Instructions for Form IL-1120 Corporation Income and Replacement Tax Return - Illinois

Form IL-1120 Corporation Income and Replacement Tax Return - Illinois

This document contains official instructions for Form IL-1120 , Corporation Income and Replacement Tax Return - a form released and collected by the Illinois Department of Revenue. An up-to-date fillable Form IL-1120 is available for download through this link.

FAQ

Q: What is the purpose of Form IL-1120?
A: Form IL-1120 is used to report corporation income and replacement tax in the state of Illinois.

Q: Who needs to file Form IL-1120?
A: All Illinois corporations, including S corporations, must file Form IL-1120.

Q: What information do I need to complete Form IL-1120?
A: You will need your corporation's federal tax return, income, deductions, and credits information.

Q: When is Form IL-1120 due?
A: Form IL-1120 is due on the 15th day of the 3rd month following the close of your tax year.

Q: Are there penalties for filing Form IL-1120 late?
A: Yes, there are penalties for late filing and late payment of taxes.

Q: Can I request an extension to file Form IL-1120?
A: Yes, you can request an extension by filing Form IL-505-I.

Q: Is there a minimum tax amount for corporations in Illinois?
A: Yes, the minimum tax amount for corporations in Illinois is $25.

Q: Can I e-file my Form IL-1120?
A: Yes, you can e-file your Form IL-1120 using approved software or a tax professional.