Get the free Form IL-1120-X Instructions. - Illinois Department of Revenue - revenue state il

Illinois Department of Revenue IL-1120-X Instructions 2014 Use for tax years ending on or after December 31, 2014. What is new for 2014? Fiscal-year filers only The income tax rate has changed for

How to fill out form il-1120-x instructions

How to fill out Form IL-1120-X instructions:

1. Start by downloading Form IL-1120-X from the official Illinois Department of Revenue website. This form is used by corporations to amend their Illinois Income and Replacement Tax Return (Form IL-1120).
2. Carefully read the instructions provided at the beginning of the form to understand its purpose and how to complete it correctly.
3. Begin by filling out the top section of the form, which includes information such as the corporation's name, address, and federal employer identification number (FEIN). Ensure that these details match the information provided on the original Form IL-1120.
4. Move on to Part I - Reason for the Amendment. Select the appropriate reason for amending the original return (e.g., net operating loss carrybacks, change in federal taxable income, etc.) and provide a brief explanation if required.
5. In Part II - Computation of Tax Due, enter the corrected amounts for income, deductions, and credits. Include the amounts from the original return in Column A, the net change in Column B, and the corrected amounts in Column C.
6. Proceed to Part III - Schedule of Adjustments. Here, you must provide a detailed explanation of the changes being made to the original return. Include the line number, description of the adjustment, and corresponding amounts for both the original and corrected returns.
7. If additional space is needed for the adjustments, use additional sheets and clearly reference them in Part III.
8. Part IV - Computation of Tax Due on Amended Return requires you to calculate the revised tax due based on the adjustments made. Follow the instructions provided on the form to ensure accurate calculations.
9. Finally, complete Part V - Explanation of Changes. Here, you can provide additional comments or explanations related to the changes made on the amended return.

Who needs form IL-1120-X instructions:

1. Corporations that have previously filed their Illinois Income and Replacement Tax Return (Form IL-1120) and need to make changes or corrections to it would require the Form IL-1120-X instructions.
2. This form is particularly necessary for corporations that have identified errors in their original IL-1120 return or have experienced significant changes in their tax information since the original filing.
3. The IL-1120-X instructions provide the necessary guidance and steps to accurately complete the form and ensure that the amended return reflects the correct information for Illinois tax purposes.

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