Form Il-1120 - Corporation Income And Replacement Tax Return - 2015 Page 3
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4*563503110*
Step 5: Figure your net income
35
35
Base income or net loss from Step 3, Line 23, or Step 4, Line 34.
00
36
36
Discharge of Indebtedness adjustment. Attach federal Form 982. See instructions.
00
37
37
Adjusted base income or net loss. Add Lines 35 and 36. See instructions.
00
38
38
Illinois net loss deduction. Attach Schedule NLD or UB/NLD. If Line 37 is zero or a negative amount, enter “0.”
00
39
39
Net income. Subtract Line 38 from Line 37.
00
Step 6: Figure your replacement tax after credits
40
40
Replacement tax. Multiply Line 39 by 2.5% (.025).
00
41
41
Recapture of investment credits. Attach Schedule 4255.
00
42
42
Replacement tax before credits. Add Lines 40 and 41.
00
43
43
Investment credits. Attach Form IL-477.
00
44
44
Replacement tax after credits. Subtract Line 43 from Line 42. If the amount is negative, enter “0.”
00
Step 7: Figure your income tax after credits
45
45
Income tax. Multiply Line 39 by 5.25% (.0525).
00
46
46
Recapture of investment credits. Attach Schedule 4255.
00
47
47
Income tax before credits. Add Lines 45 and 46.
00
48
48
Income tax credits. Attach Schedule 1299-D.
00
49
49
Income tax after credits. Subtract Line 48 from Line 47. If the amount is negative, enter “0.”
00
Step 8: Figure your refund or balance due
50
50
Replacement tax before reductions. Enter the amount from Line 44.
00
50a
50a
Foreign Insurer replacement tax reduction. Attach Schedule INS or UB/INS. See instructions.
00
50b
50b
Subtract Line 50a from Line 50. This is your net replacement tax.
00
51
51
Income tax before reductions. Enter the amount from Line 49.
00
51
51a
a Foreign Insurer income tax reduction. Attach Schedule INS or UB/INS. See instructions.
00
51
51b
b Subtract Line 51a from Line 51. This is your net income tax.
00
52
52
Compassionate Use of Medical Cannabis Pilot Program Act surcharge. See instructions.
00
53
53
Total net income and replacement taxes and surcharge. Add Lines 50b, 51b, and 52.
00
54
54
Underpayment of estimated tax penalty from Form IL-2220. See instructions.
00
55
55
Total tax, surcharge, and penalty. Add Lines 53 and 54.
00
56
Payments. See instructions.
a
56a
Credit from prior year overpayments.
00
b
56b
00
Total estimated payments.
c
56c
Form IL-505-B (extension) payment.
00
d
Pass-through withholding payments reported to you on Schedule(s)
56d
K-1-P or K-1-T. Attach Schedule(s) K-1-P or K-1-T.
00
e
56e
Gambling withholding. Attach Form(s) W-2G.
00
57
57
Total payments. Add Lines 56a through 56e.
00
58
58
Overpayment. If Line 57 is greater than Line 55, subtract Line 55 from Line 57.
00
59
59
Amount to be credited forward. See instructions.
00
60
60
Refund. Subtract Line 59 from Line 58. This is the amount to be refunded.
00
61
Complete to direct deposit your refund.
Routing Number
Checking or
Savings
Account Number
62
62
Tax due. If Line 55 is greater than Line 57, subtract Line 57 from Line 55. This is the amount you owe.
00
Step 9: 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 may
Signature of authorized officer
Date
Title
Phone
discuss this return with the paid
preparer shown in this step.
Signature of paid preparer
Date
Paid preparer’s Social Security number or firm’s FEIN
(
)
Paid preparer’s firm name
Address
Phone
IL-1120 (R-12/15)
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