Illinois Corporation Income and Replacement Tax Return

Corporation Income and Replacement Tax Return
2023 Form IL-1120, Corporation Income and Replacement Tax Return
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Illinois Department of Revenue	

*63512231W*

2023 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 2023, enter your fiscal tax year here.
Tax year beginning
20
, ending
20
month
day 	
year	
month
day	
year
		

	

Enter the amount you are paying.

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 	
		(FEIN).

Step 1: Identify your corporation
	A	 Enter your complete legal business name.
		 If you have a name change, check this box.		
		
Name:	

		

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

	B	 Enter your mailing address. 		

		

		C/O:	
__________________________________________________			 P	 Enter your North American Industry Classification 	
	
	
Mailing address: ___________________________________________	 		 System (NAICS) Code. See instructions.
		City:	

State:

	 				

ZIP:

	C	 If this is the first or final return, check the applicable box(es).			Q	 Enter your corporate file (charter) number 		
		 assigned to you by the Secretary of State.
		 	 First return	
		
		 	 Final return (Enter the date of termination.
)
mm dd yyyy		
								
	R	 Enter the city, state, and zip code where your 		
	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	 Check the box and see the instructions if your business is a:	
		 	 Unitary Filer (Combined return)	
Foreign insurer
	 F	 If 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

		 accounting records are kept. (Use the two-letter 		
		 postal abbreviation, e.g., IL, GA, etc.)	
		
				
		
City
	
State	 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 24 and 32. 			
	T		 Check your method of accounting.

	G	 Apportionment Formulas. Mark the appropriate box or boxes and see
		 Apportionment Formula instructions.	
Sales companies
		 	 Insurance companies 		
	 Financial organizations	
		 	 Transportation companies 	
	 Federally regulated exchanges

		 Cash

	 H	 Check this box if you attached Illinois Schedule UB.		

	 V		 Check this box if you attached
			 Schedule INL. 			

	

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.		

	

	 Other

If you are making a discharge of indebtedness
adjustment on Schedules NLD or UB/NLD, or
Form IL-1120, Line 36, check this box and
attach federal Form 982.
	

	W		 If you annualized your income on Form IL-2220, 			
			 check this box and attach Form IL-2220. 	

		

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

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

	U		
			
			
			

	 Accrual

	X		 Check 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. 	

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
IL-1120 (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.

IR

NS

DR ____
Page 1 of 4

	

*63512232W*

	Step 2: Figure your income or loss 				
(Whole dollars only)
	 1	 Federal taxable income from U.S. Form 1120, Line 30. 				
00
		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	
Step 3: Figure your base income or loss
	10	 Interest income from U.S. Treasury and other exempt federal obligations.	
	11	 River Edge Redevelopment Zone Dividend subtraction.

10	

00

		Attach Schedule 1299-B.	

11	

00

12	
13	
14	
15	
16	
17	
18	
19	
20	
21	

00

	12	 River Edge Redevelopment Zone Interest subtraction.
		Attach Schedule 1299-B.	

	13	 High Impact Business Dividend subtraction. Attach Schedule 1299-B.	
	14	 High Impact Business Interest subtraction. Attach Schedule 1299-B.	
	15	
	16	
	17	
	18	
	19	
	20	
	21	
	22	
	23	

		

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

4

	
	

00
00
00
00
00
00
00
00
00

		
		

22	
23	

00
00

A If 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.)
00
24		 Nonbusiness income or loss. Attach Schedule NB. 	
24	

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

	26	
	27	
	28	
	29	
	30	

Add Lines 24 and 25.	
Business income or loss. Subtract Line 26 from Line 23.	

25	

00

		
		

26	

00

27	

00

Total sales everywhere. This amount cannot be negative.	

28	

	

Total sales inside Illinois. This amount cannot be negative.	

29	

	

Apportionment Factor. Divide Line 29 by Line 28. Round to six decimal places.	

30	

31	

00

	32	 Nonbusiness income or loss allocable to Illinois. Attach Schedule NB. 			
	33	 Business income or loss apportionable to Illinois from non-unitary partnerships, partnerships

32	

00

		 included on a Schedule UB, S corporations, trusts, or estates. See instructions.			

33	
34	

00	

	31	 Business income or loss apportionable to Illinois. Multiply Line 27 by Line 30.		

34		 Base income or loss allocable to Illinois. Add Lines 31 through 33. 	

IL-1120 (R-12/23)

	

		

Printed by the authority of the state of Illinois - electronic only - one copy.

00

Page 2 of 4

*63512233W*

	Step 5: Figure your net income
35	
	36	
	37	
	38	
		
	39	

00
Base income or net loss from Step 3, Line 23, or Step 4, Line 34.	
35	
00
Discharge of indebtedness adjustment. Attach federal Form 982. See instructions.	36	
00
Adjusted base income or net loss. Add Lines 35 and 36. See instructions.		 				 37	
Illinois net loss deduction. If Line 37 is zero or a negative amount, enter zero. Attach Schedule NLD or UB/NLD.	
00
Check this box and attach a detailed statement if you have merged losses.
	
	 38	
00
Net income. Subtract Line 38 from Line 37.						39	

Step 6: Figure your replacement tax after credits
	40	
	41	
	42	
	43	
	44	

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

40	
41	
42	
43	
44	

00

45	
46	
47	
48	
49	

00

00
00
00
00

Step 7: Figure your income tax after credits
	45	
	46	
	47	
	48	
	49	

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

00
00
00
00

Step 8: Figure your refund or balance due
00

50		 Replacement tax before reductions. Enter the amount from Line 44.										 50	 	
51		 Foreign Insurer replacement tax reduction. Attach Schedule INS or UB/INS. See instructions.				
51	
52		 Subtract Line 51 from Line 50. This is your net replacement tax.											 52	
53		 Income tax before reductions. Enter the amount from Line 49.											 53	 	
54		 Foreign Insurer income tax reduction. Attach Schedule INS or UB/INS. See instructions.							 54	
55		 Subtract Line 54 from Line 53. This is your net income tax.											 55 	
56		 Compassionate Use of Medical Cannabis Program Act surcharge. See instructions.							 56	
57		 Sale of assets by gaming licensee surcharge. See instructions.											 57	
58		 Total net income and replacement taxes and surcharges. Add Lines 52, 55, 56, and 57. 						 58	 	
59		 Underpayment of estimated tax penalty from Form IL-2220. See instructions.											 59	 	
60		 Total taxes, surcharges, and penalty. Add Lines 58 and 59. 											 60		
61		 Payments. See instructions.
00
	 		a 	Credits from previous overpayments.	
61a		
00
		 b 	Total payments made before the date this return is filed.	
61b		
	 	 c	 Pass-through withholding reported to you.
00
				 Attach Schedule(s) K-1-P or K-1-T.	
61c		
	 	 d	 Pass-through entity tax credit reported to you.
00
				 Attach Schedule(s) K-1-P or K-1-T.	
61d		
00
			e	Illinois income tax withholding. Attach Form(s) W-2G.	
61e		
62		 Total payments. Add Lines 61a through 61e. 										
62		
63		 Overpayment. If Line 62 is greater than Line 60, subtract Line 60 from Line 62. 									 63		
64		 Amount to be credited forward. See instructions.
		 Check this box and attach a detailed statement if this carryforward is going to a different FEIN.
	 64		
65		 Refund. Subtract Line 64 from Line 63. This is the amount to be refunded.											 65		
66 Complete to direct deposit your refund.
				 Routing Number

Checking or

				 Account Number

00
00
00
00
00
00
00
00
00
00

00
00
00
00

Savings
		
00	

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

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.
Check if the Department
Sign
(
)
may discuss this return with the
Here
Signature of authorized officer

Paid
Preparer
Use Only

Print/Type paid preparer’s name

Date (mm/dd/yyyy)

paid preparer shown in this step.

Phone

Title

Paid preparer’s signature

Date (mm/dd/yyyy)

Check if 	
	self-employed Paid Preparer’s PTIN

Firm’s name

Firm’s FEIN

Firm’s address

Firm’s phone

IL-1120 (R-12/23)

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

Reset

Print

(

)
Page 3 of 4

*ZZZZZZZZZ*

Attach supporting documents to your Form IL-1120.
	 If you completed:

Attach:

Form IL-1120			
Step 1, Line E (unitary) only			

U.S. 1120, Pages 1 through 6, or equivalent
Schedule UB/Subgroup Schedule
								
	 Check the box on Form IL-1120, Step 1, Line H or Line I
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 or Line I
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 subtraction
	 Contribution 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		
								
Line 38 		 Illinois net loss deduction
	
Lines 41 and 46 Recapture of investment credits 		
Line 43 		 Investment credits			
Line 48 		 Income tax credits
	
								
								
Lines 51 and 54 Foreign Insurer tax reduction		
								
Line 59		 Underpayment of estimated tax penalty		
								
								
Line 61c 	 Pass-through withholding reported 			
					 to you			
Line 61d 	 Pass-through entity tax credit 			
					 reported to you			

Line 61e 	Illinois income tax withholding
IL-1120 (R-12/23)

Failure to attach the required
documents may result in the
disallowance of the
corresponding line item.
Federal Form 982
	 Check the box on Form IL-1120, Step 1, Line U
Schedule NLD or UB/NLD (for unitary filers)
Schedule 4255
Form IL-477 and any required support listed on Form IL-477	
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
Schedule INS or Schedule UB/INS (for unitary filers)
	 Check the box on Form IL-1120, Step 1, Line E
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
All Schedules K-1-P and K-1-T you received showing
pass-through withholding	
All Schedules K-1-P and K-1-T you received showing
pass-through entity tax credit

	 Copies of all Forms W-2G
Page 4 of 4