Illinois Illinois Net Loss Adjustments for Cooperatives and REMIC Owners

Illinois Net Loss Adjustments for Cooperatives and REMIC Owners
Schedule INL, Illinois Net Loss Adjustments for Cooperatives and REMIC OwnersUse your mouse or Tab key to move through the fields. Use your mouse or space bar to enable check boxes.

	

Illinois Department of Revenue 	

	

Attach to your Form IL-1120.	

Schedule INL	

	

*95512191W*

Year ending

__ __

Illinois Net Loss Adjustments for
Cooperatives and REMIC Owners

Month	Year

IL Attachment No. 20

Step 1:	 Provide the following information
	

A	_____________________________________________________________		B		___ ___ - ___ ___ ___ ___ ___ ___ ___	
Enter your federal employer identification number (FEIN).

		Enter your name as shown on your Form IL-1120.				

	 C	Check the box indicating the reason for completing Schedule INL.	

Cooperative Adjustments	 (Complete Steps 2 and 3 only.)
REMIC Adjustments	
(Complete Step 4 only.)	

				

Step 2:	 Make your election (Cooperatives only)
	1	 Mark this box if this is the first year for which you are filing Schedule INL.						
		
	

If you marked the box in Line 1, complete the following statement by checking the appropriate box 1a or 1b.

	 I elect to compute Illinois net income for all taxable years:	

		a 	 allowing patronage losses to offset nonpatronage income. 			
		
		
	 If you check this box, do not complete Step 3 on this form or complete this form in subsequent years.

	

		b	 without allowing patronage losses to offset nonpatronage income.					
	2	Mark this box if you elected to offset nonpatronage loss against patronage income for federal purposes
		 for this tax year.																

Step 3:	Figure your Illinois income or loss (Cooperatives only)	

A	B
Patronage	Nonpatronage

						
	3	 Federal taxable income. (Federal Form 1120-C, Schedule G, Line 10, or							
		 Form 8817, Line 29.)	
		
3a	____________ 00	 3b	____________ 00

	4	 Addition modifications.	

		

4a	____________ 00	 4b	____________ 00

	5	 Subtraction modifications.			5a	____________ 00	 5b	____________ 00
	6	 Base income. Add Lines 3 through 5.			

6a	____________ 00	 6b	____________ 00

	7	 Nonbusiness income or loss.	

7a	____________ 00	 7b	____________ 00

		

	8	 Business income or loss from non-unitary partnerships, partnerships included on
		 Schedule UB, S corporations, trusts, or estates.			8a	____________ 00	 8b	____________ 00
	9	 Add Lines 7 and 8.	

		

9a	____________ 00	 9b	____________ 00

	10	 Business income or loss. Subtract Line 9 from Line 6.			

10a	____________ 00	 10b	____________ 00

	11	 Apportionment factor from Form IL-1120, Line 30.	

11a	___ ___________	 11b	___ ___________

		

	12	 Business income or loss apportioned to Illinois. Multiply Line 10 by Line 11.	12a	____________ 00	 12b	____________ 00
	13	 Nonbusiness income or loss allocated to Illinois from Form IL-1120, Line 32.	

13a	____________ 00	 13b	____________ 00

	14	 Business income or loss apportionable to Illinois from non-unitary partnerships,							
		 partnerships included on a Schedule UB, S corporations, trusts, or estates from
		 Form IL-1120, Line 33.			14a	____________ 00	 14b	____________ 00
	15	 Base income or loss allocable to Illinois. Add Lines 12 through 14.			

15a	____________ 00	 15b	____________ 00

	16	 Discharge of Indebtedness adjustment. See instructions.			

16a	____________ 00	 16b	____________ 00

	17	 Adjusted base income or net loss. Add Lines 15 and 16. See instructions.	17a	____________ 00	 17b	____________ 00
	18	 Illinois net loss deduction.			

18a	____________ 00	 18b	____________ 00

	19	 Net income or loss. Subtract Line 18 from Line 17.			19a	____________ 00	 19b	____________ 00
	20	 Combined net income or loss. See instructions.		 		
20		___________ 00

Schedule INL Front (R-12/19)

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.

*95512192W*

Step 4:	 Figure your Illinois income or loss (REMIC residual interest owners only.)	
	 1	 Enter your base income or net loss from Form IL-1120, Line 35.					

1	____________ 00

	2	 Enter your recomputed federal taxable income. See instructions.			

2	____________ 00

	3	 Total addition modifications. (Form IL-1120, Lines 2 through 8.)			

3	____________ 00	

	4	 Total subtraction modifications entered as a negative number. (Form IL-1120, Line 22.)	4	____________ 00	
	5	 Base income. Add Lines 2 through 4.			

5	____________ 00	

	 6	 Nonbusiness income or loss. (Form IL-1120, Line 24.)	

6	____________ 00	

		

	7	 Business income or loss from non-unitary partnerships, partnerships included on a
		 Schedule UB, S corporations, trusts, or estates. (Form IL-1120, Line 25.)	7	____________ 00	
	8	 Add Lines 6 and 7.	

		

8	____________ 00	

	9	Business income or loss. Subtract Line 8 from Line 5.			

9	____________ 00	

	10	 Apportionment factor from Form IL-1120, Line 30.	

		

10	___ ___________	

	11	 Business income or loss apportioned to Illinois. Multiply Line 9 by Line 10.	11	____________ 00	
	12	 Nonbusiness income or loss allocated to Illinois from Form IL-1120, Line 32.	

12	____________ 00	

	13	 Business income or loss apportionable to Illinois from non-unitary partnerships,
		 partnerships included on a Schedule UB, S corporations, trusts, or estates from 							
		 Form IL-1120, Line 33.		 	13	____________ 00	
	14	Recomputed base income or net loss allocable to Illinois. Add Lines 11 through 13.			

14	____________ 00

	15	 Subtract Line 1 from Line 14. See instructions.
		 If the result is positive or zero, stop here. Do not complete the rest of this form.			

15	____________ 00

	16	 Enter any discharge of indebtedness amount from Form IL-1120, Line 36.			

16	____________ 00

	17	 If Line 1 is
		
negative or zero, add Lines 1 and 16, and enter the total here.
		
positive, enter zero here.					

17	____________ 00

	18	 Add Lines 15 and 17. If the result is n
	 egative, this is the amount you may use 							
		 as an NLD carryforward in subsequent tax years.			
		
18	____________ 00
		

Schedule INL Back (R-12/19)

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

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Extracted from PDF file 2023-illinois-schedule-inl.pdf, last modified July 2023

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More about the Illinois Schedule INL Corporate Income Tax TY 2023

We last updated the Illinois Net Loss Adjustments for Cooperatives and REMIC Owners in February 2024, so this is the latest version of Schedule INL, fully updated for tax year 2023. You can download or print current or past-year PDFs of Schedule INL directly from TaxFormFinder. You can print other Illinois tax forms here.

Other Illinois Corporate Income Tax Forms:

TaxFormFinder has an additional 75 Illinois income tax forms that you may need, plus all federal income tax forms.

Form Code	Form Name
Schedule UB-NLD	Unitary Illinois Net Loss Deduction [OBSOLETE]
Form IL-1041-V	Payment Voucher for Fiduciary Income and Replacement Tax Voucher
Form IL-1120-ST	Small Business Corporation Replacement Tax Return (Includes Schedule B) Tax Return
Form IL-1120	Corporation Income and Replacement Tax Return Tax Return
Form IL-1041	Fiduciary Income and Replacement Tax Return (Includes Schedule D) Tax Return

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 Schedule INL from the Department of Revenue in February 2024.

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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 Schedule INL

We have a total of nine past-year versions of Schedule INL in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:

2023 Schedule INL