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Illinois Fiduciary Income and Replacement Tax Return (Includes Schedule D)
Extracted from PDF file 2023-illinois-form-il-1041.pdf, last modified July 2023Fiduciary Income and Replacement Tax Return (Includes Schedule D)
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 Form IL-1041 *63612231W* Fiduciary Income and Replacement Tax Return Due on or before the 15th day of the 4th month following the close of the tax year. If this return is not for calendar year 2023, enter your fiscal tax year here. Tax 20 , ending 20 year beginning month day year month day year Enter the amount you are paying. This form is for tax year 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. Step 1: Identify your fiduciary A Enter your complete legal business name. G Enter your federal employer identification number (FEIN). H Check this box if you completed federal If you have a name change, check this box. Name: Form 8886 and attach a copy to this return. B Enter your mailing address. I Check this box if your residency is not in C/O: Illinois and you attached Illinois Schedule NR. J Check this box if you attached Illinois Schedule 1299-D. Mailing address: City: State: C Check the box that identifies your fiduciary. ZIP: Trust Estate K Check this box if you attached Form IL-4562. D Check the box if any of the following apply. (You may check multiple boxes.) L Check this box if you attached Illinois Electing small business trust (ESBT) Individual bankruptcy estate Complex trust or estate w/o distributions Grantor trust Schedule M (for businesses). M Check this box if you attached Schedule 80/20. N If you are making a discharge of indebtedness E If this is the first or final return, check the applicable box(es). Final return (Enter the date of termination. F Check your method of accounting. adjustment on Schedule NLD or Form IL-1041, Line 28, check this box, and attach federal Form 982. First return Accrual Cash mm dd yyyy ) Other O Check this box if you are a 52/53 week filer. Figure your income or loss Step 2: $ A B Beneficiaries Fiduciary 1 00 2 Federal net operating loss deduction from U.S. Form 1041, Line 15b. This amount cannot be negative. 2 00 3 Taxable income of ESBT, if required. See instructions. 3 00 4 Exemption claimed on U.S. Form 1041, Line 21. 4 00 5 Illinois income and replacement tax and surcharge deducted in arriving at Line 1. 5a 00 5b 00 6 State, municipal, and other interest income excluded from Line 1. 6a 00 6b 00 7 Illinois Special Depreciation addition. Attach Form IL-4562. 7a 00 7b 00 8 Related-Party Expenses addition. Attach Schedule 80/20. 8a 00 8b 00 9 Distributive share of additions. Attach Schedule(s) K-1-P or K-1-T. 9a 00 9b 00 00 10b 00 11 00 Attach your payment and Form IL-1041-V here . (Whole dollars only) 1 Federal taxable income from U.S. Form 1041, Line 23. 10 Other additions. Attach Illinois Schedule M (for businesses). 11 Add Column B, Lines 1 through 10b. This amount is your income or loss. Report Column A, Lines 5a through 10a, on Schedule K-1-T, Step 5. IR NS IL-1041 (R-12/23) 10a (Whole dollars only) DR 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 5 *63612232W* A B Figure your base income or loss Beneficiaries Fiduciary 00 12 Enter the amount of your income or loss from Line 11. 12 Step 3: 13 August 1, 1969, valuation limitation amount. Attach Schedule F. 13a 00 13b 00 14 Payments from certain retirement plans. See instructions. 14a 00 14b 00 15 Interest income from U.S. Treasury and other exempt federal obligations. 15a 00 15b 00 16 Retirement payments to retired partners. 16a 00 16b 00 Attach Schedule 1299-B. 17a 00 17b 00 18 High Impact Business Dividend subtraction. Attach Schedule 1299-B. 18a 00 18b 00 19 Contributions to certain job training projects. See instructions. 19a 00 19b 00 20 Illinois Special Depreciation subtraction. Attach Form IL-4562. 20a 00 20b 00 21 Related-Party Expenses subtraction. Attach Schedule 80/20. 21a 00 21b 00 22 Distributive share of subtractions. Attach Schedule(s) K-1-P or K-1-T. 22a 00 22b 00 23 ESBT loss amount. See instructions. 23a 00 23b 00 24 Other subtractions. Attach Illinois Schedule M (for businesses). 24a 00 17 River Edge Redevelopment Zone Dividend subtraction. 24b 00 25 00 26 Base income or loss. Subtract Line 25 from Line 12. 26 00 25 Total subtractions. Add Column B, Lines 13b through 24b. Report Column A, Lines 13a through 24a, on Schedule K-1-T, Step 5. If you are a nonresident of Illinois, complete Schedule NR; otherwise go to Step 4. Step 4: Figure your net income 27 Base income or net loss. Residents only: Enter the amount from Line 26. Nonresidents only: Enter the amount from Schedule NR, Line 51. 27 00 28 Discharge of indebtedness adjustment. Attach federal Form 982. See instructions. 28 00 29 Adjusted base income or net loss. Add Lines 27 and 28. 29 00 30 Illinois net loss deduction. If Line 29 is zero or a negative amount, enter zero. Attach Schedule NLD. 30 00 32 00 33 00 34 Replacement tax. Multiply Line 33 by 1.5% (.015). 34 00 35 Recapture of investment credits. Attach Schedule 4255. 35 00 36 Replacement tax before credits. Add Lines 34 and 35. 36 00 39 Total credits. Add Lines 37 and 38. 39 00 40 Net replacement tax. Subtract Line 39 from Line 36. If the amount is negative, enter zero. 40 00 31 Standard exemption. Residents only: See instructions before completing. Nonresidents only: Enter the amount from Schedule NR, Line 54. 32 Add Lines 30 and 31. 31 00 33 Net Income. Subtract Line 32 from Line 29. If the amount is negative, enter zero. Step 5: Figure your net replacement tax — For trusts only, estates go to Step 6 37 Replacement tax credit for income tax paid to another state while an Illinois resident. Attach Schedule CR and U.S. Form 1041, Page 1 and Line 11 breakdown. 37 00 38 Investment credits. Attach Form IL-477. 38 00 IL-1041 (R-12/23) Page 2 of 5 *63612233W* Step 6: Figure your net income tax — For trusts and estates 41 Enter the amount of your net income from Line 33. 42 Income tax. See instructions. 43 Recapture of investment credits. Attach Schedule 4255. 44 Income tax before credits. Add Lines 42 and 43. 45 Income tax credit for income tax paid to another state while an Illinois resident. Attach Schedule CR and U.S. Form 1041, Page 1 and Line 11 breakdown. 46 Income tax credits. Attach Schedule 1299-D. 47 Total credits. Add Lines 45 and 46. 48 Net income tax. Subtract Line 47 from Line 44. If the amount is negative, enter zero. Step 7: Figure your refund or balance due 49 Trusts only: net replacement tax from Line 40. 50 Net income tax from Line 48. 5 1 Compassionate Use of Medical Cannabis Program Act surcharge. See instructions. 52 Sale of assets by gaming licensee surcharge. See instructions. 53 Pass-through withholding you owe on behalf of your members. Enter the amount from Schedule D, Section A, Line 3. See instructions. Attach Schedule D. 41 42 43 44 00 45 46 47 48 00 49 50 00 51 52 00 53 00 54 00 00 00 00 00 00 00 00 00 54 Total net income and replacement taxes, surcharges, and pass-through withholding you owe. Add Lines 49 through 53. 55 Payments. See instructions. a Credits from previous overpayments. 55a b Total payments made before the date this return is filed. 55b c Pass-through withholding reported to you. Attach Schedule(s) K-1-P or K-1-T. 55c d Pass-through entity tax credit reported to you. Attach Schedule(s) K-1-P or K-1-T. 55d e Illinois Income Tax withheld. Attach all W-2, W-2G, and 1099 forms. 55e 56 Total payments. Add Lines 55a through 55e. 57 Overpayment. If Line 56 is greater than Line 54, subtract Line 54 from Line 56. 58 Amount to be credited forward. See instructions. 00 00 00 00 00 Check this box and attach a detailed statement if this carryforward is going to a different FEIN. Checking or 00 59 00 00 00 59 Refund. Subtract Line 58 from Line 57. This is the amount to be refunded. 60 Complete to direct deposit your refund Routing Number 56 57 58 Savings Account Number 00 61 Tax Due. If Line 54 is greater than Line 56, subtract Line 56 from Line 54. This is the amount you owe. 61 If you owe tax on Line 61, make an electronic payment at Tax.Illinois.gov. If you must mail your payment, complete a payment voucher, Form IL-1041-V. Write your FEIN, tax year ending, and “IL-1041-V” on your check or money order and make it payable to “Illinois Department of Revenue.” Attach your voucher and payment to the first page of this form. Enter the amount of your payment on the top of Page 1 in the space provided. Step 8: Sign Here 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. ( Signature of fiduciary Date (mm/dd/yyyy) Title Check if the Department may discuss this return with the paid preparer shown in this step. ) Phone Paid Preparer Use Only Print/Type paid preparer’s name 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 ( ) If a payment is not enclosed, mail this return to: Illinois Department of Revenue, P.O. Box 19009, Springfield, IL 62794-9009 If a payment is enclosed, mail this return to: Illinois Department of Revenue, P.O. Box 19053, Springfield, IL 62794-9053 IL-1041 (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 D Beneficiary Information Attach this schedule to your Form IL-1041. *63712231W* Year ending Month Enter your name as shown on your Form IL-1041. Year IL Attachment No. 1 Enter your federal employer identification number (FEIN). Read this information first • You must read the Schedule D instructions and complete Schedule(s) K-1-T and Schedule(s) K-1-T(3) before completing this schedule. • You must complete Section B of Schedule D and provide all the required information for your beneficiaries before completing Section A of Schedule D. 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 beneficiaries’ information (from Schedule(s) K-1-T and Schedule D, Section B) Before completing this section you must first complete Schedule(s) K-1-T, Schedule(s) K-1-T(3) and Schedule D, Section B. You will use the amounts from those schedules when completing this section. Totals for resident and nonresident beneficiaries (from Schedule(s) K-1-T) 1 Enter the total of all nonbusiness income or loss you reported on Schedule(s) K-1-T for your beneficiaries. See instructions. 1 Totals for nonresident beneficiaries (from Schedule D, Section B) 2 Enter the total pass-through withholding you reported on all pages of your Schedule D, Section B, Line G for your a. nonresident individual beneficiaries. See instructions. 2a b. nonresident estate beneficiaries. See instructions. 2b c. partnership and S corporation beneficiaries. See instructions. 2c d. nonresident trust beneficiaries. See instructions. 2d e. C corporation beneficiaries. See instructions. 2e 3 Add Line 2a through Line 2e. This is the total pass-through withholding you owe on behalf of all your nonresident beneficiaries. This amount should match the total amount from Schedule D, Section B, Line G for all nonresident beneficiaries on all pages. Enter the total here and on Form IL-1041 (Form IL-1041-X), Line 53. See instructions. 3 Enter the total pass-through entity tax credit received and distributed on all pages of Schedule D, Section B, Line H. 4 4 Attach all pages of Schedule D, Section B behind this page. Schedule D (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 *63712232W* 2023 Schedule D Enter your name as shown on your Form IL-1041. Enter your federal employer identification number (FEIN). Section B: Beneficiaries’ information (See instructions before completing.) Member 1 Member 2 A Name Member 3 C/O Address 1 Address 2 City State, ZIP B Beneficiary type C SSN/FEIN D Beneficiary’s amount of base income or loss E Excluded from pass-through withholding F Share of Illinois income subject to pass-through withholding G Pass-through withholding amount before credits H PTE tax credit received and distributed to beneficiaries If you have more beneficiaries than space provided, attach additional copies of this page as necessary. Schedule D (R-12/23) Printed by the authority of the state of Illinois - electronic only - one copy. Reset Print Page 5 of 5
2023 IL-1041 Fiduciary Income and Replacement Tax Return
More about the Illinois Form IL-1041 Corporate Income Tax Tax Return TY 2023
We last updated the Fiduciary Income and Replacement Tax Return (Includes Schedule D) in January 2024, so this is the latest version of Form IL-1041, fully updated for tax year 2023. You can download or print current or past-year PDFs of Form IL-1041 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-1041.
| Form Code | Form Name |
|---|---|
| Form IL-1041-V | Payment Voucher for Fiduciary Income and Replacement Tax |
| Form IL-1041-X | Amended Fiduciary Income and Replacement Tax Return (Includes Schedule D) |
| Form IL-1041-X-V | Payment Voucher for Amended Fiduciary Income and Replacement Tax |
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-1041 from the Department of Revenue in January 2024.
Form IL-1041 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-1041
We have a total of thirteen past-year versions of Form IL-1041 in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:
2023 Form IL-1041
2023 IL-1041 Fiduciary Income and Replacement Tax Return
2022 Form IL-1041
2022 IL-1041 Fiduciary Income and Replacement Tax Return
2021 Form IL-1041
2021 IL-1041 Instructions
2020 Form IL-1041
2020 IL-1041 Instructions
2019 Form IL-1041
2019 IL-1041 Instructions
2018 Form IL-1041
2018 IL-1041 Fiduciary Income and Replacement Tax Return
2017 Form IL-1041
2017 IL-1041 Fiduciary Income and Replacement Tax Return
2016 Form IL-1041
2016 IL-1041, Fiduciary Income and Replacement Tax Return
2015 Form IL-1041
2015 Form IL-1041, Fiduciary Income and Replacement Tax Return
2014 Form IL-1041
2014 Form IL-1041, Fiduciary Income and Replacement Tax Return
2013 Form IL-1041
2013 Form IL-1041
2011 Form IL-1041
IL 1041
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