELD IL 62794-9048	SPRINGFIELD IL 62794-9038

	This form is authorized as outlined by the Illinois Income Tax Act. Disclosure of this	IR	NS	DR ____
Page 1 of 4	information is REQUIRED. Failure to provide information could result in a penalty.			IL-1120 (R-12/21)
Page 1 of 4				IL-1120 (R-12/21)

*63512212W*

Step 2: Figure your income or loss

(Whole dollars only)

1Federal taxable income from U.S. Form 1120, Line 30.

	Attach a copy of your federal return.		1	00
2	Net operating loss deduction from U.S. Form 1120, Line 29a. This amount cannot be negative.		2	00
3	State, municipal, and other interest income excluded from Line 1.		3	00
4	Illinois income and replacement tax and surcharge deducted in arriving at Line 1.		4	00
5	Illinois Special Depreciation addition. Attach Form IL-4562.		5	00
6	Related-Party Expenses additions. Attach Schedule 80/20.		6	00
7	Distributive share of additions. Attach Schedule(s) K-1-P or K-1-T.		7	00
8	Other additions. Attach Schedule M (for businesses).		8	00
9	Add Lines 1 through 8. This amount is your income or loss.		9	00

Step 3: Figure your base income or loss
10	Interest income from U.S. Treasury and other exempt federal obligations.	10	00

11River Edge Redevelopment Zone Dividend subtraction.

Attach Schedule 1299-B.

12River Edge Redevelopment Zone Interest subtraction.

	Attach Schedule 1299-B.	12		00
13	High Impact Business Dividend subtraction. Attach Schedule 1299-B.	13		00
14	High Impact Business Interest subtraction. Attach Schedule 1299-B.	14		00
15	Contribution subtraction. Attach Schedule 1299-B.	15		00
16	Contributions to certain job training projects. See instructions.	16		00
17	Foreign Dividend subtraction. Attach Schedule J. See instructions.	17		00
18	Illinois Special Depreciation subtraction. Attach Form IL-4562.	18		00
19	Related-Party Expenses subtraction. Attach Schedule 80/20.	19		00
20	Distributive share of subtractions. Attach Schedule(s) K-1-P or K-1-T.	20		00
21	Other subtractions. Attach Schedule M (for businesses).	21		00	00
22	Total subtractions. Add Lines 10 through 21.		22		00
23	Base income or loss. Subtract Line 22 from Line 9.		23		00

AIf the amount on Line 23 is derived inside Illinois only, check this box and enter the amount from Step 3, Line 23 on Step 5, Line 35. You may not complete Step 4. (You must leave Step 4, Lines 24 through 34 blank.)

If you are a unitary ﬁler, do not check this box. Check the box on Line B and complete Step 4.

B If any portion of the amount on Line 23 is derived outside Illinois, or you are a unitary ﬁler, check this box and complete all lines of Step 4. (Do not leave Lines 28 through 30 blank.) See instructions.

Step 4: Figure your income allocable to Illinois	(Complete only if you checked the box on Line B, above.)
24 Nonbusiness income or loss. Attach Schedule NB.	24		00

25Business income or loss included in Line 23 from non-unitary partnerships, partnerships included on a Schedule UB, S corporations, trusts,

	or estates. See instructions.	25		00
26	Add Lines 24 and 25.		26			00
27	Business income or loss. Subtract Line 26 from Line 23.		27		00
28	Total sales everywhere. This amount cannot be negative.	28
29	Total sales inside Illinois. This amount cannot be negative.	29
30	Apportionment Factor. Divide Line 29 by Line 28. Round to six decimal places.	30
31	Business income or loss apportionable to Illinois. Multiply Line 27 by Line 30.		31			00
32	Nonbusiness income or loss allocable to Illinois. Attach Schedule NB.		32			00

33Business income or loss apportionable to Illinois from non-unitary partnerships, partnerships

included on a Schedule UB, S corporations, trusts, or estates. See instructions.	33		00
34 Base income or loss allocable to Illinois. Add Lines 31 through 33.	34		00

Page 2 of 4

Printed by the authority of the state of Illinois. Web only, one copy.

IL-1120 (R-12/21)

Step 5: Figure your net income

*63512213W*

35Base income or net loss from Step 3, Line 23, or Step 4, Line 34.

36Discharge of indebtedness adjustment. Attach federal Form 982. See instructions.

37Adjusted base income or net loss. Add Lines 35 and 36. See instructions.

38Illinois net loss deduction. If Line 37 is zero or a negative amount, enter zero. Check this box and attach a detailed statement if you have merged losses.

39Net income. Subtract Line 38 from Line 37.

3500

3600

3700

3800

3900

Step 6: Figure your replacement tax after credits

40	Replacement tax. Multiply Line 39 by 2.5% (.025).	40
41	Recapture of investment credits. Attach Schedule 4255.	41
42	Replacement tax before credits. Add Lines 40 and 41.	42
43	Investment credits. Attach Form IL-477.	43
44	Replacement tax after credits. Subtract Line 43 from Line 42. If the amount is negative, enter zero.	44

Step 7: Figure your income tax after credits

45	Income tax. Multiply Line 39 by 7.0% (.07).		45	00
46	Recapture of investment credits. Attach Schedule 4255.		46	00
47	Income tax before credits. Add Lines	45 and 46.	47	00
48	Income tax credits. Attach Schedule	1299-D.	48	00
49	Income tax after credits. Subtract Line 48 from Line 47. If the amount is negative, enter zero.		49	00

Step 8: Figure your refund or balance due

50Replacement tax before reductions. Enter the amount from Line 44.

51Foreign Insurer replacement tax reduction. Attach Schedule INS or UB/INS. See instructions.

52Subtract Line 51 from Line 50. This is your net replacement tax.

53Income tax before reductions. Enter the amount from Line 49.

54Foreign Insurer income tax reduction. Attach Schedule INS or UB/INS. See instructions.

55Subtract Line 54 from Line 53. This is your net income tax.

56Compassionate Use of Medical Cannabis Program Act surcharge. See instructions.

57Sale of assets by gaming licensee surcharge. See instructions.

58Total net income and replacement taxes and surcharges. Add Lines 52, 55, 56, and 57.

59Underpayment of estimated tax penalty from Form IL-2220. See instructions.

60Total taxes, surcharges, and penalty. Add Lines 58 and 59.

61Payments. See instructions.

a	Credits from previous overpayments.	61a
b	Total payments made before the date this return is filed.	61b

cPass-through withholding reported to you.

	Attach Schedule(s) K-1-P or K-1-T.	61c
d	Pass-through entity tax credit reported to you.
	Attach Schedule(s) K-1-P or K-1-T.	61d
e	Illinois income tax withholding. Attach Form(s) W-2G.	61e

62Total payments. Add Lines 61a through 61e.

63Overpayment. If Line 62 is greater than Line 60, subtract Line 60 from Line 62.

64Amount to be credited forward. See instructions.

Check this box and attach a detailed statement if this carryforward is going to a different FEIN.

65Refund. Subtract Line 64 from Line 63. This is the amount to be refunded.

66Complete to direct deposit your refund.

Routing Number

Checking or

Savings

Account Number

5000

5100

5200

5300

5400

5500

5600

5700

5800

5900

6000

6200

63 00

64 00

6500

67 Tax due. If Line 60 is greater than Line 62, subtract Line 62 from Line 60. This is the amount you owe.		67		00

Step 9: 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			(	)		Check if the Department
Here					may discuss this return with the
	Signature of authorized officer	Date (mm/dd/yyyy) Title	Phone		paid preparer shown in this step.

Paid				Check if
	Print/Type paid preparer’s name	Paid preparer’s signature	Date (mm/dd/yyyy)	self-employed		Paid Preparer’s PTIN
Preparer
	Firm’s name		Firm’s FEIN
Use Only

	Firm’s address		Firm’s phone		(	)

Page 3 of 4

Enter the amount of your payment in the space provided on the top of page 1.

IL-1120 (R-12/21)

Attach supporting documents to your Form IL-1120.

*ZZZZZZZZZ*

If you completed:

Attach:

Form IL-1120

U.S. 1120, Pages 1 through 6, or equivalent

Step 1, Line E (unitary) only

Schedule UB/Subgroup Schedule

Check the box on Form IL-1120, Step 1, Line H

Step 1, Line E (foreign insurer) only

Schedule INS

Step 1, Line E (unitary) and (foreign insurer)

Schedule UB/Subgroup Schedule and Schedule UB/INS

Check the box on Form IL-1120, Step 1, Line H

Step 1, Line F

Federal Form 8886 or Federal Schedule M-3 (as applicable)

Step 1, Line U

Federal Form 982

Step 1, Line V

Schedule INL

Step 1, Line W

Form IL-2220

Lines 5 and 18

Form IL-4562

Special Depreciation addition

Check the box on Form IL-1120, Step 1, Line K

Special Depreciation subtraction

Lines 6 and 19

Schedule 80/20

Related-Party Expenses addition

Check the box on Form IL-1120, Step 1, Line M

Related-Party Expenses subtraction

Lines 7 and 20

Schedule(s) K-1-P or K-1-T

Distributive share of additions

Distributive share of subtractions

Lines 8 and 21

Schedule M and any required support listed on Schedule M

Other additions

Check the box on Form IL-1120, Step 1, Line L

Other subtractions

Lines 11 through 15

Schedule 1299-B and any required support listed on Schedule

River Edge Redevelopment Zone

1299-B

Dividend subtraction

River Edge Redevelopment Zone

Interest subtraction

High Impact Business Dividend subtraction

High Impact Business Interest subtractions

Contributions subtraction

Line 17

Foreign Dividend Subtraction

Illinois Schedule J, and U.S. 1120, Schedule C or equivalent

Lines 24 and 32

Schedule NB

Nonbusiness income or loss

Nonbusiness income or loss allocable to Illinois

Lines 25 and 33

Schedule(s) K-1-P or K-1-T

Business income or loss from non-unitary

partnerships, partnerships included on a Schedule UB,

S corporations, trusts, or estates

Business income or loss apportionable to Illinois from

non-unitary partnerships, partnerships included on a

Schedule UB, S corporations, trusts, or estates

Line 36 Discharge of indebtedness adjustment

Federal Form 982

Check the box on Form IL-1120, Step 1, Line U

Lines 41 and 46 Recapture of investment credit

Schedule 4255

Line 43

Investment credits

Form IL-477 and any required support listed on Form IL-477

Line 48

Income tax credits

Schedule 1299-D and any required support listed in the Schedule

1299-D instructions or Schedule 1299-I

Check the box on Form IL-1120, Step 1, Line J

Lines 51 and 54 Foreign Insurer tax reduction

Schedule INS or Schedule UB/INS (for unitary filers)

Check the box on Form IL-1120, Step 1, Line E

Line 59

Underpayment of estimated tax penalty

Form IL-2220

If you annualized your income on Form IL-2220, Step 6,

check the box on Form IL-1120, Step 1, Line W

Line 61c

Pass-through withholding reported

All Schedules K-1-P and K-1-T you received showing

to you

pass-through withholding

Line 61d Pass-through entity tax credit

All Schedules K-1-P and K-1-T you received showing

reported to you

pass-through entity tax credit

Line 61e Illinois income tax withholding

Copies of all Forms W-2G

**Failure to attach the required documents may result in the disallowance of the corresponding line item.**

Page 4 of 4

IL-1120 (R-12/21)

▼ PDF

Document Breakdown

Fact Name	Description
Form Purpose	The Illinois 1120 form is used by corporations to report income and calculate the replacement tax.
Filing Requirement	This form must be filed for tax years ending on or after December 31, 2020, and before December 31, 2021.
Governing Law	The form is authorized under the Illinois Income Tax Act.
First Return Indicator	Corporations must check a box if this is their first return or if there has been an address change.
Payment Instructions	If tax is owed, payments can be made electronically or by mailing a payment voucher, Form IL-1120-V.
Required Attachments	Various federal forms and schedules must be attached, depending on the corporation's specific situation.
Net Income Calculation	Step 5 of the form is dedicated to calculating net income, which involves several lines to detail income adjustments.
Tax Rate	The replacement tax is calculated at a rate of 2.5% on the net income.
Penalties for Non-compliance	Failure to provide required information may result in penalties, emphasizing the importance of accurate and complete submissions.

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