Form Il-1065 - Partnership Replacement Tax Return - 2014 Page 3
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Step 7: Figure your net income
47
47
00
Base income or net loss from Step 5, Line 35, or Step 6, Line 46.
48
48
Illinois net loss deduction. Attach Schedule NLD. If Line 47 is zero or a negative amount, enter “0”.
00
49
49
Income after NLD. Subtract Line 48 from Line 47.
00
50
50
Enter the amount from Step 5, Line 35.
00
51
51
Divide Line 47 by Line 50. (This figure cannot be greater than “1”.)
52
52
Exemption allowance. Multiply Line 51 by $1,000. (Short-year filers, see instructions.)
00
53
53
Net income. Subtract Line 52 from Line 49.
00
Step 8: Figure your net replacement tax and pass-through withholding payments
54
54
Replacement tax. Multiply Line 53 by 1.5% (.015).
00
55
55
Recapture of investment credits. Attach Schedule 4255.
00
56
56
Replacement tax before investment credits. Add Lines 54 and 55.
00
57
57
Investment credits. Attach Form IL-477.
00
58
58
Net replacement tax. Subtract Line 57 from Line 56. Enter “0” if this is a negative amount.
00
59
Pass-through withholding payments you reported on behalf of your members. Enter the amount from
59
Schedule B, Step 1, Line 8. Attach Schedule B.
00
60
60
Total net replacement tax and pass-through withholding payments. Add Line 58 and Line 59.
00
Step 9: Figure your refund or balance due
61
Payments.
a
61a
Credit from prior year overpayments.
00
b
61b
Form IL-505-B (extension) payment.
00
c
61c
Pass-through withholding payments. Attach Schedule(s) K-1-P or K-1-T.
00
d
61d
Gambling withholding. Attach Form(s) W-2G.
00
e
61e
Form IL-516-I prepayments.
00
f
61f
Form IL-516-B prepayments.
00
62
62
Total payments. Add Lines 61a through 61f.
00
63
63
Overpayment. If Line 62 is greater than Line 60, subtract Line 60 from Line 62.
00
64
64
Amount to be credited to a subsequent period. See instructions.
00
65
65
Refund. Subtract Line 64 from Line 63. This is the amount to be refunded.
00
66
Complete to direct deposit your refund
Routing Number
Checking or
Savings
Account Number
67
67
Tax Due. If Line 60 is greater than Line 62, subtract Line 62 from Line 60. This is the amount you owe.
00
If you owe tax on Line 67, complete a payment voucher, Form IL-1065-V, make your check payable to
“Illinois Department of Revenue” and attach them to the first page of this form.
Enter the amount of your payment on the top of Page 1 in the space provided.
Step 10: Sign here
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.
(
)
Check this box if the Department
Signature of partner
Date
Title
Phone
may discuss this return with the
preparer shown in this step.
Signature of preparer
Date
Preparer’s Social Security number or firm’s FEIN
(
)
Preparer’s firm name (or yours, if self-employed)
Address
Phone
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
P.O. Box 19031
P.O. Box 19053
Springfield, IL 62794-9031
Springfield, IL 62794-9053
This form is authorized as outlined by the Illinois Income Tax Act. Disclosure of this
information is REQUIRED. Failure to provide information could result in a penalty.
IL-1065 (R-12/14)
Page 3 of 5
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