Illinois Form IL-1120-ST-X (Amended Small Business Corporation Replacement Tax Return - Includes Schedule B)) (2025)

Amended Small Business Corporation Replacement Tax Return - Includes Schedule B)
2023 IL-1120-ST-X, Amended Small Business Corporation Replacement Tax Return
Use your mouse or Tab key to move through the fields. Use your mouse or space bar to enable check boxes.IllinoisDepartment of Revenue*32912231W*2023 IL-1120-ST-XAmended Small Business Corporation Replacement Tax ReturnFor tax years ending on or after December 31, 2023.Indicate what tax year you are amending: Tax year beginningmonth, endingmonthIf you have a name change, check this box. Name:B Enter your mailing address.C/O:yearEnter the amount youare paying.$ OCheck this box if you are a member of a unitary business group, and enter the FEIN of the member who prepared the Schedule UB, Combined Apportionment for Unitary Business Group. Attach Schedule UB to this return.Mailing address:City:dayN Enter your federal employer identification number (FEIN).Step 1: Identify your small business corporationA Enter your complete legal business name.yearIf you are filing an amended return for tax years ending before December 31, 2023,you may not use this form. For prior years, see instructions to determine the correct form to use.dayState:PEnter your North American Industry Classification ZIP:System (NAICS) Code. See instructions. C Check this box if you are filing this form only to report an increasednet loss on Line 49, Column B.DEFGHICheck this box if you attached Form IL-4562.Check this box if you attached Schedule M.Q Enter your Illinois corporate file (charter) number.R Check this box if you are filing Form IL-1120-ST-X before the extended due date and making theCheck this box if you attached Schedule 80/20. election to treat all nonbusiness income asCheck this box if you attached Schedule 1299-A.business income. Check this box if you attached the Subgroup Schedule.SIf you have completed the following, check the boxCheck the applicable box for the type of change being made.and attach the federal form(s) to this return, if youhave not previously done so.NLDState changeFederal change Federal Form 8886Federal Schedule If a federal change, check one: M-3, Part II, Line 10Partial agreedFinalizedT If you are making a discharge of indebtednessEnter the finalization date adjustment on Schedule NLD or Form IL-1120-ST,Attach your federal finalization to this return. Line 48, check this box and attach federal J Throwback adjustment - see instructions. Form 982. U Check this box if your business activity isK Double throwback adjustment - see instructions. protected under Public Law 86-272. L Check this box if you are a 52/53 week filer. V If you are paying Pass-through Entity (PTE) Tax and M Check this box if you elected to file and pay Pass-through Entityyou annualized your income on Form IL-2220,(PTE) Tax.check this box and attach Form IL-2220. Explain the changes on this return (Attach a separate sheet if necessary.)Attach your payment andForm IL-1120-ST-X-V here.Step 2: Figure your ordinary income or loss AB As most recentlyCorrected reported or adjustedamount00001 Ordinary income or loss or equivalent from U.S. Schedule K.1100002 Net income or loss from all rental real estate activities.2200003 Net income or loss from other rental activities3300004 Portfolio income or loss.4400005 Net IRC Section 1231 gain or loss.556 All other items of income or loss that were not included in the computation of0000 income or loss on Page 1 of U.S. Form 1120S. Identify: ___________________6600007 Add Lines 1 through 6. This is your ordinary income or loss.77Step 3: Figure your unmodified base income or loss0000 8 Charitable contributions.880000 9 Expense deduction under IRC Section 179.99000010 Interest on investment indebtedness. 101011 All other items of expense that were not deducted in the computation of ordinary0000 income or loss on Page 1 of U.S. Form 1120S. Identify: ___________________1111000012 Add Lines 8 through 11.121213 Subtract Line 12 from Line 7. This is your0000 total unmodified base income or loss.1313IL-1120-ST-X (R-12/23)This form is authorized as outlined by the Illinois Income Tax Act. Disclosure of thisinformation is REQUIRED. Failure to provide information could result in a penalty.Page 1 of 5*32912232W*Step 4: Figure your income or loss ABAs most recently reported or adjusted 14 Enter the amounts from Line 13. Unitary filers, see instructions.1415 State, municipal, and other interest income excluded from Line 14.15 16 Illinois replacement tax and surcharge deducted in arriving at Line 14.16 17 Illinois Special Depreciation addition. Attach Form IL-4562.17 18 Related-Party Expenses addition. Attach Schedule 80/20.18 19 Distributive share of additions. Attach Schedule(s) K-1-P or K-1-T.19 20 The amount of loss distributable to a shareholder subject to replacement tax. Attach Schedule B.20 21 Other additions. Attach Schedule M (for businesses).21 22 Add Lines 14 through 21. This is your total income or loss.22Correctedamount141516171819000000202122 23 Interest income from U.S. Treasury and exempt federal obligations.23002300 24 Share of income distributable to a shareholder subject to replacement tax. Attach Schedule B.00000024252627282930313233340035000000000000000000000000000000Step 5: Figure your base income or loss 2526 27 28 29 30 31 32 333424River Edge Redevelopment Zone Dividend subtraction. Attach Schedule 1299-A.25River Edge Redevelopment Zone Interest subtraction. Attach Schedule 1299-A.26High Impact Business Dividend subtraction. Attach Schedule 1299-A.27High Impact Business Interest subtraction. Attach Schedule 1299-A.28Contribution subtraction. Attach Schedule 1299-A. 29Illinois Special Depreciation subtraction. Attach Form IL-4562.30Related-Party Expenses subtraction. Attach Schedule 80/20.31Distributive share of subtractions. Attach Schedule(s) K-1-P or K-1-T.32Other subtractions. Attach Schedule M (for businesses). 33Total subtractions. Add Lines 23 through 33. 3435 Base income or loss. Subtract Line 34 from Line 22. 350000000000000000000000000000000000000000A If the amount on Line 35 is derived inside Illinois only, check this box and enter the amount from Step 5, Line 35on Step 7, Line 47. You may not complete Step 6. (You must leave Step 6, Lines 36 through 46 blank.)If you are a unitary filer, do not check this box. Check the box on Line B and complete Step 6.B If any portion of the amount on Line 35 is derived outside Illinois, or you are a unitary filer, check this box and complete all lines of Step 6. (Do not leave Lines 40 through 42 blank.) See instructions. Step 6: Figure your income allocable to Illinois (Complete only if you checked the box on Line B, above.)36Nonbusiness income or loss. Attach Schedule NB.3637Business income or loss included in Line 35 from non-unitary partnerships,003600 partnerships included on a Schedule UB, S corporations, trusts, or estates. See instructions.37003700 38 Add Lines 36 and 37.003800003900004000004100 4243004400 partnerships, partnerships included on a Schedule UB, S corporations, trusts, or estates. See instructions.45004500 46 Base income or loss allocable to Illinois. Add Lines 43 through 45.00460038 39 Business income or loss. Subtract Line 38 from Line 35. 39 40 Total sales everywhere. This amount cannot be negative. 40 41 Total sales inside Illinois. This amount cannot be negative.41 42 Apportionment factor. Divide Line 41 by Line 40. Round to six decimal places.42 43 Business income or loss apportionable to Illinois. Multiply Line 39 by Line 42. 43 44 Nonbusiness income or loss allocable to Illinois. Attach Schedule NB.4445Business income or loss apportionable to Illinois from non-unitaryIL-1120-ST-X (R-12/23)46Printed by the authority of the state of Illinois - electronic only - one copy.0000Page 2 of 5*32912233W*Step 7: Figure your net incomeA As most recentlyreported or adjustedBCorrectedamount47Base income or net loss from Step 5, Line 35 or Step 6, Line 46.4748Discharge of indebtedness adjustment. Attach federal Form 982.4849Adjusted base income or net loss. Add Lines 47 and 48.49 50 Illinois net loss deduction. Attach Schedule NLD. 50000000004748495000000000If Line 49 is zero or a negative amount, enter zero. Check this box and attach a detailed statement if you have merged losses.51Net income. Subtract Line 50 from Line 49.51005100Step 8: Figure the taxes, surcharges, and pass-through withholding you owe52 Replacement tax. Multiply Line 51 by 1.5% (.015).5253 Recapture of investment credits. Attach Schedule 4255.53 54 Replacement tax before investment credits. Add Lines 52 and 53.5455Investment credits. Attach Form IL-477. 55 56 Net replacement tax. Subtract Line 55 from Line 54. If negative, enter zero.5657 Compassionate Use of Medical Cannabis Program Act surcharge. See instr.5758 Sale of assets by gaming licensee surcharge. See instructions. 5859 Pass-through withholding you owe on behalf of your members. Enter the amount from Schedule B, Section A, Line 5. See instructions. Attach Schedule B.59 60 Pass-through entity income. See instructions.60 61 Pass-through entity tax. Multiply Line 60 by 4.95% (.0495).61 62 Total taxes, surcharges, and pass-through withholding.Add Lines 56, 57, 58, 59, and 61.005200530054005500560057005800000000000000005900 6000610000006200Step 9: Figure your refund or balance due 63 Payments. See instructions.63abTotal payments made before the date this amended return is filed. 63bc Pass-through withholding reported to you. Attach Schedule(s) K-1-P or K-1-T.63cd Illinois income tax withholding. Attach Form(s) W-2G. 63d 64Total payments. Add Lines 63a through 63d.64 65 Previously paid penalty and interest. See instructions.65 66 Total amount of overpayment (including any carryforward or refund) before the filing of this return for the year being amended. See instructions. 66 67 Add Lines 65 and 66.67 68 Net tax paid. Subtract Line 67 from Line 64.68 69 Overpayment. If Line 68 is greater than Line 62, subtract Line 62 from Line 68.69 70 Amount of overpayment from Line 69 to be credited forward. See instructions.70Check this box and attach a detailed statement if this carryforward is going to a different FEIN. 71 Refund. Subtract Line 70 from Line 69. This is the amount to be refunded.71 72 Tax due with this amended return. If Line 62 is greater than Line 68, subtract Line 68 from Line 62.72You will be sent a bill for any additional penalty and interest.000000000000aCredits from previous overpayments.00000000000000Enter the amount of your payment on the top of Page 1 in the space provided.Step 10: 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.SignHere(Signature of authorized officerPaidPreparerUse OnlyPrint/Type paid preparer’s nameDate (mm/dd/yyyy)TitlePaid preparer’s signatureCheck if the Departmentmay discuss this return with thepaid preparer shown in this step.)PhoneDate (mm/dd/yyyy)Check if self-employed Paid Preparer’s PTINFirm’s nameFirm’s FEINFirm’s addressFirm’s phone()Mail this return to: Illinois Department of Revenue, P.O. Box 19016, Springfield, IL 62794-9016 IL-1120-ST-X (R-12/23)Page 3 of 5Illinois Department of Revenue2023 Schedule BYear ending*30812231W*Partners’ or Shareholders’ InformationMonthAttach to your Form IL-1065 or Form IL-1120-ST.Enter your name as shown on your Form IL-1065 or Form IL-1120-ST.YearIL Attachment No. 1Enter your federal employer identification number (FEIN).Read this information first•You must read the Schedule B instructions and complete Schedule(s) K-1-P and Schedule(s) K-1-P(3) before completing thisschedule.•You must complete Section B of Schedule B and provide all the required information for your partners or shareholders beforecompleting Section A of Schedule B. Failure to follow these instructions may delay the processing of your return or result in you receiving further correspondence fromthe Illinois Department of Revenue. You may also be required to submit further information to support your filing.Section A: Total members’ information (from Schedule(s) K-1-P and Schedule B, Section B)Before completing this section you must first complete Schedule(s) K-1-P, Schedule(s) K-1-P(3) and Schedule B, Section B. Youwill use the amounts from those schedules when completing this section.Totals for resident and nonresident partners or shareholders (from Schedule(s) K-1-P and Schedule B, Section B)1 Enter the total of all nonbusiness income or loss you reported on Schedule(s) K-1-P for your members.1 See instructions.2 Enter the total of all income and replacement tax credits you reported on Schedule(s) K-1-P for yourmembers. See instructions.233 Add the amounts shown on Schedule B, Section B, Line E for all partners or shareholders on allpages for which you have checked the box indicating the entity is subject to Illinois replacement taxor an ESOP. Enter the total here. See instructions.Totals for nonresident partners or shareholders only (from Schedule B, Section B)4 Enter the total pass-through withholding you reported on all pages of your Schedule B, Section B, Line J for your a. nonresident individual members. See instructions. b. nonresident estate members. See instructions.c. partnership and S corporation members. See instructions. d. nonresident trust members. See instructions. e. C corporation members. See instructions.4a 4b 4c 4d 4e 5 Add Line 4a through Line 4e. This is the total pass-through withholding you owe on behalf of all yournonresident partners or shareholders. This amount should match the total amount from Schedule B,Section B, Line J for all nonresident partners or shareholders on all pages. Enter the total here andon Form IL-1065 (Form IL-1065-X), Line 59, or Form IL-1120-ST (Form IL-1120-ST-X), Line 59.See instructions.6 Enter the total pass-through entity tax credit paid on all pages of Schedule B, Section B, Line K. 567 Enter the total pass-through entity tax credit received and distributed on all pages of Schedule B,7Section B, Line L. Attach all pages of Schedule B, Section B behind this page.Schedule B (R-12/23)This form is authorized as outlined by the Illinois Income Tax Act. Disclosure of thisinformation is REQUIRED. Failure to provide information could result in a penalty.Page 4 of 5Illinois Department of Revenue2023 ScheduleB*30812232W*Enter your name as shown on your Form IL-1065 or Form IL-1120-ST.Enter your federal employer identification number (FEIN).Section B: Members’ information (See instructions before completing.)Member 1Member 2A Name C/OAddress 1 Address 2City State, ZIPB Partner or Shareholder Member 3C SSN/FEIND Subject to Illinoisreplacement taxor an ESOP E Member’s distributableamount of baseincome or loss F Excluded frompass-throughwithholding G Share of Illinois income subject topass-throughwithholding withholding before creditsH Pass-throughI Distributableshare of credits paid tomembers J Pass-throughwithholdingamount K PTE tax creditL PTE tax credit received and distributed tomembers Schedule B (R-12/23)If you have more members than space provided, attach additional copies of this page as necessary.Printed by the authority of the state of Illinois - electronic only - one copy.ResetPrintPage 5 of 5

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