Fillable *32712211W* 2021 Form IL-1120-ST B Enter your mailing (Illinois)

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*32712211W* 2021 Form IL-1120-ST B Enter your mailing (Illinois)

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IL-1120-ST (R-02/22) Page 1 of 5
Illinois Department of Revenue
2021 Form IL-1120-ST
Small Business Corporation Replacement Tax Return
Due on or before the 15th day of the 3rd month following the close of the tax year.
If this return is not for calendar year 2021, enter your fiscal tax year here.
Tax year beginning
20 , ending 20
month day year month day year
This form is for tax years ending on or after December 31, 2021, and before December 31, 2022.
For all other situations, see instructions to determine the correct form to use.
Step 1: Identify your small business corporation
A Enter your complete legal business name.
If you have a name change, check this box.
Name:
B Enter your mailing address.
Check this box if either of the following apply:
• this is your first return, or
• you have an address change.
C/O:
Mailing address:
City: State: ZIP:
C If this is the first or final return, check the applicable box(es).
First return
Final return (Enter the date of termination. )
mm dd yyyy
D If this is a final return because you sold this business, enter the date sold
(mm dd yyyy) , and the new owner’s FEIN
.
E Apportionment Formulas. Check the appropriate box or boxes and see
the Apportionment Formula instructions.
Financial organizations Transportation companies
Federally regulated exchanges Sales companies
F Check this box if you attached Form IL-4562.
G Check this box if you attached Illinois Schedule M (for businesses).
H Check this box if you attached Schedule 80/20.
I Check this box if you attached Schedule 1299-A.
J Check this box if you attached the Subgroup Schedule.
K Check this box if you are a 52/53 week filer.
L Check this box if you elected to file and pay Pass-through
Entity Tax. See instructions.
M If you are paying Pass-through Entity Tax and you annualized your
income on Form IL-2220, check this box and attach Form IL-2220.
Enter the amount you are paying.
$
Step 2: Figure your ordinary income or loss (Whole dollars only)
1 Ordinary income or loss, or equivalent from federal Schedule K. 1
00
2 Net income or loss from all rental real estate activities. 2
00
3 Net income or loss from other rental activities. 3
00
4 Portfolio income or loss. 4
00
5 Net IRC Section 1231 gain or loss. 5
00
6 All other items of income or loss that were not included in the computation of income or loss on
Page 1 of U.S. Form 1120-S. See instructions. Identify: ______________________________ 6
00
7 Add Lines 1 through 6. This is your ordinary income or loss. 7
00
Step 3: Figure your unmodified base income or loss
8 Charitable contributions. 8
00
9 Expense deduction under IRC Section 179. 9
00
10 Interest on investment indebtedness. 10
00
11 All other items of expense that were not deducted in the computation of ordinary income or loss on
Page 1 of U.S. Form 1120-S. See instructions. Identify: ______________________________ 11
00
12 Add Lines 8 through 11. 12
00
13 Subtract Line 12 from Line 7. This amount is your total unmodified base income or loss. 13
00
Attach your payment and Form IL-1120-ST-V here.
*32712211W*
N Enter your federal employer identification number
(FEIN).
O Check 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.
P Enter your North American Industry Classification
System (NAICS) Code. See instructions.
Q Enter your Illinois corporate file (charter) number
issued by the Secretary of State.
R Enter the city, state, and zip code where your
accounting records are kept. (Use the two-letter
postal abbreviation, e.g., IL, GA, etc.)
City State ZIP
S If you are making the business income election to
treat all nonbusiness income as business income,
check this box and enter zero on Lines 36 and 44.
T If you have completed the following, check the box
and attach the federal form(s) to this return.
Federal Form 8886 Federal Sch. M-3,
Part II, Line 10
U If you are making a discharge of indebtedness
adjustment on Form IL-1120-ST, Line 48,
check this box and attach federal Form 982
and a detailed statement.
V Check this box if your business activity is
protected under Public Law 86-272.
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.
IR NS DR
Use your mouse or Tab key to move through the fields. Use your mouse or space bar to enable check boxes.
IL-1120-ST (R-02/22)
Page 2 of 5
*32712212W*
Step 4: Figure your income or loss
14
Enter the amount from Line 13. Unitary filers, enter the amount from Schedule UB, Step 2, Col E, Line 30. 1
4
00
15
00
16
00
17
00
18
00
19
00
20
00
21
00
15 State, municipal, and other interest income excluded from Line 14.
16
Illinois taxes and surcharge deducted in arriving at Line 14. See Instructions.
17 Illinois Special Depreciation addition. Attach Form IL-4562.
18 Related-Party Expenses addition. Attach Schedule 80/20.
19 Distributive share of additions. Attach Schedule(s) K-1-P or K-1-T.
20 The amount of loss distributable to a shareholder subject to replacement tax. Attach Schedule B.
21 Other additions. Attach Illinois Schedule M (for businesses).
22 Add Lines 14 through 21. This amount is your income or loss. 22
00
Step 5: Figure your base income or loss
23 Interest income from U.S. Treasury or other exempt federal obligations. 23
00
24 Share of income distributable to a shareholder subject to replacement
tax. Attach Schedule B. 24
00
25
River Edge Redevelopment Zone Dividend subtraction. Attach Schedule 1299-A.
25
00
26
River Edge Redevelopment Zone Interest subtraction. Attach Schedule 1299-A.
26
00
27 High Impact Business Dividend subtraction. Attach Schedule 1299-A. 27
00
28 High Impact Business Interest subtraction. Attach Schedule 1299-A. 28
00
29 Contribution subtraction. Attach Schedule 1299-A. 29
00
30 Illinois Special Depreciation subtraction. Attach Form IL-4562. 30
00
31 Related-Party Expenses subtraction. Attach Schedule 80/20. 31
00
32 Distributive share of subtractions. Attach Schedule(s) K-1-P or K-1-T. 32
00
33 Other subtractions. Attach Schedule M (for businesses). 33
00
34 Total subtractions. Add Lines 23 through 33.
34
00
35 Base income or loss. Subtract Line 34 from Line 22. 35
00
A If the amount on Line 35 is derived inside Illinois only, check this box and enter the amount from Step 5, Line 35
on 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.)
36 Nonbusiness income or loss. Attach Schedule NB. 36
00
37 Business income or loss included in Line 35 from non-unitary partnerships, partnerships included on a
Schedule UB, S corporations, trusts, or estates. See instructions. 37
00
38 Add Lines 36 and 37. 38
00
39 Business income or loss. Subtract Line 38 from Line 35. 39
00
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
00
44 Nonbusiness income or loss allocable to Illinois. Attach Schedule NB. 44
00
45 Business income or loss apportionable to Illinois from non-unitary partnerships, partnerships included
on a Schedule UB, S corporations, trusts, or estates. See instruction. 45
00
46 Base income or loss allocable to Illinois. Add Lines 43 through 45. 46
00
IL-1120-ST (R-02/22) Page 3 of 5
*32712213W*
Printed by the authority of the state of Illinois . Web only, one copy
Step 7: Figure your net income
47 Base income or net loss from Step 5, Line 35, or Step 6, Line 46. 47
00
48 Discharge of indebtedness adjustment. Attach federal Form 982. See instructions. 48
00
49 Adjusted base income or net loss. Add Lines 47 and 48. 49
00
50 Illinois net loss deduction. If Line 49 is zero or a negative amount, enter zero. 50
00
Check this box and attach a detailed statement if you have merged losses.
51 Net income. Subtract Line 50 from Line 49. 51
00
Step 8: Figure the taxes, surcharges, pass-through withholding, and penalty you owe
52 Replacement tax. Multiply Line 51 by 1.5% (.015). 52
00
53 Recapture of investment credits. Attach Schedule 4255. 53
00
54 Replacement tax before investment credits. Add Lines 52 and 53. 54
00
55 Investment credits. Attach Form IL-477. 55
00
56 Net replacement tax. Subtract Line 55 from Line 54. If the amount is negative, enter zero. 56
00
57 Compassionate Use of Medical Cannabis Program Act surcharge. See instructions. 57
00
58 Sale of assets by gaming licensee surcharge. See instructions. 58
00
59 Pass-through withholding you owe on behalf of your members. Enter the amount from
Schedule B, Section A, Line 9. See instructions. Attach Schedule B. 59
00
60 Pass-through entity income. See instructions. 60
00
61 Pass-through entity tax. Multiply Line 60 by 4.95% (.0495). 61
00
62 Total net replacement tax, surcharges, pass-through withholding, and pass-through entity tax
you owe. Add Lines 56, 57, 58, 59, and 61. 62
00
63 Underpayment of estimated tax penalty from Form IL-2220. See instructions. 63
00
64 Total taxes, surcharges, pass-through withholding, and penalty. Add Lines 62 and 63. 64
00
Step 9: Figure your refund or balance due
65 Payments. See instructions.
a Credit from previous overpayments. 65a
00
b Total payments made before the date this return is filed. 65b
00
c Pass-through withholding reported to you.
Attach Schedule(s) K-1-P or K-1-T. 65c
00
d Illinois income tax withholding. Attach Form(s) W-2G. 65d
00
66 Total payments. Add Lines 65a through 65d. 66
00
67 Overpayment. If Line 66 is greater than Line 64, subtract Line 64 from Line 66. 67
00
68 Amount to be credited forward. See instructions. 68
00
Check this box and attach a detailed statement if this carryforward is going to a different FEIN.
69 Refund. Subtract Line 68 from Line 67. This is the amount to be refunded. 69
00
70 Complete to direct deposit your refund
Routing Number Checking or Savings
Account Number
71 Tax Due. If Line 64 is greater than Line 66 subtract Line 66 from Line 64. This is the amount you owe. 71
00
Enter 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.
Sign
Here
Paid
Preparer
Use Only
Signature of authorized officer
Firm’s name Firm’s FEIN
Print/Type paid preparer’s name
Firm’s address Firm’s phone
Paid preparer’s signature
Date
(mm/dd/yyyy)
Paid Preparer’s PTIN
Date (mm/dd/yyyy)
Title
Phone
Check if the Department
may discuss this return with the
paid preparer shown in this step.
( )
( )
Check if
self-employed
Refer to the 2021 IL-1120-ST Instructions for the address to mail your return.
Reset
Print
St Illinois Department of Revenue
Year ending
2021 Schedule B
Partners’ or Shareholders’ Information Attach to your Form IL-1065 or Form IL-1120-ST.
Month Year
Enter your name as shown on your Form IL-1065 or Form IL-1120-ST. Enter 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 this schedule.
• You must complete Section B of Schedule B and provide all the required information for your partners or shareholders before completing Section A of Schedule B.
Failure to follow these instructions may delay the processing of your return or result in you receiving further correspondence from the Department. 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. You will 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. See instructions. 1
2 Enter the total of all income and replacement tax credits you reported on Schedule(s) K-1-P for your members. See instructions. 2
3 Add the amounts shown on Schedule B, Section B, Column E for all partners or shareholders on all pages for which you have entered
a check mark in Column D. Enter the total here. See instructions. 3
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, Column J for your nonresident
individual members. See instructions. 4
5 Enter the total pass-through withholding you reported on all pages of your Schedule B, Section B, Column J for your nonresident
estate members. See instructions. 5
6 Enter the total pass-through withholding you reported on all pages of your Schedule B, Section B, Column J for your partnership
and S corporation members. See instructions. 6
7 Enter the total pass-through withholding you reported on all pages of your Schedule B, Section B, Column J for your nonresident trust
members. See instructions. 7
8 Enter the total pass-through withholding you reported on all pages of your Schedule B, Section B, Column J for your C corporation
members. See instructions. 8
9 Add Line 4 through Line 8. This is the total pass-through withholding you owe on behalf of all your nonresident partners or shareholders.
This amount should match the total amount from Schedule B, Section B, Column J for all nonresident partners or shareholders on all pages. Enter
the total here and on Form IL-1065 (Form IL-1065-X), Line 59, or Form IL-1120-ST (Form IL-1120-ST-X), Line 59. See instructions. 9
Attach all pages of Schedule B, Section B behind this page.
IL Attachment No. 1
Schedule B Front (R-02/22)
Page 4 of 5
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.
*30812211W*
Illinois Department of Revenue
2021 Schedule B
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.)
A B C D E F G H I J K
Name and Address Partner SSN Subject to Member’s Excluded Share of Pass-through Distributable Pass-through Pass-through
or or Illinois distributable from Illinois income withholding share of withholding entity
Shareholder FEIN replacement amount pass-through subject to before credits amount tax
type tax or an of base withholding pass-through credits amount
ESOP income or loss withholding
1
Name
C/O
Addr. 1
Addr. 2
State ZIP
City
2
Name
C/O
Addr. 1
Addr. 2
State ZIP
City
3
Name
C/O
Addr. 1
Addr. 2
State ZIP
City
4
Name
C/O
Addr. 1
Addr. 2
State ZIP
City
5
Name
C/O
Addr. 1
Addr. 2
State ZIP
City
Schedule B Back (R-02/22)
Page 5 of 5
*30812212W*
Printed by the authority of the state
of Illinois. Web only, one copy.
If you have more members than space provided, attach additional copies of this page as necessary.
See instructions before completing Columns F through K.
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*32712211W* 2021 Form IL-1120-ST B Enter your mailing (Illinois)

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Completed 16 February 2022

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