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Illinois Amended Corporation Income and Replacement Tax Return
Extracted from PDF file 2023-illinois-form-il-1120-x.pdf, last modified July 2023Amended Corporation Income and 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 2023 IL-1120-X Amended Corporation Income and Replacement Tax Return *33112231W* For tax years ending on or after December 31, 2023 Indicate what tax year you are amending: Tax year beginning month day year month day year If you are filing an amended return for tax years ending before December 31, 2023, you may not use this form. For prior years, see instructions to determine the correct form to use. Step 1: Identify your corporation A Enter your complete legal business name. If you have a name change, check this box. Name: Mailing address: City: State: ZIP: C Check the box and see the instructions if your business is a: Unitary Filer (Combined return) Foreign insurer System (NAICS) Code. See instructions. P Check the applicable box for the type of change being made. NLD State change Federal change If a federal change, check one: net loss on Line 37, Column B. form(s) to this return, if you have not previously done so. Federal Form 8886 Federal Schedule M-3, Part II, Line 12 F Check this box if you attached Illinois Schedule UB. G Check this box if you attached the Subgroup Schedule. H Check this box if you attached Illinois Schedule 1299-D. I Check this box if you attached Form IL-4562. J Check this box if you attached Illinois Schedule M (for businesses). K Check this box if you attached Schedule 80/20. L Check this box if you are a 52/53 week filer. Attach your payment and Form IL-1120-X-V here. Finalized Q Check this box if you are filing Form IL-1120-X E If you have completed the following, check the box and attach the federal Partial agreed Enter the finalization date Attach your federal finalization to this return. D Check this box if you are filing this form only to report an increased $ O Enter your Illinois corporate file (charter) number. C/O: Enter the amount you are paying. M Enter your federal employer identification number (FEIN). N Enter your North American Industry Classification B Enter your mailing address. , ending on or before the extended due date and are making the election to treat all nonbusiness income as business income. R If you are making a discharge of indebtedness adjustment on Schedule NLD or UB/NLD, or Form IL-1120-X, Line 36, check this box and attach federal Form 982. S If you are filing Schedule INL, check this box. T If you annualized your income on your Form IL-2220, check this box. U Check this box if your business activity is protected under Public Law 86-272. V Throwback adjustment - see instructions. W Double throwback adjustment - see instructions. Explain the changes on this return (Attach a separate sheet if necessary.): If you owe tax on Line 68, complete a payment voucher, Form IL-1120-X-V. Write your FEIN, tax year ending, and “IL-1120-X-V” on your check or money order and make it payable to “Illinois Department of Revenue.” Attach your voucher and payment to this page. Enter the amount of your payment on the top of this page in the space provided. Mail this return to: Illinois Department of Revenue, P.O. Box 19016, Springfield, IL 62794-9016 IL-1120-X (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 1 of 4 *33112232W* A Step 2: Figure your income or loss 1 2 3 4 1 2 State, municipal, and other interest income excluded from Line 1. 3 Federal taxable income from U.S. Form 1120. 00 Net operating loss deduction from U.S. Form 1120. 00 Illinois income and replacement tax and surcharge deducted in arriving at Line 1. 5 6 7 8 9 4 5 Related-Party Expenses addition. Attach Schedule 80/20. 6 Distributive share of additions. Attach Schedule(s) K-1-P or K-1-T. 7 Other additions. Attach Illinois Schedule M (for businesses). 8 Add Lines 1 through 8. This is your total income or loss. 9 Illinois Special Depreciation addition. Attach Form IL-4562. B As most recently reported or adjusted (Whole dollars only) 00 00 00 00 00 00 00 Corrected amount (Whole dollars only) 1 2 3 00 4 5 6 7 8 9 00 10 11 12 13 14 15 16 17 18 19 20 21 22 23 00 00 00 00 00 00 00 00 Step 3: Figure your base income or loss 10 Interest income from U.S. Treasury and exempt federal obligations. 00 11 00 12 13 14 15 16 17 18 19 20 21 22 23 10 River Edge Redevelopment Zone Dividend subtraction. Attach Sch. 1299-B. 11 River Edge Redevelopment Zone Interest subtraction. Attach Sch. 1299-B. 12 High Impact Business Dividend subtraction. Attach Schedule 1299-B. 13 High Impact Business Interest subtraction. Attach Schedule 1299-B. 14 Contribution subtraction. Attach Schedule 1299-B. 15 Contributions to certain job training projects. 16 Foreign Dividend subtraction. Attach Schedule J. 17 Illinois Special Depreciation subtraction. Attach Form IL-4562. 18 Related-Party Expenses subtraction. Attach Schedule 80/20. 19 Distributive share of subtractions. Attach Schedule(s) K-1-P or K-1-T. 20 Other subtractions. Attach Schedule M (for businesses). 21 Total subtractions. Add Lines 10 through 21. 22 Base income or loss. Subtract Line 22 from Line 9. 23 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 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 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 Add Lines 24 and 25. 27 28 29 30 25 26 Business income or loss. Subtract Line 26 from Line 23. 27 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 Business income or loss apportionable to Illinois. Multiply Line 27 by Line 30. 31 32 Nonbusiness income or loss allocable to Illinois. Attach Schedule NB. 32 33 Business income or loss apportionable to Illinois from non-unitary partnerships, partnerships included on a Schedule UB, S corporations, trusts, or estates. See instructions. 25 26 00 27 00 28 00 29 30 00 00 31 32 00 33 34 00 00 00 00 00 33 00 34 Base income or loss allocable to Illinois. Add Lines 31 through 33. 34 00 IL-1120-X (R-12/23) 00 00 00 00 00 00 Page 2 of 4 *33112233W* A B As most recently Corrected reported or adjusted amount Step 5: Figure your net income 35 Base income or net loss from Step 3, Line 23 or Step 4, Line 34. 35 36 Discharge of indebtedness adjustment. Attach federal Form 982. 36 37 Adjusted base income or net loss. Add Lines 35 and 36. 37 38 Illinois net loss deduction. Attach Schedule NLD or UB/NLD. 38 If Line 37 is zero or negative, enter zero. Check this box and attach a detailed statement if you have merged losses. 39 Net income. Subtract Line 38 from Line 37. 39 00 35 00 36 00 37 00 38 00 00 00 00 00 39 00 00 40 00 41 00 42 00 43 00 44 00 00 00 00 00 00 00 00 00 00 45 46 47 48 49 00 00 00 00 00 00 50 Replacement tax before reductions. Enter the amount from Line 44. 50 00 51 Foreign Insurer replacement tax reduction. Attach Schedule INS or UB/INS. 51 00 52 Subtract Line 51 from Line 50. This is your net replacement tax. 52 00 53 Net income tax before reductions. Enter the amount from Line 49. 53 00 54 Foreign Insurer income tax reduction. Attach Schedule INS or UB/INS. 54 00 55 Subtract Line 54 from Line 53. This is your net income tax. 55 00 56 Compassionate Use of Medical Cannabis Program Act surcharge. See instructions. 56 00 57 Sale of assets by gaming licensee surcharge. See instructions. 57 58 Total net income and replacement taxes and surcharges. 00 Add Lines 52, 55, 56, and 57. 58 59 Payments. See instructions. a Credits from previous overpayments. b Total payments made before the date this amended return is filed. c Pass-through withholding reported to you. Attach Schedule(s) K-1-P or K-1-T. d Pass-through entity tax credit reported to you. Attach Schedule(s) K-1-P or K-1-T. e Illinois income tax withholding. Attach Form(s) W-2G. 60 Total payments. Add Lines 59a through 59e. 61 Previously paid penalty and interest. See instructions. 62 Total amount of overpayment (including any carryforward or refund) before the filing of this return for the year being amended. See instructions. 63 Add lines 61 and 62. 64 Net tax paid. Subtract Line 63 from Line 60. 65 Overpayment. If Line 64 is greater than Line 58, subtract Line 58 from Line 64. 66 Amount of overpayment from Line 65 to be credited forward. See instructions. Check this box and attach a detailed statement if this carryforward is going to a different FEIN. 67 Refund. Subtract Line 66 from Line 65. This is the amount to be refunded. 68 Tax due with this amended return. If Line 58 is greater than Line 64, subtract Line 64 from Line 58. You will be sent a bill for any additional penalty and interest due. 50 51 52 53 54 55 56 57 00 00 00 00 00 00 00 00 58 00 59a 59b 59c 59d 59e 60 61 00 00 00 00 00 00 00 62 63 64 65 66 00 00 00 00 00 67 68 00 00 Step 6: Figure your replacement tax after credits 40 41 42 43 44 Replacement tax. Multiply Line 39 by 2.5% (.025). 40 Recapture of investment credits. Attach Schedule 4255. 41 Replacement tax before credits. Add Lines 40 and 41. 42 Investment credits. Attach Form IL-477. 43 Replacement tax after credits. Subtract Line 43 from Line 42. If negative, enter zero. 44 Step 7: Figure your income tax after credits 45 46 47 48 49 Income Tax. Multiply Line 39 by 7.0% (.07). 45 Recapture of investment credits. Attach Schedule 4255 46 Income tax before credits. Add Lines 45 and 46. 47 Income tax credits. Attach Schedule 1299-D. 48 Income tax after credits. Subtract Line 48 from Line 47. If negative, enter zero. 49 Step 8: Figure your refund or balance due 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 Here ( Signature of authorized officer Paid Preparer Use Only Date (mm/dd/yyyy) Print/Type paid preparer’s name Check if the Department may discuss this return with the paid preparer shown in this step. ) Phone Title Date (mm/dd/yyyy) Paid preparer’s signature Check if self-employed Paid Preparer’s PTIN Firm’s name Firm’s FEIN Firm’s address Firm’s phone IL-1120-X (R-12/23) Printed by the authority of the state of Illinois - electronic only - one copy. Reset Print ( ) Page 3 of 4 Attach supporting documents to your Form IL-1120-X. *ZZZZZZZZZ* If you completed: Attach: Form IL-1120-X U.S. 1120-X, and U.S.1139 or federal RAR (if applicable) Step 1, Line C (unitary) only Schedule UB/Subgroup Schedule Check the box on Form IL-1120-X, Step 1, Lines F/G Step 1, Line C (foreign insurer) only Schedule INS Step 1, Line C (unitary) and (foreign insurer) Schedule UB/Subgroup Schedule and Schedule UB/INS Check the box on Form IL-1120-X, Step 1, Lines F/G Step 1, Line E Federal Form 8886 or Federal Schedule M-3 (as applicable) Step 1, Line R Federal Form 982 Step 1, Line S Schedule INL Step 1, Line T Form IL-2220 Line 1 (if changed) Federal finalization (for example, copy of federal refund check, audit report from the IRS, or federal transcript verifying your federal taxable income) Lines 5 and 18 Form IL-4562 Special Depreciation addition Check the box on Form IL-1120-X, Step 1, Line I Special Depreciation subtraction Lines 6 and 19 Schedule 80/20 Related-Party Expenses addition Check the box on Form IL-1120-X, Step 1, Line K 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-X, Step 1, Line J Other subtractions Lines 11 through 15 Schedule 1299-B and any required support listed on Schedule 1299-B River Edge Redevelopment Zone 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 Lines 28 through 30 (if changed) Any and all out-of-state returns Line 36 Discharge of indebtedness adjustment Federal Form 982 Check the box on Form IL-1120-X, Step 1, Line R Line 38 Illinois Net Loss Deduction Schedule NLD or UB/NLD (for unitary filers) Lines 41 and 46 Recapture of investment credits 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-X, Step 1, Line H Lines 51 and 54 Foreign Insurer tax reduction Schedule INS or Schedule UB/INS (for unitary filers) Check the box on Form IL-1120-X, Step 1, Line C Line 59c Pass-through withholding reported All Schedules K-1-P and K-1-T you received showing to you pass-through withholding Line 59d 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 59e 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.** IL-1120-X (R-12/23) Page 4 of 4
2023 IL-1120-X, Amended Corporation Income and Replacement Tax Return
More about the Illinois Form IL-1120-X Corporate Income Tax TY 2023
We last updated the Amended Corporation Income and Replacement Tax Return in January 2024, so this is the latest version of Form IL-1120-X, fully updated for tax year 2023. You can download or print current or past-year PDFs of Form IL-1120-X 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 Form IL-1120-X.
| Form Code | Form Name |
|---|---|
| Form IL-1120-ST | Small Business Corporation Replacement Tax Return (Includes Schedule B) |
| 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-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 |
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-X from the Department of Revenue in January 2024.
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-X
We have a total of twelve past-year versions of Form IL-1120-X 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-X
2023 IL-1120-X, Amended Corporation Income and Replacement Tax Return
2022 Form IL-1120-X
2022 IL-1120-X, Amended Corporation Income and Replacement Tax Return
2021 Form IL-1120-X
2021 IL-1120-X, Amended Corporation Income and Replacement Tax Return
2020 Form IL-1120-X
2017 IL-1120-X, Amended Corporation Income and Replacement Tax Return
2019 Form IL-1120-X
2019 IL-1120-X, Amended Corporation Income and Replacement Tax Return
2018 Form IL-1120-X
2017 IL-1120-X, Amended Corporation Income and Replacement Tax Return
2016 Form IL-1120-X
2016 IL-1120-X, Amended Corporation Income and Replacement Tax Return
2015 Form IL-1120-X
2015 IL-1120-X, Amended Corporation Income and Replacement Tax Return
2014 Form IL-1120-X
2014 IL-1120-X - Amended Corporation Income and Replacement Tax Return
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