Looking for a Illinois Tax Forms And Templates? Download it for free!

Additions

Do not include any penalty and interest

your loss year Form IL-1120, Part IV,

you previously paid.

Line 1, reduced by any Illinois net loss

Lines 2a through 2c —

If the specific

applied to another year.

Line 5 —

Write the total amount of any

addition lines do not apply to your entry,

overpayment, credit or refund (whether

You must attach an Illinois Schedule NLD

write the amount on Line 2c, “Other

received or not) reported on your previ-

or UB/NLD to support the amount of

additions.” List each item and the amount

ously filed Form IL-1120, or Form IL-1120-X.

Illinois NLD claimed.

on the line provided. Complete Part V if this

Do not include interest that you received.

is a change to your previously filed return.

Penalties and Interest

Lines 6 through 8 —

Follow the

Subtractions

instructions on the form. We will calculate

The following penalties must be paid

Lines 5a and 5b —

any interest that may be due you and

If the specific

unless you can show that your failure to

subtraction lines do not apply to your

include it in your refund check. Any refund

file and pay was due to reasonable cause

may be reduced to satisfy any outstanding

entry, write the amount on Line 5b, “Other

and not willful neglect.

liability.

subtractions.” List each item and the

Note:

amount on the line provided. Complete

Changes resulting from a net

Note:

Overpayments from Form IL-1120-X

Part V if this is a change to your previously

operating loss (NOL) carryback will not

cannot be credited to estimated tax.

filed return. You must identify all subtrac-

eliminate the following penalties.

tions and attach all of the required sup-

Line 9 —

Follow the instructions on the

porting documentation.

Late filing or nonfiling penalty

form. This is your amount of tax due that

must be paid in full if $1 or more. Make

Line 5c —

Refer to Form IL-1120, Part I,

For returns due on or after January 1,

your check or money order payable to

Line 5g, specific instructions for the year

1996, you owe this penalty if you failed to

“Illinois Department of Revenue.” We

being amended. You must attach

file a processable original return by the

will compute any penalty or interest due

Schedule NL-5g or UB/NL-5g.

due date, including any extended due

and notify you.

date. This penalty is the lesser of $250 or

Line 7 —

This is your base income (loss).

2 percent of the tax required to be shown

Note:

We will apply all payments against

If your base income (loss) is derived solely

due on your return, without regard to any

tax first, penalty second, and interest third.

inside Illinois, write this amount on Part IV,

payments and credits. You will be penal-

Line 1. Complete Part IV before returning

Lines 10 and 11 —

We will bill you for

ized even if your return is fully paid or

to Part I, Line 8. If your base income (loss)

penalties and interest. If you prefer, you

shows an overpayment. This penalty is

is derived inside and outside Illinois, write

may calculate the penalties and interest

recomputed if your tax liability decreases

this amount on Part III, Line 1. Complete

you owe and write these amounts on the

or increases.

Part III and Part IV before returning to

lines provided. See “Penalties and Inter-

Part I, Line 8.

An additional penalty will be assessed if

est” below.

you do not file a processable return within

Income tax and credits

30 days of the date we originally notify you

Part III — Base income (loss)

that your return is unprocessable. This

Line 9a —

Multiply Line 8 by the appli-

allocable to Illinois

additional penalty is equal to the greater of

cable tax rate. Refer to Form IL-1120

$250 or 2 percent of the tax shown due on

instructions for the year being amended.

Complete Part III only if you originally

your return, determined without regard to

completed this part, or you need to make

any payments and credits, and may be

Line 11b —

Write this year’s credit for

a change that affects your base income

assessed up to a maximum of $5,000.

replacement tax paid. If the amount of

(loss) allocable to Illinois. Refer to

This additional penalty will not be recom-

your replacement tax is being reduced on

Form IL-1120, Part III, Specific Instruc-

puted based on the amended figures.

this Form IL-1120-X, your credit for

tions, for the year being amended.

replacement tax paid must be reduced

For returns due on or after January 1,

accordingly. Refer to Form IL-1120

Part IV — Net income and

1994 through December 31, 1995, you

instructions for the year being amended to

owe this penalty if you failed to file a

replacement tax

correctly figure your credit.

processable original return by the due

date, including any extended due date.

Note: If any portion of your original credit

Line 1 —

Follow the instructions on the

This penalty is 5 percent of the tax

was carried forward to a succeeding tax

form. If the amount in Column A reflects

required to be shown due on your return,

year, you must also file Form IL-1120-X for

income and the corrected amount in

less credits. Estimated payments, prior

that year to reduce the amount of credit

Column C reflects a loss, you may carry

overpayments, and other payments cannot

carryforward you claimed.

this loss to other years as an Illinois NLD.

be applied to reduce the amount subject

Line 11c —

Write the amount of excess

to the penalty. You will be penalized even if

You may make an election to forgo the

credit for replacement tax paid that is being

your return is fully paid or shows an

Illinois NLD carryback period by checking

carried forward from a preceding tax year.

overpayment. This penalty is recomputed

the box below Line 1. If Column A reflects

if your tax liability decreases or increases.

a loss, the election to forgo the carryback

Part II — Income and

period must have been made on your

For returns due prior to January 1, 1994,

replacement tax change

timely filed original Form IL-1120. Once

you owe this penalty if you failed to file an

made, this election is irrevocable. (See

original return by the prescribed due date,

General Information, “What if my amended

Complete Parts III and IV before complet-

including any extended due date. This

ing Part II.

return involves an Illinois net loss deduc-

penalty is 7.5 percent per month or

tion (NLD)?”)

fraction of a month on any unpaid tax

Line 3 —

Write the total of all subse-

Line 2 —

remaining after the due date. This penalty

Write your Illinois NLD

quent tax payments you made with a

may be assessed up to a maximum of

carryback or carryforward amount from an

previously filed Form IL-1120-X, or for any

37.5 percent. This penalty is recomputed if

Illinois net loss year ending on or after

other reason ( e.g. , responding to a bill).

your tax liability decreases or increases, or

December 31, 1986. This amount is from

IL-1120-X Instructions (R-12/97)

Page 3 of 4

Instructions For Form Il-1120-X - Amended Corporation Income And Replacement Tax Return Page 3

Related Articles

Related forms

Related Categories