Illinois Form IL-1120-ST (Small Business Corporation Replacement Tax Return (Includes Schedule B)) (2024)

Small Business Corporation Replacement Tax Return (Includes Schedule B)
2023 Form IL-1120-ST, Small Business Corporation 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 *32712231W*Small Business Corporation Replacement Tax Return2023 Form IL-1120-STDue on or before the 15th day of the 3rd month following the close of the tax year.If this return is not for calendar year 2023, enter your fiscal tax year here.Tax year beginning20, ending20monthdayyearmonthdayEnter the amount you are paying.yearThis form is for tax years 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.$N Enter your federal employer identification number Step 1: Identify your small business corporation A Enter your complete legal business name. If you have a name change, check this box. Name: (FEIN).OCheck this box if you are a member of a unitary business group and enter the FEIN of the B Enter your mailing address. member who prepared the Schedule UB, Combined Apportionment for Unitary Business Group. Attach Schedule UB to this return.C/O: Mailing address: City:State: First return Final return (Enter the date of termination.ZIP:P Enter your North American Industry Classification C If this is the first or final return, check the applicable box(es).mmddyyyy)System (NAICS) Code. See instructions.Qyour Illinois corporate file (charter) number issued by the Secretary of State.EnterD If this is a final return because you sold this business, enter the date sold (mm dd yyyy), and the new owner’s FEIN.E Apportionment Formulas. Check the appropriate box or boxes and see the Apportionment Formula instructions. Financial organizations Transportation companies Federally regulated exchangesSales companies FCheck this box if you attached Form IL-4562.G Check this box if you attached Illinois Schedule M (for businesses). H Check this box if you attached Schedule 80/20.ICheck this box if you attached Schedule 1299-A.J Check this box if you attached the Subgroup Schedule. K Check this box if you are a 52/53 week filer. L Check this box if you elected to file and pay Pass-through Entity Tax. See instructions.M If you are paying Pass-through Entity Tax and you annualized your income on Form IL-2220, check this box and attach Form IL-2220.R Enter the city, state, and zip code where your accounting records are kept. (Use the two-letter postal abbreviation, e.g., IL, GA, etc.)City and attach the federal form(s) to this return.Federal Form 8886Federal Sch. M-3,Part II, Line 10U If you are making a discharge of indebtedness adjustment on Schedule NLD or Form IL-1120-ST, Line 48, check this box and attach federal Form 982.Check this box if your business activity is Vprotected under Public Law 86-272.Step 2: Figure your ordinary income or lossAttach your payment and Form IL-1120-ST-V here.12345(Whole dollars only)00000000006700000000008Expense deduction under IRC Section 179. 9Interest on investment indebtedness. 10All other items of expense that were not deducted in the computation of ordinary income or loss onPage 1 of U.S. Form 1120-S. See instructions. Identify: ______________________________11Add Lines 8 through 11. 12Subtract Line 12 from Line 7. This amount is your total unmodified base income or loss. 13IRIL-1120-ST (R-12/23)NSDRZIPS If you are making the business income election to treat all nonbusiness income as business income,check this box and enter zero on Lines 36 and 44.T If you have completed the following, check the box 1 Ordinary income or loss, or equivalent from federal Schedule K.2 Net income or loss from all rental real estate activities. 3 Net income or loss from other rental activities.4 Portfolio income or loss.5 Net IRC Section 1231 gain or loss.6 All other items of income or loss that were not included in the computation of income or loss on Page 1 of U.S. Form 1120-S. See instructions. Identify: ______________________________7 Add Lines 1 through 6. This is your ordinary income or loss. Step 3: Figure your unmodified base income or loss8 Charitable contributions. 9 10 11 12 13StateThis form is authorized as outlined by the Illinois Income Tax Act. Disclosure of thisinformation is REQUIRED. Failure to provide information could result in a penalty.000000Page 1 of 5*32712232W*Step 4: Figure your income or loss141516171819202122Enter the amount from Line 13. Unitary filers, enter the amount from Schedule UB, Step 2, Col E, Line 30.1400151617181920212200343500State, municipal, and other interest income excluded from Line 14.Illinois taxes and surcharge deducted in arriving at Line 14. See instructions. Illinois Special Depreciation addition. Attach Form IL-4562.Related-Party Expenses addition. Attach Schedule 80/20.Distributive share of additions. Attach Schedule(s) K-1-P or K-1-T. The amount of loss distributable to a shareholder subject to replacement tax. Attach Schedule B.Other additions. Attach Illinois Schedule M (for businesses).Add Lines 14 through 21. This amount is your income or loss. 00000000000000Step 5: Figure your base income or loss23 Interest income from U.S. Treasury or other exempt federal obligations. 230024River Edge Redevelopment Zone Dividend subtraction. Attach Schedule 1299-A. 25River Edge Redevelopment Zone Interest subtraction. Attach Schedule 1299-A. 26High Impact Business Dividend subtraction. Attach Schedule 1299-A.27High Impact Business Interest subtraction. Attach Schedule 1299-A.28Contribution subtraction. Attach Schedule 1299-A.29Illinois Special Depreciation subtraction. Attach Form IL-4562.30Related-Party Expenses subtraction. Attach Schedule 80/20.31Distributive share of subtractions. Attach Schedule(s) K-1-P or K-1-T.32Other subtractions. Attach Schedule M (for businesses).3300 24 Share of income distributable to a shareholder subject to replacementtax. Attach Schedule B.25262728293031323334 Total subtractions. Add Lines 23 through 33.35 Base income or loss. Subtract Line 34 from Line 22. 00000000000000000000A If the amount on Line 35 is derived inside Illinois only, check this box and enter the amount from Step 5, Line 35on Step 7, Line 47. You may not complete Step 6. (You must leave Step 6, Lines 36 through 46 blank.)If you are a unitary filer, do not check this box. Check the box on Line B and complete Step 6.B If any portion of the amount on Line 35 is derived outside Illinois, or you are a unitary filer, check this box and complete all lines of Step 6. (Do not leave Lines 40 through 42 blank.) See instructions.Step 6: Figure your income allocable to Illinois (Complete only if you checked the box on Line B, above.)36 Nonbusiness income or loss. Attach Schedule NB.37Business income or loss included in Line 35 from non-unitary partnerships, partnerships included on a Schedule UB, S corporations, trusts, or estates. See instructions. 38 Add Lines 36 and 37. 39 Business income or loss. Subtract Line 38 from Line 35. 40 Total sales everywhere. This amount cannot be negative.40 41 Total sales inside Illinois. This amount cannot be negative.41 42 Apportionment factor. Divide Line 41 by Line 40. Round to six decimal places.42 43 Business income or loss apportionable to Illinois. Multiply Line 39 by Line 42. 44 Nonbusiness income or loss allocable to Illinois. Attach Schedule NB. 45 Business income or loss apportionable to Illinois from non-unitary partnerships, partnerships included on a Schedule UB, S corporations, trusts, or estates. See instructions.46 Base income or loss allocable to Illinois. Add Lines 43 through 45.IL-1120-ST (R-12/23)36003738390000004344004546000000Page 2 of 5*32712233W*Step 7: Figure your net income47484950Base income or net loss from Step 5, Line 35, or Step 6, Line 46.Discharge of indebtedness adjustment. Attach federal Form 982. See instructions.Adjusted base income or net loss. Add Lines 47 and 48.Illinois net loss deduction. If Line 49 is zero or a negative amount, enter zero. Attach Schedule NLD. Check this box and attach a detailed statement if you have merged losses. 51 Net income. Subtract Line 50 from Line 49. 474849 50 0000000051 00Step 8: Figure the taxes, surcharges, pass-through withholding, and penalty you owe5253545556575859 60 6162 6364Replacement tax. Multiply Line 51 by 1.5% (.015). Recapture of investment credits. Attach Schedule 4255.Replacement tax before investment credits. Add Lines 52 and 53. Investment credits. Attach Form IL-477. Net replacement tax. Subtract Line 55 from Line 54. If the amount is negative, enter zero. Compassionate Use of Medical Cannabis Program Act surcharge. See instructions.Sale of assets by gaming licensee surcharge. See instructions.Pass-through withholding you owe on behalf of your members. Enter the amount fromSchedule B, Section A, Line 5. See instructions. Attach Schedule B.00Pass-through entity income. See instructions.60Pass-through entity tax. Multiply Line 60 by 4.95% (.0495).Total net replacement tax, surcharges, pass-through withholding, and pass-through entity taxyou owe. Add Lines 56, 57, 58, 59, and 61.Underpayment of estimated tax penalty from Form IL-2220. See instructions.Total taxes, surcharges, pass-through withholding, and penalty. Add Lines 62 and 63. 5253545556575800000000000000590061006263 64000000Step 9: Figure your refund or balance due 65 Payments. See instructions.a Credit from previous overpayments.b Total payments made before the date this return is filed. c Pass-through withholding reported to you.65a65b0000 Attach Schedule(s) K-1-P or K-1-T.65c d Illinois income tax withholding. Attach Form(s) W-2G.65d 66 Total payments. Add Lines 65a through 65d.67Overpayment. If Line 66 is greater than Line 64, subtract Line 64 from Line 66. 68 Amount to be credited forward. See instructions.Check this box and attach a detailed statement if this carryforward is going to a different FEIN. 69 Refund. Subtract Line 68 from Line 67. This is the amount to be refunded. 70 Complete to direct deposit your refund00006667 68000000690071 Tax Due. If Line 64 is greater than Line 66 subtract Line 66 from Line 64. This is the amount you owe. 7100Routing NumberChecking orSavings Account NumberEnter the amount of your payment on the top of Page 1 in the space provided.Step 10: 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.SignHere(Signature of authorized officerPaidPreparerUse OnlyDate (mm/dd/yyyy)Print/Type paid preparer’s nameTitlePaid preparer’s signatureCheck if the Departmentmay discuss this return with thepaid preparer shown in this step.)PhoneDate (mm/dd/yyyy)Check if self-employed Paid Preparer’s PTINFirm’s nameFirm’s FEINFirm’s addressFirm’s phone() If a payment is enclosed, mail your Form IL-1120-ST to: If a payment is not enclosed, mail your Form IL-1120-ST to: Illinois Department of RevenueIllinois Department of Revenue P.O. Box 19053P.O. Box 19032 Springfield, IL 62794-9053 Springfield, IL 62794-9032IL-1120-ST (R-12/23)Printed by the authority of the state of Illinois - electronic only - one copy.Page 3 of 5Illinois Department of Revenue2023 Schedule BYear ending*30812231W*Partners’ or Shareholders’ InformationMonthAttach to your Form IL-1065 or Form IL-1120-ST.Enter your name as shown on your Form IL-1065 or Form IL-1120-ST.YearIL Attachment No. 1Enter your federal employer identification number (FEIN).Read this information first•You must read the Schedule B instructions and complete Schedule(s) K-1-P and Schedule(s) K-1-P(3) before completing thisschedule.•You must complete Section B of Schedule B and provide all the required information for your partners or shareholders beforecompleting Section A of Schedule B. Failure to follow these instructions may delay the processing of your return or result in you receiving further correspondence fromthe Illinois Department of Revenue. You may also be required to submit further information to support your filing.Section A: Total members’ information (from Schedule(s) K-1-P and Schedule B, Section B)Before completing this section you must first complete Schedule(s) K-1-P, Schedule(s) K-1-P(3) and Schedule B, Section B. Youwill use the amounts from those schedules when completing this section.Totals for resident and nonresident partners or shareholders (from Schedule(s) K-1-P and Schedule B, Section B)1 Enter the total of all nonbusiness income or loss you reported on Schedule(s) K-1-P for your members.1See instructions.2 Enter the total of all income and replacement tax credits you reported on Schedule(s) K-1-P for your2members. See instructions.3 Add the amounts shown on Schedule B, Section B, Line E for all partners or shareholders on allpages for which you have checked the box indicating the entity is subject to Illinois replacement taxor an ESOP. Enter the total here. See instructions.3Totals for nonresident partners or shareholders only (from Schedule B, Section B)4 Enter the total pass-through withholding you reported on all pages of your Schedule B, Section B, Line J for your a. b.c. d. e.nonresident individual members. See instructions.4anonresident estate members. See instructions.4bpartnership and S corporation members. See instructions.4cnonresident trust members. See instructions.4dC corporation members. See instructions.4e5 Add Line 4a through Line 4e. This is the total pass-through withholding you owe on behalf of all yournonresident partners or shareholders. This amount should match the total amount from Schedule B,Section B, Line J for all nonresident partners or shareholders on all pages. Enter the total here andon Form IL-1065 (Form IL-1065-X), Line 59, or Form IL-1120-ST (Form IL-1120-ST-X), Line 59.See instructions.6 Enter the total pass-through entity tax credit paid on all pages of Schedule B, Section B, Line K. 567 Enter the total pass-through entity tax credit received and distributed on all pages of Schedule B,7Section B, Line L. Attach all pages of Schedule B, Section B behind this page.Schedule B (R-12/23)This form is authorized as outlined by the Illinois Income Tax Act. Disclosure of thisinformation is REQUIRED. Failure to provide information could result in a penalty.Page 4 of 5Illinois Department of Revenue2023 ScheduleB*30812232W*Enter your name as shown on your Form IL-1065 or Form IL-1120-ST.Enter your federal employer identification number (FEIN).Section B: Members’ information (See instructions before completing.)Member 1Member 2A Name C/OAddress 1 Address 2City State, ZIPB Partner or Shareholder Member 3C SSN/FEIND Subject to Illinoisreplacement taxor an ESOP E Member’s distributableamount of baseincome or loss F Excluded frompass-throughwithholding G Share of Illinois income subject topass-throughwithholding withholding before creditsH Pass-throughI Distributableshare of credits paid tomembers J Pass-throughwithholdingamount K PTE tax creditL PTE tax credit received and distributed tomembers Schedule B (R-12/23)If you have more members than space provided, attach additional copies of this page as necessary.Printed by the authority of the state of Illinois - electronic only - one copy.ResetPrintPage 5 of 5

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