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Illinois Department of Revenue 2011 Form IL-1120 Corporation Income and Replacement Tax Return *163501110* Due on or before the 15th day of the 3rd month following the close of the tax year. If this

How to fill out il-1120

How to fill out il-1120:

1. Gather the necessary information and documents, such as your business name, address, federal tax ID number, gross receipts, and expenses.
2. Determine your business type, whether it is a corporation, S corporation, or partnership, as this will affect how you fill out certain sections of the form.
3. Complete the top section of the il-1120 form with your business information, including your legal name, address, federal tax ID number, and accounting period.
4. Fill in Part I - Income, where you report your gross receipts, sales, and other income for the tax year. Provide a detailed breakdown of different types of income, including any adjustments or deductions.
5. Move on to Part II - Deductions, where you list your business expenses, deductions, and credits. Be sure to include supporting documents and explain any special circumstances that might affect your deductions.
6. Complete Part III - Illinois Adjustments, if applicable. This section requires you to include any specific adjustments required by the state of Illinois, such as income from partnerships or deductions related to state-specific programs.
7. If you are a corporation, fill out Part IV - Illinois Replacement Tax, which calculates the replacement tax due based on your net income. Follow the instructions carefully to determine the correct tax rate and make any necessary adjustments.
8. Proceed to Part V - Computation of Tentative Tax, where you calculate your initial tax liability based on the information provided in the previous sections.
9. Complete Part VI - Nonrefundable Credits, if you qualify for any nonrefundable tax credits. Include the necessary information and calculate the credits correctly.
10. Move on to Part VII - Adjusted Tentative Tax and Overpayment, where you reconcile your tax liability with any overpayment or credits from previous years, if applicable.
11. Finally, complete Part VIII - Payments and Refunded Credits, where you report any tax payments made throughout the tax year and request any refunds for overpayment or credits. Provide the necessary details and attach any required documentation.

Who needs il-1120:

1. Corporations: All regular corporations, including C corporations, must file the il-1120 form to report their income and calculate their tax liability.
2. S corporations: Even though S corporations are pass-through entities, they also need to file the il-1120 form to report information about their income, deductions, and credits. However, S corporations are not subject to state income tax, so they are not required to pay any tax on the state level.
3. Partnerships: In Illinois, partnerships do not need to file the il-1120 form. Instead, the individual partners need to include their share of the partnership's income and deductions on their personal tax returns. However, partnerships might still need to file certain informational returns with the state.

Overall, any business entity that is subject to Illinois state income tax, whether they are regular corporations or S corporations, must fill out the il-1120 form to accurately report their income, deductions, and credits, and calculate their tax liability.

For pdfFiller’s FAQs

What is il-1120?

il-1120 is the Illinois Business Income Tax Return form that certain businesses must file.

Who is required to file il-1120?

Corporations and S-Corporations doing business in Illinois are required to file il-1120.

How to fill out il-1120?

To fill out il-1120, businesses must provide information about their income, deductions, credits, and other relevant financial details.

What is the purpose of il-1120?

The purpose of il-1120 is to report business income and calculate the amount of tax owed to the state of Illinois.

What information must be reported on il-1120?

Businesses must report their income, deductions, credits, and any other relevant financial information on il-1120.

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