Instructions For Form Il-1120-X - Amended Corporation Income And Replacement Tax Return
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4Illinois Department of Revenue
IL-1120-X
Instructions
How long do I have to amend
• nonunitary Form IL-1120, you must file
What is new?
one Form IL-1120-X and include all
my return?
members of the unitary group and
• The Internal Revenue Code (IRC),
attach a completed Schedule UB that
Section 172, has been amended. Due
The amount of time you have to amend
to this amendment, Illinois net losses in
includes all eligible members.
your return depends on whether your
tax years beginning after August 5,
Form IL-1120-X is being filed to report a
For tax years ending prior to
1997, must be carried back 2 years,
state or federal change.
December 31, 1993 -
then forward 20 years. See General
Separate unitary
Information, “What if my amended
State change — If your change decreases
If you are amending your original unitary
return involves an Illinois net loss
the tax due to Illinois and you are entitled
deduction (NLD)?”
to a refund, you must file
or nonunitary Form IL-1120 to report a
state or federal change to your unitary
Form IL-1120-X within
• For returns due on or after January 1,
income, you must file a separate
• three years after the due date of the
1998, the late payment penalty will
Form IL-1120-X for each Illinois member
return (including extensions),
increase from 15 percent to 20 percent.
of the unitary group. Attach a completed
• three years after the date your original
This penalty is provided for in the
Schedule UB, or indicate in the space
return was filed, or
Uniform Penalty and Interest Act. See
provided on Page 1 of this form, the FEIN
• one year after the date your Illinois tax
“Penalties and Interest” in these
of the member who is including the
was paid, whichever is latest.
instructions for more information.
Schedule UB with Form IL-1120-X. You
Note: If you are reporting an Illinois net
cannot file a combined unitary
loss deduction (NLD) carryback,
Form IL-1120-X.
General Information
Form IL-1120-X must be filed within three
Combined unitary
years of the extended due date for the loss
When should I file Form IL-1120-X?
If you are amending your original
year return.
• unitary Form IL-1120 to report a state
If your change increases the tax due to
or federal change to your unitary
You should file Form IL-1120-X if you are
Illinois, you should file Form IL-1120-X
income, you must file one combined
amending a previously filed, processable
and pay the tax, penalty, and interest
Form IL-1120-X for all members and a
Form IL-1120, Illinois Corporation Income
promptly.
revised Schedule UB.
and Replacement Tax Return, or
• nonunitary Form IL-1120 to be included
Form IL-1120-X, for a tax year ending on
Federal change — You should not file this
in an existing unitary group, you must
or after December 31, 1986. Your change
form until you receive a federal finalization
file Form IL-1120-X as if you were filing
can occur from a state or federal change,
notification from the IRS stating that they
a separate unitary return and the unitary
such as
have accepted your change, either by
group must file one combined
• an amendment of your federal income
refund, agreement, or judgment.
Form IL-1120-X and attach a revised
tax return,
Schedule UB that includes you as a
• an adjustment made by the Internal
If your federal change decreases the tax
member.
Revenue Service (IRS), or
due to Illinois and you are entitled to a
• any other recomputation or redetermi-
refund, you must file Form IL-1120-X
What if my amended return
nation, and
within two years of federal finalization.
your change affects items used to com-
involves an Illinois net loss
If your federal change increases the tax
pute your Illinois net income, net loss, or
deduction (NLD)?
due to Illinois, you must file Form IL-1120-X
credits.
and pay any additional tax within 120 days
If you have an Illinois NLD carryback or
A separate Form IL-1120-X must be filed
of IRS partial agreement or finalization, or
carryforward from any loss year ending on
for each tax year you need to amend.
you will be assessed a late payment
or after December 31, 1986, it is sub-
penalty.
Note: Use Form IL-1120X-PY, Amended
tracted from and limited to base income
Corporation Income and Replacement Tax
allocable to Illinois.
Note: If you fail to notify us of your change
Return, to amend tax years ending prior
by filing Form IL-1120-X, we may issue a
to December 31, 1986.
To determine your “Illinois net loss” start
notice of deficiency at any time. Once you
with federal taxable income, without
file your change, we may issue a notice of
What if I need to correct my
regard to any federal NOLD, and apply all
deficiency within two years.
addition and subtraction modifications,
return before the extended due
and all allocation and apportionment
date expires?
What if my amended return
provisions. This Illinois net loss is allowed
involves unitary filing?
as a carryback or carryforward deduction
If you filed your original Form IL-1120 and
in the manner allowed under IRC,
a state or federal, correction or change
For tax years ending on or after
Section 172, including, for example, the
needs to be made before the automatic
December 31, 1993, you must file
conditions and limitations of IRC,
extension due date has expired, you should
combined unitary.
Sections 381 and 382. Effective for
file Form IL-1120-X, and write ‘‘COR-
If you are amending your original
losses in tax years beginning after
RECTED’’ at the top. Due to the automatic
• unitary Form IL-1120 to report a state
August 5, 1997, IRC, Section 172, has
extension, any additional return filed after
or federal change to your unitary
been amended to allow federal NOL’s to
the original return and prior to the ex-
income, you must file one combined
be carried back 2 years, then forward 20
tended due date will be considered a
Form IL-1120-X for all members and a
years.
“corrected return” rather than an amended
revised Schedule UB.
return.
IL-1120-X Instructions (R-12/97)
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