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Blank Illinois 1120 PDF Form

The Illinois 1120 form is the Corporation Income and Replacement Tax Return required by the Illinois Department of Revenue for corporations operating within the state. This form is essential for reporting income, calculating taxes owed, and ensuring compliance with state tax laws. To simplify your filing process, click the button below to begin filling out the form.

Article Guide

The Illinois 1120 form is a crucial document for corporations operating within the state. It serves as the Corporation Income and Replacement Tax Return, specifically for tax years ending on or after December 31, 2020, and before December 31, 2021. Corporations must file this form to report their income, calculate taxes owed, and provide necessary details about their business activities. Key sections include identifying the corporation, calculating income or loss, and determining net income and replacement tax after credits. Corporations must also disclose any changes in business structure or ownership, such as first or final returns, and provide supporting documentation for various deductions and credits. Understanding the requirements and deadlines associated with the Illinois 1120 form is essential for compliance and to avoid penalties. This form not only impacts tax obligations but also reflects the financial health of the corporation, making accurate completion imperative.

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Illinois Department of Revenue	63512211W
2021 Form IL-1120

Corporation Income and Replacement Tax Return

See “When should I file?” in the Form IL-1120 instructions for a list of due dates.

If this return is not for calendar year 2021, enter your fiscal tax year here.

Tax year beginning		20	, ending		20

	month day		year	month day		year

This form is for tax years ending on or after December 31, 2021, and before December 31, 2022. For all other situations, see instructions to determine the correct form to use.

Enter the amount you are paying.

$ _______________________

Step 1: Identify your corporation

AEnter your complete legal business name. If you have a name change, check this box.

Name:

BEnter your mailing address.

Check this box if either of the following apply:

•this is your ﬁrst return, or

•you have an address change.

C/O:	__________________________________________________
Mailing address:		___________________________________________
City:			State:	ZIP:

CIf this is the first or final return, check the applicable box(es).

First return
Final return (Enter the date of termination.			)
	mm dd	yyyy

DIf this is a final return because you sold this business, enter the date sold

(mm dd yyyy)

, and the new owner’s FEIN.

ECheck the box and see the instructions if your business is a:

Unitary Filer (Combined return)

Foreign insurer

FIf you completed the following, check the box and attach the federal

form(s) to this return.

Federal Form 8886 Federal Schedule M-3, Part II, Line 12

GApportionment Formulas. Mark the appropriate box or boxes and see

Apportionment Formula instructions.	Sales companies
Insurance companies	Financial organizations
Transportation companies	Federally regulated exchanges

H Check this box if you attached Illinois Schedule UB.

I Check this box if you attached the Subgroup Schedule.

J Check this box if you attached Illinois Schedule 1299-D.

K Check this box if you attached Form IL-4562.

L Check this box if you attached Illinois Schedule M (for businesses). M Check this box if you attached Schedule 80/20.

NEnter your federal employer identification number (FEIN).

OIf you are a member of a group filing a federal consolidated return, enter the FEIN of the parent.

PEnter your North American Industry Classification System (NAICS) Code. See instructions.

QEnter your corporate file (charter) number assigned to you by the Secretary of State.

REnter the city, state, and zip code where your accounting records are kept. (Use the two-letter postal abbreviation, E.G., IL, GA, etc.)

City

State

ZIP

SIf you are making the business income election to treat all nonbusiness income as business income, check this box and enter zero on Lines 24 and 32.

TCheck your method of accounting.

Cash Accrual Other

UIf you are making a discharge of indebtedness adjustment on Form IL-1120, Line 36, check this

box and attach federal Form 982 and a detailed statement.

VCheck this box if you attached Schedule INL.

WIf you annualized your income on Form IL-2220,

check this box and attach Form IL-2220.

XCheck this box if your business activity is protected under Public Law 86-272.

Y Check this box if you are a 52/53 week filer.

Attach your payment and Form IL-1120-V here.

If you owe tax on Line 67, make an electronic payment at Tax.Illinois.gov. If you must mail your payment, complete a payment voucher, Form IL-1120-V. Write your FEIN, tax year ending, and “IL-1120-V” on your check or money order and make it payable to “Illinois Department of Revenue.” Attach your voucher and payment here.

Enter the amount of your payment on the top of this page in the space provided.

If a payment is not enclosed, mail this return to:	If a payment is enclosed, mail this return to:
ILLINOIS DEPARTMENT OF REVENUE	ILLINOIS DEPARTMENT OF REVENUE
PO BOX 19048	PO BOX 19038
SPRINGFIELD IL 62794-9048	SPRINGFIELD IL 62794-9038

	This form is authorized as outlined by the Illinois Income Tax Act. Disclosure of this	IR	NS	DR ____
Page 1 of 4	information is REQUIRED. Failure to provide information could result in a penalty.			IL-1120 (R-12/21)
Page 1 of 4				IL-1120 (R-12/21)

*63512212W*

Step 2: Figure your income or loss

(Whole dollars only)

1Federal taxable income from U.S. Form 1120, Line 30.

	Attach a copy of your federal return.		1	00
2	Net operating loss deduction from U.S. Form 1120, Line 29a. This amount cannot be negative.		2	00
3	State, municipal, and other interest income excluded from Line 1.		3	00
4	Illinois income and replacement tax and surcharge deducted in arriving at Line 1.		4	00
5	Illinois Special Depreciation addition. Attach Form IL-4562.		5	00
6	Related-Party Expenses additions. Attach Schedule 80/20.		6	00
7	Distributive share of additions. Attach Schedule(s) K-1-P or K-1-T.		7	00
8	Other additions. Attach Schedule M (for businesses).		8	00
9	Add Lines 1 through 8. This amount is your income or loss.		9	00

Step 3: Figure your base income or loss
10	Interest income from U.S. Treasury and other exempt federal obligations.	10	00

11River Edge Redevelopment Zone Dividend subtraction.

Attach Schedule 1299-B.

12River Edge Redevelopment Zone Interest subtraction.

	Attach Schedule 1299-B.	12		00
13	High Impact Business Dividend subtraction. Attach Schedule 1299-B.	13		00
14	High Impact Business Interest subtraction. Attach Schedule 1299-B.	14		00
15	Contribution subtraction. Attach Schedule 1299-B.	15		00
16	Contributions to certain job training projects. See instructions.	16		00
17	Foreign Dividend subtraction. Attach Schedule J. See instructions.	17		00
18	Illinois Special Depreciation subtraction. Attach Form IL-4562.	18		00
19	Related-Party Expenses subtraction. Attach Schedule 80/20.	19		00
20	Distributive share of subtractions. Attach Schedule(s) K-1-P or K-1-T.	20		00
21	Other subtractions. Attach Schedule M (for businesses).	21		00	00
22	Total subtractions. Add Lines 10 through 21.		22		00
23	Base income or loss. Subtract Line 22 from Line 9.		23		00

AIf the amount on Line 23 is derived inside Illinois only, check this box and enter the amount from Step 3, Line 23 on Step 5, Line 35. You may not complete Step 4. (You must leave Step 4, Lines 24 through 34 blank.)

If you are a unitary ﬁler, do not check this box. Check the box on Line B and complete Step 4.

B If any portion of the amount on Line 23 is derived outside Illinois, or you are a unitary ﬁler, check this box and complete all lines of Step 4. (Do not leave Lines 28 through 30 blank.) See instructions.

Step 4: Figure your income allocable to Illinois	(Complete only if you checked the box on Line B, above.)
24 Nonbusiness income or loss. Attach Schedule NB.	24		00

25Business income or loss included in Line 23 from non-unitary partnerships, partnerships included on a Schedule UB, S corporations, trusts,

	or estates. See instructions.	25		00
26	Add Lines 24 and 25.		26			00
27	Business income or loss. Subtract Line 26 from Line 23.		27		00
28	Total sales everywhere. This amount cannot be negative.	28
29	Total sales inside Illinois. This amount cannot be negative.	29
30	Apportionment Factor. Divide Line 29 by Line 28. Round to six decimal places.	30
31	Business income or loss apportionable to Illinois. Multiply Line 27 by Line 30.		31			00
32	Nonbusiness income or loss allocable to Illinois. Attach Schedule NB.		32			00

33Business income or loss apportionable to Illinois from non-unitary partnerships, partnerships

included on a Schedule UB, S corporations, trusts, or estates. See instructions.	33		00
34 Base income or loss allocable to Illinois. Add Lines 31 through 33.	34		00

Page 2 of 4

Printed by the authority of the state of Illinois. Web only, one copy.

IL-1120 (R-12/21)

Step 5: Figure your net income

*63512213W*

35Base income or net loss from Step 3, Line 23, or Step 4, Line 34.

36Discharge of indebtedness adjustment. Attach federal Form 982. See instructions.

37Adjusted base income or net loss. Add Lines 35 and 36. See instructions.

38Illinois net loss deduction. If Line 37 is zero or a negative amount, enter zero. Check this box and attach a detailed statement if you have merged losses.

39Net income. Subtract Line 38 from Line 37.

3500

3600

3700

3800

3900

Step 6: Figure your replacement tax after credits

40	Replacement tax. Multiply Line 39 by 2.5% (.025).	40
41	Recapture of investment credits. Attach Schedule 4255.	41
42	Replacement tax before credits. Add Lines 40 and 41.	42
43	Investment credits. Attach Form IL-477.	43
44	Replacement tax after credits. Subtract Line 43 from Line 42. If the amount is negative, enter zero.	44

Step 7: Figure your income tax after credits

45	Income tax. Multiply Line 39 by 7.0% (.07).		45	00
46	Recapture of investment credits. Attach Schedule 4255.		46	00
47	Income tax before credits. Add Lines	45 and 46.	47	00
48	Income tax credits. Attach Schedule	1299-D.	48	00
49	Income tax after credits. Subtract Line 48 from Line 47. If the amount is negative, enter zero.		49	00

Step 8: Figure your refund or balance due

50Replacement tax before reductions. Enter the amount from Line 44.

51Foreign Insurer replacement tax reduction. Attach Schedule INS or UB/INS. See instructions.

52Subtract Line 51 from Line 50. This is your net replacement tax.

53Income tax before reductions. Enter the amount from Line 49.

54Foreign Insurer income tax reduction. Attach Schedule INS or UB/INS. See instructions.

55Subtract Line 54 from Line 53. This is your net income tax.

56Compassionate Use of Medical Cannabis Program Act surcharge. See instructions.

57Sale of assets by gaming licensee surcharge. See instructions.

58Total net income and replacement taxes and surcharges. Add Lines 52, 55, 56, and 57.

59Underpayment of estimated tax penalty from Form IL-2220. See instructions.

60Total taxes, surcharges, and penalty. Add Lines 58 and 59.

61Payments. See instructions.

a	Credits from previous overpayments.	61a
b	Total payments made before the date this return is filed.	61b

cPass-through withholding reported to you.

	Attach Schedule(s) K-1-P or K-1-T.	61c
d	Pass-through entity tax credit reported to you.
	Attach Schedule(s) K-1-P or K-1-T.	61d
e	Illinois income tax withholding. Attach Form(s) W-2G.	61e

62Total payments. Add Lines 61a through 61e.

63Overpayment. If Line 62 is greater than Line 60, subtract Line 60 from Line 62.

64Amount to be credited forward. See instructions.

Check this box and attach a detailed statement if this carryforward is going to a different FEIN.

65Refund. Subtract Line 64 from Line 63. This is the amount to be refunded.

66Complete to direct deposit your refund.

Routing Number

Checking or

Savings

Account Number

5000

5100

5200

5300

5400

5500

5600

5700

5800

5900

6000

6200

63 00

64 00

6500

67 Tax due. If Line 60 is greater than Line 62, subtract Line 62 from Line 60. This is the amount you owe.		67		00

Step 9: 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.

Sign			(	)		Check if the Department
Here					may discuss this return with the
	Signature of authorized officer	Date (mm/dd/yyyy) Title	Phone		paid preparer shown in this step.

Paid				Check if
	Print/Type paid preparer’s name	Paid preparer’s signature	Date (mm/dd/yyyy)	self-employed		Paid Preparer’s PTIN
Preparer
	Firm’s name		Firm’s FEIN
Use Only

	Firm’s address		Firm’s phone		(	)

Page 3 of 4

Enter the amount of your payment in the space provided on the top of page 1.

IL-1120 (R-12/21)

Attach supporting documents to your Form IL-1120.

*ZZZZZZZZZ*

If you completed:

Attach:

Form IL-1120

U.S. 1120, Pages 1 through 6, or equivalent

Step 1, Line E (unitary) only

Schedule UB/Subgroup Schedule

Check the box on Form IL-1120, Step 1, Line H

Step 1, Line E (foreign insurer) only

Schedule INS

Step 1, Line E (unitary) and (foreign insurer)

Schedule UB/Subgroup Schedule and Schedule UB/INS

Check the box on Form IL-1120, Step 1, Line H

Step 1, Line F

Federal Form 8886 or Federal Schedule M-3 (as applicable)

Step 1, Line U

Federal Form 982

Step 1, Line V

Schedule INL

Step 1, Line W

Form IL-2220

Lines 5 and 18

Form IL-4562

Special Depreciation addition

Check the box on Form IL-1120, Step 1, Line K

Special Depreciation subtraction

Lines 6 and 19

Schedule 80/20

Related-Party Expenses addition

Check the box on Form IL-1120, Step 1, Line M

Related-Party Expenses subtraction

Lines 7 and 20

Schedule(s) K-1-P or K-1-T

Distributive share of additions

Distributive share of subtractions

Lines 8 and 21

Schedule M and any required support listed on Schedule M

Other additions

Check the box on Form IL-1120, Step 1, Line L

Other subtractions

Lines 11 through 15

Schedule 1299-B and any required support listed on Schedule

River Edge Redevelopment Zone

1299-B

Dividend subtraction

River Edge Redevelopment Zone

Interest subtraction

High Impact Business Dividend subtraction

High Impact Business Interest subtractions

Contributions subtraction

Line 17

Foreign Dividend Subtraction

Illinois Schedule J, and U.S. 1120, Schedule C or equivalent

Lines 24 and 32

Schedule NB

Nonbusiness income or loss

Nonbusiness income or loss allocable to Illinois

Lines 25 and 33

Schedule(s) K-1-P or K-1-T

Business income or loss from non-unitary

partnerships, partnerships included on a Schedule UB,

S corporations, trusts, or estates

Business income or loss apportionable to Illinois from

non-unitary partnerships, partnerships included on a

Schedule UB, S corporations, trusts, or estates

Line 36 Discharge of indebtedness adjustment

Federal Form 982

Check the box on Form IL-1120, Step 1, Line U

Lines 41 and 46 Recapture of investment credit

Schedule 4255

Line 43

Investment credits

Form IL-477 and any required support listed on Form IL-477

Line 48

Income tax credits

Schedule 1299-D and any required support listed in the Schedule

1299-D instructions or Schedule 1299-I

Check the box on Form IL-1120, Step 1, Line J

Lines 51 and 54 Foreign Insurer tax reduction

Schedule INS or Schedule UB/INS (for unitary filers)

Check the box on Form IL-1120, Step 1, Line E

Line 59

Underpayment of estimated tax penalty

Form IL-2220

If you annualized your income on Form IL-2220, Step 6,

check the box on Form IL-1120, Step 1, Line W

Line 61c

Pass-through withholding reported

All Schedules K-1-P and K-1-T you received showing

to you

pass-through withholding

Line 61d Pass-through entity tax credit

All Schedules K-1-P and K-1-T you received showing

reported to you

pass-through entity tax credit

Line 61e Illinois income tax withholding

Copies of all Forms W-2G

**Failure to attach the required documents may result in the disallowance of the corresponding line item.**

Page 4 of 4

IL-1120 (R-12/21)

➤ PDF File

Form Specifications

Fact Name	Description
Purpose	The Illinois 1120 form is used for filing the Corporation Income and Replacement Tax Return for corporations operating in Illinois.
Filing Requirements	Corporations must file this form if their tax year ends on or after December 31, 2020, and before December 31, 2021.
Governing Law	This form is authorized under the Illinois Income Tax Act, which outlines the requirements for corporate taxation in the state.
Attachments	Filing may require additional forms, such as Federal Form 8886 and Illinois Schedule M, depending on the corporation's specific tax situation.
Payment Instructions	If taxes are owed, corporations must complete a payment voucher, Form IL-1120-V, and include it with their return or make an electronic payment.

Illinois 1120: Usage Guidelines

Completing the Illinois 1120 form requires careful attention to detail. Follow these steps to ensure accuracy and compliance with state tax regulations.

Identify your corporation:
- Enter your complete legal business name.
- Provide your mailing address, checking the box if this is your first return or if you have an address change.
- Indicate if this is your first or final return by checking the appropriate box.
- If applicable, enter the date sold and the new owner's FEIN.
- Check the box if your business is a unitary filer or a foreign insurer.
- Complete any additional sections regarding federal forms and apportionment formulas.
- Enter your federal employer identification number (FEIN) and NAICS code.
- Provide your corporate file number and the location of your accounting records.
Figure your income or loss:
- Enter your federal taxable income from U.S. Form 1120, Line 30.
- Deduct the net operating loss from U.S. Form 1120, Line 29a.
- Exclude any state, municipal, and other interest income from Line 1.
- Deduct Illinois income and replacement tax and surcharge from Line 1.
- Add any Illinois special depreciation and related-party expenses.
- Include distributive shares of additions and other additions.
- Sum Lines 1 through 8 to find your total income or loss.
Calculate your base income or loss:
- Deduct exempt interest income and various subtractions as outlined.
- Add the total subtractions to determine your base income or loss.
Determine your income allocable to Illinois if necessary:
- Complete the lines for nonbusiness income and business income as applicable.
- Calculate your apportionment factor and apply it to your business income.
Calculate your net income:
- Add any discharge of indebtedness adjustment if applicable.
- Subtract the Illinois net loss deduction from your adjusted base income.
Figure your replacement tax after credits:
- Multiply your net income by 2.5% to find your replacement tax.
- Account for any recapture of investment credits.
Calculate your income tax after credits:
- Add your income tax and any recapture of investment credits.
- Subtract any income tax credits to find your income tax after credits.
Determine your refund or balance due:
- Calculate your total taxes, surcharges, and any penalties.
- Account for any payments made prior to filing.
- Determine if you have an overpayment or if you owe taxes.
Sign and date the form:
- Ensure the authorized officer signs and dates the return.
- Provide contact information for the paid preparer if applicable.

After completing the form, attach any required supporting documents. Ensure that everything is accurate and complete before submitting it to the Illinois Department of Revenue.

Your Questions, Answered

What is the purpose of the Illinois 1120 form?

The Illinois 1120 form is used by corporations to report their income and calculate their tax obligations to the state of Illinois. This form is essential for determining the corporation's net income or loss, as well as any applicable replacement taxes. It ensures compliance with state tax laws and helps maintain transparency in corporate financial reporting.

When is the Illinois 1120 form due?

The due date for filing the Illinois 1120 form typically aligns with the corporation's fiscal year. For corporations operating on a calendar year, the form is due on the 15th day of the third month following the end of the tax year. If the corporation has a fiscal year, it must refer to the specific instructions provided with the form for the exact due date. Late submissions may incur penalties, so timely filing is crucial.

What documents need to be attached to the Illinois 1120 form?

When submitting the Illinois 1120 form, various supporting documents must be attached to ensure accuracy and compliance. Key documents include a copy of the federal return (Form 1120), schedules related to specific deductions or credits, and any applicable federal forms such as Form 8886 or Form 982. Failure to attach the required documents may result in the disallowance of certain deductions or credits claimed on the form.

What should a corporation do if it has a net loss?

If a corporation experiences a net loss, it should report this on the Illinois 1120 form. The corporation may be eligible to carry forward the loss to offset future taxable income. It is important to check the specific instructions related to net loss deductions to ensure proper reporting and to take advantage of any potential tax benefits. Consulting with a tax professional may provide additional guidance on managing net losses effectively.

Common mistakes

Incorrect Tax Year Entry: Failing to enter the correct tax year can lead to significant issues. Ensure that the tax year matches the period for which you are filing.
Missing Required Attachments: Not attaching necessary federal forms, such as Form 1120 or Schedule M, can result in your return being incomplete. Always check the instructions for required documents.
Inaccurate Income Reporting: Reporting incorrect figures for federal taxable income or failing to include all income sources can lead to penalties. Double-check your calculations and ensure all income is reported accurately.
Neglecting to Check Relevant Boxes: Failing to check boxes for first or final returns, or for unitary filers, can cause confusion in processing your return. Always review the form carefully.
Improper Payment Submission: Not including the payment voucher or failing to write the correct information on your payment can delay processing. Ensure your payment is attached and correctly filled out.

Documents used along the form

The Illinois 1120 form is essential for corporations operating in Illinois to report their income and calculate their tax obligations. To ensure accurate and complete filing, several additional forms and documents may be required. Below is a list of common forms that are often submitted alongside the Illinois 1120 form.

Federal Form 1120: This is the U.S. Corporation Income Tax Return. It provides a comprehensive overview of a corporation's income, deductions, and tax liability at the federal level. A copy must be attached to the Illinois 1120 form.
Schedule M: This form is used to reconcile differences between federal and state income. It details adjustments that may affect the taxable income reported on the Illinois 1120.
Schedule K-1: Issued to shareholders, this form reports each shareholder's share of income, deductions, and credits from partnerships or S corporations. Attach all relevant K-1 forms to the Illinois 1120 if applicable.
Form IL-4562: This form is used for reporting special depreciation and amortization. Corporations must attach this form if they claim special depreciation adjustments on their Illinois tax return.
Schedule 80/20: This schedule is for reporting related-party expenses. Corporations must include this if they have transactions with related parties that affect their taxable income.

Filing the Illinois 1120 form accurately, along with the necessary accompanying documents, is crucial for compliance with state tax laws. Ensure all forms are completed correctly to avoid penalties or delays in processing your return.

Similar forms

U.S. Form 1120: The Illinois 1120 form is similar to the U.S. Form 1120 as both are used by corporations to report income, deductions, and tax liability. They require similar information regarding income sources and deductions.
Form IL-1040: Like the Illinois 1120, Form IL-1040 is used for tax reporting in Illinois. However, IL-1040 is for individual income tax, while IL-1120 is for corporate tax purposes.
Form IL-1065: This form is similar to the Illinois 1120 in that it is used for partnerships to report income and deductions. Both forms require detailed information about income sources.
Form IL-1120-V: This is a payment voucher for the IL-1120. It is similar in that it is directly related to the payment process for corporate taxes, ensuring timely payments.
Schedule M: This schedule is used with the Illinois 1120 to report additional income and deductions. It is similar in function to the income and deductions sections of the IL-1120.
Schedule K-1: This document is used to report income from partnerships and S corporations. It is similar to the IL-1120 in that both require detailed reporting of income distributions.
Form IL-4562: This form is used for claiming depreciation and amortization. It is similar to sections of the IL-1120 that deal with special depreciation additions and subtractions.

Dos and Don'ts

When filling out the Illinois 1120 form, it is essential to follow specific guidelines to ensure accuracy and compliance. Below is a list of six things you should and shouldn't do.

Do provide your complete legal business name as registered.
Do check the appropriate boxes for first or final returns to avoid confusion.
Do attach all required federal forms and schedules as instructed.
Do ensure that all figures are rounded to whole dollars only.
Don't leave any required fields blank; this may delay processing.
Don't forget to sign the return; an unsigned form is invalid.

Misconceptions

Misconception 1: The Illinois 1120 form is only for large corporations.

This is not true. The Illinois 1120 form is applicable to all corporations operating in Illinois, regardless of size. Small businesses and startups also need to file this form if they meet the requirements.

Misconception 2: You can submit the form without any supporting documents.

Many believe that the Illinois 1120 form can stand alone. However, it's essential to attach required documents like federal tax returns and schedules. Missing these can lead to penalties or disallowed deductions.

Misconception 3: The due date for filing is the same every year.

While many tax forms have a fixed due date, the Illinois 1120 form's due date can vary. It depends on whether your corporation operates on a calendar year or a fiscal year. Always check the instructions for the specific year.

Misconception 4: You cannot amend the Illinois 1120 once it is filed.

This is incorrect. If you discover an error after filing, you can amend your Illinois 1120 form. It's important to act quickly and follow the guidelines for amendments to avoid penalties.

Misconception 5: All income is taxable under the Illinois 1120.

Not all income is taxable. Certain types of income, such as specific interest and dividends, may be excluded. Understanding what qualifies as taxable income is crucial for accurate reporting.

Misconception 6: Filing electronically is not an option for the Illinois 1120.

Many think that paper filing is the only way to submit the Illinois 1120 form. In reality, electronic filing is encouraged and often more efficient. It can also reduce the chances of errors.

Key takeaways

Filling out the Illinois 1120 form can seem daunting, but understanding some key points can make the process smoother. Here are six important takeaways:

Know Your Filing Deadline: Be aware of the due dates for filing the form. Check the instructions for specific deadlines based on your tax year.
Provide Accurate Information: Ensure that you enter your complete legal business name, mailing address, and other identifying details correctly. Any changes must be noted.
Understand Your Tax Year: This form is specifically for tax years ending on or after December 31, 2020, and before December 31, 2021. Make sure you are using the correct form for your tax year.
Attach Required Documents: Certain schedules and forms must accompany your submission. Missing attachments can lead to penalties or disallowances.
Calculate Your Income or Loss: Carefully follow the steps to determine your income or loss. This includes adjustments for various deductions and additions as specified in the form.
Make Payments Correctly: If you owe taxes, ensure you follow the payment instructions accurately. Use the correct forms and include your FEIN on any checks or money orders.