Illinois Department of Revenue                                                   Use for tax year ending on or 
                                                                                   after December 31, 2023, and 
                                                                                   before December 31, 2024.
  IL-1120-ST Instructions                                                                                                     2023

                 What’s New?                                                               Table of Contents

•  The address change checkbox has been removed from Step 1,               What’s New? ........................................................ 1
  Line B of the Form IL-1120-ST. 
                                                                           General Information ............................................ 1
•  IL-4562 has been expanded and includes 60 percent bonus 
  depreciation.
                                                                           Specific Instructions ........................................... 7
•  Schedule M has been expanded and includes a new subtraction 
  line for cannabis establishments that had deductions disallowed          Apportionment Formulas .................................. 16
  federally under IRC Section 280E. 
                                                                           Illinois Schedule B Instructions ....................... 18
• Schedule B, Section B has been reformatted from 4 columns to 3 
  columns. 
                                                                           Appendix A - Extension Tax Payment 
• Illinois business payment vouchers are no longer year specific.          Worksheet .......................................................... 22
  To avoid processing delays, taxpayers submitting paper business 
  vouchers to the Illinois Department of Revenue should ensure             Appendix B - Pass-through Withholding 
  that the month and year of their filing period are entered on each 
  voucher. Do not enter your estimated payment due date.                   Prepayment Worksheets................................... 23

                                                                           Appendix C - Estimated Payment and 
                                                                           Prepayment Worksheet..................................... 25

                                        General Information
Who must file Form IL-1120-ST?                                             S corporations must complete Form IL-1120-ST. Do not send a 
                                                                           computer printout with line numbers and dollar amounts attached 
You must file Form IL-1120-ST if you are a small business 
                                                                           to a blank copy of the return. Computer generated printouts are not 
corporation (“S corporation”), as defined in Internal Revenue Code 
                                                                           acceptable, even if they are in the same format as IDOR’s forms. 
(IRC) Section 1361(a), that 
                                                                           Computer generated forms from an IDOR-approved software 
•  has net income or loss as defined under the Illinois Income Tax         developer are acceptable.
  Act (IITA); or
                                                                                    Form IL-1120-ST (R-12/23) is for tax years ending on 
•  is qualified to do business in the state of Illinois and is required to or after December 31, 2023, and before December 31, 2024. 
  file U.S. Form 1120S (regardless of net income or loss).                 For tax years ending on or after December 31, 2022 and before 
If you own a Qualified Subchapter S Subsidiary (QSSS) defined              December 31, 2023, use the 2022 form. Using the wrong form will 
in IRC Section 1361(b)(3), as well as any other entity that is             delay the processing of your return. 
disregarded as an entity separate from you for purposes of the IRC, it 
is likewise disregarded as a separate entity for purposes of the IITA.     How do I register my business?
You must include all items of income, deduction, loss, credit, etc.,       If you are required to file Form IL-1120-ST, you should register with 
from such entities on your return as if they were earned or incurred       IDOR. You may register
by you directly.                                                           •  online with MyTax Illinois, our free online account management 
If you are an S corporation that is a member of a unitary business           program for taxpayers; 
group, see the Illinois Schedule UB, Combined Apportionment for            • by completing Form REG-1, Illinois Business Registration 
Unitary Business Group Instructions and “What if I am a member of            Application, and mailing it to the address on the form; or
a unitary group?” in the general instructions below for information        • by visiting a regional office.
about filing requirements. S corporations may be required to 
apportion their business income as members of a unitary group, but         Visit our website at tax.illinois.gov for more information.
cannot file a combined return.                                             Registering with IDOR prior to filing your return ensures that your 
                                                                           tax returns are accurately processed. 
What forms must I use?
                                                                           Your identification numbers as an Illinois business taxpayer are 
In general, you must obtain and use forms prescribed by the Illinois       your federal employer identification number (FEIN) and your Illinois 
Department of Revenue (IDOR). Separate statements not on forms             account number.
provided or approved by IDOR will not be accepted and you will 
be asked for appropriate documentation. Failure to comply with             When should I file?
this requirement may result in failure to file penalties, a delay          Your Illinois filing due date is the same as your federal filing due 
in the processing of your return, or a delay in the generation             date. In general, Form IL-1120-ST is due on or before the 15th day of 
of any overpayment. Additionally, failure to submit appropriate            the 3rd month following the close of the tax year. 
documentation when requested may result in a referral to our Audit 
Bureau for compliance action.
IL-1120-ST Instructions (R-12/23)       Printed by the authority of the state of Illinois - electronic only - one copy.                Page 1 of 27

Automatic seven-month extension — We grant you an automatic             We will apply each payment to the earliest due date until that liability 
seven-month extension of time to file your small business corporate     is paid, unless you provide specific instructions to apply it to another 
tax return. The automatic extension of time to file is granted whether  period. You may also be assessed a bad check penalty if your 
or not you request it. You are not required to file a form in order to  remittance is not honored by your financial institution.
obtain this automatic extension. If you expect tax to be due, you 
must pay any tentative tax due, by the original due date of the         Who should sign the return?
return, in order to avoid interest and penalty on tax not paid by that  Your Form IL-1120-ST must be signed by the president, vice 
date. To pay any tax due by the original due date of your return:       president, treasurer, or any other officer duly authorized to sign the 
•   visit tax.illinois.gov, for information about ACH credit,           return. In the case of a bankruptcy, a receiver, trustee, or assignee 
                                                                        must sign any return required to be filed on behalf of the corporation. 
•   pay using mytax.illinois.gov, or                                    The signature verifies by written declaration (and under penalties 
•   mail Form IL-1120-ST-V, Payment Voucher for Small Business          of perjury) that the signing individual has personally examined the 
    Corporation Replacement Tax, using the address on the form.         return and the return is true, correct, and complete. The fact that 
If an unpaid liability is disclosed when you file your return, then you an individual’s name is signed to a return is prima facie evidence 
may owe penalty and interest charges in addition to the tax. See the    that the individual is authorized to sign the return on behalf of the 
“What are the penalties and interest?” section below. An extension      corporation.
of time to file your Form IL-1120-ST is not an extension of time        Any person paid to prepare the return (other than a regular, full-time 
for payment of Illinois tax.                                            employee of the taxpayer, such as a clerk, secretary, or bookkeeper) 
Additional extensions beyond the automatic extension period             must provide a signature, date the return, enter the preparer tax 
— We will grant an extension of more than seven months only if an       identification number (PTIN) issued to them by the Internal Revenue 
extension is granted by the Internal Revenue Service (IRS) beyond       Service, and provide their firm’s name, FEIN, address, and phone 
the date of the Illinois automatic extension. Your additional Illinois  number. 
extension will be equal to the federal extension, plus one month.               If your return is not signed, any overpayment of tax is 
You must attach a copy of the approved federal extension to your        considered forfeited if, after notice and demand for signature, you fail 
Form IL-1120-ST.                                                        to provide a signature within three years from the date your return 
When should I pay?                                                      was filed.
Payment of tax — You must pay your Illinois Replacement Tax,            What are the penalties and interest?
pass-through withholding, and PTE tax you elect to pay in full on or    Penalties — You will owe 
before the original due date of the return. Failure to pay the tax due 
on or before the original due date of the return may result in penalty  •  a late-filing penalty if you do not file a processable return by the 
and interest. This payment date applies even though an automatic           extended due date;
extension for filing your return has been granted. All payments must    •  a late-payment penalty if you do not pay the tax you owe by the 
be made using Form IL-1120-ST-V.                                           original due date of the return; 
Extension Payments - If you expect tax to be due, you must pay          •  a late-payment penalty for underpayment of estimated tax if 
any tentative tax due by the original due date of the return using         you were required to make estimated tax payments and failed to 
Form IL-1120-ST-V, either electronically or by mail. See Appendix A        do so, or failed to pay the required amount by the payment due 
for more information.                                                      date;
Estimated tax payments — S corporations who elect to pay                •  a bad check penalty if your remittance is not honored by your 
PTE tax and reasonably expect their total tax liability to exceed          financial institution; and
$500 are required to make estimated tax payments using                  • a  cost of collection fee if you do not pay the amount you owe 
Form IL-1120-ST-V, either electronically or by mail. Estimated             within 30 days of the date printed on your bill.
Payments are due on the 15th day of the 4th, 6th, 9th, and 12th 
                                                                        Interest —   Interest is calculated on tax from the day after the original 
months of the tax year. All other S corporations are not required 
                                                                        due date of your return through the date you pay the tax. 
to make estimated tax payments. See Appendix C for more 
information.                                                            We will bill you for penalties and interest. For more information about 
                                                                        penalties and interest, see Publication 103, Penalties and Interest for 
Voluntary Prepayments - S corporations who do not elect to              Illinois Taxes, available at tax.illinois.gov.
pay PTE tax or S corporations who elect to pay PTE tax and 
reasonably expect their total tax liability to be less than $500 may    What if I am discontinuing my business?
make voluntary prepayments of their own tax liability using Form        Liquidation, withdrawal from Illinois, or loss of charter — If you 
IL-1120-ST-V. S corporations who do not elect to pay PTE tax may        are a corporation that is liquidated, withdraws either voluntarily or 
also use Form IL-1120-ST-V to make pass-through withholding             involuntarily from Illinois, or in any manner surrenders or loses your 
prepayments on behalf of your shareholders. See Appendix B and          charter during any tax year, you are still required to file tax returns. 
Appendix C for more information.                                        Also, we will pursue the assessment and collection of taxes owed by 
We encourage you to make your payments electronically using             you or your shareholders.
MyTax Illinois or Modernized E-File (MeF) systems, or you may           Sales or transfers — If you are a corporation that, outside the usual 
use Form EFT-1, Authorization Agreement for Certain Electronic          course of business, sells or transfers the major part of any one or 
Payments, to set up an ACH credit or phone debit transaction.           more of
These options can be found on our website at tax.illinois.gov. If 
you make your payments using MyTax Illinois, MeF, or EFT, do            •  the stock of goods which you are in the business of selling,
not mail us your Form(s) IL-1120-ST-V. You must use one of our          •  the furniture or fixtures of your business,
electronic payment options if IDOR has notified you that you are        •  the machinery and equipment of your business, or
required to make payments electronically.
                                                                        •  the real property of your business,

IL-1120-ST Instructions (R-12/23)                                                                                                 Page 2 of 27

you or the purchaser must complete and send us Form CBS-1,                  What records must I keep?
Notice of Sale, Purchase, or Transfer of Business Assets, no later 
                                                                            You must maintain books and records to substantiate any 
than 10 business days prior to the date the sale takes place. Send 
                                                                            information reported on your Form IL-1120-ST. Your books and 
this form, along with copies of the sales contract and financing 
                                                                            records must be available for inspection by our authorized agents 
agreement, to 
                                                                            and employees.
  ILLINOIS DEPARTMENT OF REVENUE
  BULK SALES UNIT                                                           Do IDOR and the IRS exchange income                              
  PO BOX 19035 
  SPRINGFIELD IL  62794-9035                                                tax information?
                                                                            IDOR and the IRS exchange income tax information for the purpose 
or
                                                                            of verifying the accuracy of information reported on federal and 
  REV.BulkSales@illinois.gov                                                Illinois tax returns. All amounts you report on Form IL-1120-ST are 
What if I need to correct or change my return?                              subject to verification and audit.
Do not file another Form IL-1120-ST with “amended” figures                  Should I round?
to change your originally filed Form IL-1120-ST. If you need to             You must round the dollar amounts on Form IL-1120-ST and 
correct or change your return after it has been filed, you must file        accompanying schedules to whole-dollar amounts. To do this, you 
Form IL-1120-ST-X, Amended Small Business Replacement Tax                   should drop any amount less than 50 cents and increase any amount 
Return. Returns filed before the extended due date of the return are        of 50 cents or more to the next higher dollar.
treated as your original return for all purposes. For more information, 
see Form IL-1120-ST-X instructions.                                         What if I have an Illinois net loss                              
You should file Form IL-1120-ST-X only after you have filed a               deduction (NLD)?
processable Illinois Income Tax return. You must file a separate            An Illinois net loss deduction (NLD) can be used to reduce the base 
Form IL-1120-ST-X for each tax year you wish to change.                     income allocable to Illinois only if the loss year return has been filed 
State changes only — File Form IL-1120-ST-X promptly if you                 and to the extent the loss was not used to offset income from any 
discover an error on your Illinois return that does not relate to an        other tax year. S corporations and partnerships, including any that 
error on your federal return but rather was caused by                       are members of a unitary group, trusts, and non-unitary corporations 
•  a mistake in transferring information from your federal return to        should use Schedule NLD, Illinois Net Loss Deduction, to determine 
  your Illinois return;                                                     any NLD. 
•  failing to report or misreporting to Illinois an item that has no effect To determine your “Illinois net loss” start with federal taxable income 
  on your federal return; or                                                and apply all addition and subtraction modifications and all allocation 
                                                                            and apportionment provisions.
•  a mistake in another state’s tax return that affects the computation 
  of your Illinois tax liability.                                           In order to have any available NLD applied to your return, you must 
                                                                            claim the deduction on Step 7, Line 50. See specific instructions for 
If you are claiming an overpayment, Form IL-1120-ST-X must be               Step 7, Line 50.
filed within three years after the extended due date or the date the 
return was filed, or within one year after the tax giving rise to the       If you have an Illinois net loss for this tax year, you must file Form 
overpayment was paid, whichever is latest.                                  IL-1120-ST reporting the loss in order to carry the loss forward to 
                                                                            another year.
Federal changes only — File Form IL-1120-ST-X if you have filed 
an amended federal return or if you have been notified by the IRS           If corrections have been made to the loss amount (e.g., federal audit 
that they have made changes to your return. This includes any               or amended return), you must report the corrected amount when you 
change in your federal income tax liability, any tax credit, or the         file. 
computation of your federal taxable income as reported for federal                 Ensure you have filed returns for all periods in which you 
income tax purposes, if the change affects any item entering into the       were required to file an Illinois return. Unfiled returns may result in 
computation of net income, net loss, or any credit for any year under       disallowed losses, processing delays, and further correspondence 
the IITA. You must file Form IL-1120-ST-X no later than 120 days            from IDOR. 
after the federal changes have been agreed to or finally determined         If you need more information about Illinois NLD, see Schedule 
to avoid a late-payment penalty.                                            NLD instructions or the 86 Ill. Adm. Code Sections 100.2050 
If your federal change decreases the tax due to Illinois and                and 100.2300 through 100.2330     , available on our website at 
you are entitled to a refund or credit carryforward, you must file          tax.illinois.gov.
Form IL-1120-ST-X within two years plus 120 days of federal 
finalization.                                                               What are the carry provisions of the 
Attach a copy of federal finalization or proof of acceptance from the       Illinois NLD?
IRS along with a copy of your amended federal form, if applicable, to       For tax years ending on or after December 31, 2021, Illinois net 
your Form IL-1120-ST-X. Examples of federal finalization include a          losses cannot be carried back and can only be carried forward for 
copy of one or more of the following items:                                 20 tax years. 
• your audit report from the IRS                                            For tax years ending on or after December 31, 2003, and 
• your federal record of account verifying your ordinary business           before December 31, 2021, Illinois net losses cannot be carried 
  income                                                                    back, and can only be carried forward for 12 years. However, 
                                                                            the carryover period of any net loss that had not expired as of 
        For amended tax returns filed on or after January 1, 2024,          November 16, 2021, shall be extended from 12 years to 20 years. 
a late payment penalty will be assessed for any amended return not 
filed and the resulting liability not paid within 120 days of the federal 
change. See 35 ILCS 735/3-3(b-25) for more information.

IL-1120-ST Instructions (R-12/23)                                                                                                   Page 3 of 27

For tax years ending on or after December 31, 1999, and before           and FEIN in Step 2 of Schedule K-1-P. Do not attach copies of 
December 31, 2003, all Illinois net losses must be carried back two      Schedule(s) K-1-P you issued and which lists your name and FEIN 
years (unless an election to only carry forward is made) then forward    in Step 1 of Schedule K-1-P.
20 years. The election to carry a loss forward only was made by             When filing your Form IL-1120-ST, include only forms and 
checking the appropriate box on the original or amended loss-year        schedules required to support your return. Send correspondence 
return, whichever showed the loss first. Once the election was made      separately to:  
to forgo the Illinois carryback provision, the election was irrevocable.   ILLINOIS DEPARTMENT OF REVENUE
Losses incurred in tax years ending before December 31, 1999,              TAXPAYER CORRESPONDENCE 
can be carried back and carried forward for the periods allowed            PO BOX 19044
under Internal Revenue Code (IRC) Section 172, for the tax year in         SPRINGFIELD IL  62794-9044
which the loss was incurred. In general, losses incurred in tax years 
                                                                         Definitions to help you complete your Form 
beginning
                                                                         IL-1120-ST.
•  after August 5, 1997, and ending before December 31, 1999, 
must be carried back two years, then forward 20 years.                   All references to “income” include losses.
•  on or before August 5, 1997, must be carried back three years,        Base income means federal ordinary income modified by additions 
then forward 15 years.                                                   and subtractions as shown in Steps 2 through 5 of Form IL-1120-ST. 
                                                                         See specific instructions for Steps 2 through 5.
     For tax years ending on or after December 31, 1996, and 
before December 31, 2003, you may have made the election to forgo        Business income means all income (other than compensation) 
any of the previously mentioned Illinois NLD carryback periods by        that may be apportioned by formula among the states in which 
checking the appropriate box on your loss year return. This election     you are doing business without violating the Constitution of the 
must have been made by the extended due date of your return and          United States. All income of a corporation is business income 
once made was irrevocable for that tax year.                             unless it is clearly attributable to only one state and is earned or 
                                                                         received through activities totally unrelated to any business you are 
In addition, the special carryover periods in IRC Section 172, as in     conducting in more than one state. Business income is net of all 
effect for a particular tax year, would apply to losses incurred in that deductions attributable to that income.
year. For example, a “specified liability loss” incurred in 1998 may be 
carried back 10 years under IRC Section 172(b)(1)(c).                    Most income of a corporation is regarded as business income. 
                                                                         Consequently, in the case of a corporation other than a personal 
Also, no limitations under IRC Section 382 or the separate return        holding company, the consistent treatment of income from 
limitation year provisions of the federal consolidated return            intangibles as business income in filing Illinois tax returns will be 
regulations apply to any NLD carryover.                                  presumed correct. 
What if I have a discharge of indebtedness?                              Commercial domicile means the principal place from which your 
If you had discharge of indebtedness income for a taxable year           trade or business is directed or managed.
ending on or after December 31, 2008, and all or a portion of            Nonbusiness income means all income other than business 
this income was excluded from your federal gross income due to           income or compensation. For more information about the different 
bankruptcy or insolvency, then you may be required to reduce any         types of nonbusiness income, see the instructions for Illinois 
Illinois net loss you incurred for that year before you determine an     Schedule NB, Nonbusiness Income.
Illinois NLD. This reduction is made on the Illinois income tax return   A pass-through entity is any entity treated as a partnership, 
you filed for the loss year using the Loss Reduction Worksheet on        subchapter S corporation, or trust for federal income tax purposes.
Page 10 of these instructions. Attach a copy of your federal Form 
982, Reduction of Tax Attributes Due to Discharge of Indebtedness,       Pass-through entity income is the income that any partnership, 
to your return. For more information, see 86 Ill. Adm. Code Section      subchapter S corporation, or trust passes through to its partners, 
100.2310(c).                                                             shareholders, or beneficiaries.
                                                                         Pass-through Entity (PTE) tax is an amount equal to 4.95 percent 
What attachments do I need?                                              (.0495) of the taxpayer’s calculated net income for the taxable year 
When filing your return there are certain types of income items          paid by a partnership (other than a publicly traded partnership under 
and subtraction modifications that require the attachment of             Section 7704 of the Internal Revenue Code) or an S corporation 
Illinois or federal forms and schedules. Breakdowns, statements,         who elects to pay the tax for taxable years ending on or after 
and other documentation may also be required. Instructions for           December 31, 2021, and beginning prior to January 1, 2026.
these attachments appear throughout the specific instructions for        PTE tax credit is the distributive share of the credit allowed as a 
completing your return.                                                  result of a partnership or S corporation having elected to pay the 
     All Illinois forms and schedules include an “IL Attachment          PTE tax. 
No.” in the upper right corner of the form. Required attachments         PTE tax credit is
should be ordered numerically behind the tax return, as indicated by 
                                                                         •  reported to your shareholders on the Schedule K-1-P and
the IL Attachment No. Failure to attach forms and schedules in the 
proper order may result in processing delays.                            •  reported to IDOR on Form IL-1120-ST and Illinois Schedule B.
Required copies of documentation from your federal return or other       A nonresident individual shareholder of an S Corporation for a 
sources should be attached behind the completed Illinois return.         taxable year in which the election to pay PTE tax was made shall 
                                                                         not be required to file an income tax return under the IITA for such 
You must attach a copy of your U.S. Form 1120S, Pages 1 
                                                                         taxable year if the only source of net income of the individual (or the 
through 5, to your Illinois return. 
                                                                         individual and the individual’s spouse in the case of a joint return) 
Schedule B, Partners’ or Shareholders’ Information, must be              is from an entity making the PTE election and the credit allowed to 
completed and attached to all Form IL-1120-ST filings.                   the shareholder equals or exceeds the individual’s liability for the tax 
If you are required to attach any Schedule(s) K-1-P, Partner’s or        imposed under subsections (a) and (b) of Section 201 of the IITA for 
Shareholder’s Share of Income, Deductions, Credits, and Recapture,       the taxable year.
only attach Schedule(s) K-1-P you received which lists your name 
IL-1120-ST Instructions (R-12/23)                                                                                                 Page 4 of 27

Pass-through withholding is the amount required to be reported               What does taxable in other states mean?
and paid by the pass-through entity, who does not elect to pay 
                                                                             Taxable in other states means you are subject to and pay “tax” in 
PTE tax, on behalf of its nonresident partners, shareholders, and 
                                                                             another state. “Tax” includes net income tax, franchise tax measured 
beneficiaries 
                                                                             by net income, franchise tax for the privilege of doing business, 
• who have not submitted Form IL-1000-E, Certificate of                      and corporate stock tax. You are considered taxable in another 
  Exemption for Pass-through Withholding, to the pass-through                state if that state has jurisdiction to subject you to a net income tax, 
  entity, and                                                                even though that state does not impose such a tax. This definition 
• who receive business and nonbusiness income from the                       is for purposes of allocating nonbusiness income and apportioning 
  pass-through entity.                                                       business income inside or outside Illinois.
Pass-through withholding is                                                  When must I use Illinois Schedules K-1-P, 
• reported to your shareholders on the Schedule K-1-P you send               K-1-P(3), and B?
  to them,
                                                                             You must use Illinois Schedule K-1-P to supply each shareholder 
• reported to IDOR on your Form IL-1120-ST and Illinois                      with that individual’s or entity’s share of the amounts reported on 
  Schedule B, and                                                            your federal and Illinois tax returns. For Illinois Income Tax purposes, 
• paid with your return or voluntarily prepaid with                          you must give a completed Illinois Schedule K-1-P and a copy of the 
  Form IL-1120-ST-V.                                                         Illinois Schedule K-1-P(2), Partner’s and Shareholder’s Instructions, 
         If any of your shareholders are pass-through entities               to each shareholder. Do not file copies of Illinois Schedule K-1-P 
themselves, they are required to report and pay pass-through                 that you issue to your shareholders with your Form IL-1120-ST. 
withholding on behalf of their own nonresident partners,                     However, you must keep a copy of each Illinois Schedule K-1-P with 
shareholders, or beneficiaries on the income you passed through.             your tax records. See Illinois Schedule K-1-P(1), Instructions for 
Your shareholders may claim a credit on their Illinois Income Tax            Partnerships and S Corporations Completing Schedule K-1-P and 
return for pass-through withholding you reported and paid on their           Schedule K-1-P(3), for more information.
behalf.                                                                      You must use Illinois Schedule K-1-P(3), Pass-through Withholding 
S corporations can both make and receive pass-through withholding.           Calculation for Nonresident Members, to calculate the required 
                                                                             tax you must report and pay on behalf of your nonresident 
• Pass-through withholding you owe on behalf of your                         shareholders who receive business or nonbusiness income from 
  members is a payment of pass-through withholding you make 
                                                                             your S corporation. You must complete the schedule if you have 
  on behalf of your nonresident shareholders who have not 
                                                                             business or nonbusiness income distributable to Illinois nonresident 
  submitted Form IL-1000-E to you. This amount will be reported 
                                                                             shareholders who have not provided you with Form IL-1000-E. 
  on Form IL-1120-ST, Line 59.
                                                                             You are required to complete Schedule K-1-P(3) for each such 
• Pass-through withholding reported to you is a credit for                   shareholder and keep a copy of the completed schedule in your files. 
  pass-through withholding you receive on Schedules K-1-P and                Do not submit Schedule K-1-P(3) to IDOR unless we request it 
  K-1-T as a partner, shareholder, or beneficiary of a pass-through          from you. The information entered on this schedule will assist you 
  entity. This amount will be reported on Form IL-1120-ST,                   in completing Illinois Schedule B. See Schedule K-1-P(1) for more 
  Line 65c.                                                                  information.
If you are a nonresident and the pass-through withholding reported to        You must use Illinois Schedule B to supply us with a listing of your 
you satisfies your Illinois Income Tax liability, you are not required to    shareholders, certain items of income and credits they received 
file an Illinois Income Tax return. If you had Illinois income from other    from you, and pass-through withholding or PTE tax credit. You must 
sources and the pass-through withholding made on your behalf does            complete all lines of Illinois Schedule B, as applicable, and file it with 
not cover your liability, you must file a return to report the tax on all of your Form IL-1120-ST.
your Illinois income and claim a credit for pass-through withholding 
made on your behalf.                                                         What if I am a member of a unitary group?
All residents and pass-through entities must file their own annual           If an S corporation is 
Illinois Income Tax return to claim a credit for any pass-through            •    unitary with a combined group and uses the same taxable 
withholding reported to them.                                                  year as the combined group, it should use the Schedule UB, 
         Beginning with tax years ending on or after                           Combined Apportionment for Unitary Business Group, prepared 
December 31, 2023, investment partnerships are required to withhold            by the combined group in completing its Form IL-1120-ST; 
an amount for their nonresident partners. Investment partnerships            •   unitary with a combined group, but it uses a different taxable 
will use the pass-through withholding line of Schedule K-1-P (Step             year, it must complete a Schedule UB using its own taxable 
7, Line 55) to report investment partnership withholding credit.               year; or,
Partners in an investment partnership must determine how they are            •   not unitary with a group filing a combined return, it must 
treating the income passed to them from the investment partnership             complete its own Schedule UB using its own taxable year.
to determine if they are eligible to use the investment partnership 
withholding credit. Eligible partners will treat the investment              Unitary members that are S corporations can use the line reference 
partnership withholding credit the same as the pass-through                  chart in the Schedule UB instructions to help complete Form 
withholding credit. See Schedule K-1-P(2) for more information.              IL-1120-ST.
                                                                             Steps 2 and 3 of each separately filed Form IL-1120-ST must be 
                                                                             completed showing only the S corporation’s separate-company 
                                                                             items. The amounts on each member’s Form IL-1120-ST, Lines 14 
                                                                             through 21 (less Line 20) and Lines 23 through 33 (less Line 24), 
                                                                             shall be the combined totals shown on Schedule UB, Step 3, 
                                                                             Column E.

IL-1120-ST Instructions (R-12/23)                                                                                                          Page 5 of 27

     The modifications for Form IL-1120-ST Lines 20 and 24 are          What if I need additional assistance or forms?
not included as modifications on the Schedule UB. The amount on         •    For assistance, forms, or schedules, visit our website at 
Form IL-1120-ST, Lines 20 or 24 must be computed on the Illinois            tax.illinois.gov or scan the QR code provided.
Schedule B, Line E Worksheet, found in these instructions. Carry 
the combined total amounts from Schedule UB, Step 3, Column E 
for each line item of the Line E Worksheet. 
Use the Line 20 and Line 24 amounts to compute the 
S corporation’s base income on Form IL-1120-ST, Step 5, Line 35. 
Check the box on Form IL-1120-ST, Step 5, Line 35 B and complete 
Form IL-1120-ST, Step 6 by subtracting 
•   on Line 36, the combined nonbusiness income of the entire 
    unitary business group, minus the portion allocable to              •    Write us at: 
    shareholders subject to replacement tax, and                                  ILLINOIS DEPARTMENT OF REVENUE
                                                                                  PO BOX 19001
•    on Line 37, the amount received by the entire unitary business               SPRINGFIELD IL  62794-9001
    group from non-unitary partnerships, partnerships included on 
    the Schedule UB, S corporations, trusts, and estates, minus the     •    Call 1 800 732-8866 or 217 782-3336 (TTY at 1 800 544-5304).
    portion allocable to shareholders subject to replacement tax.       •    Visit a taxpayer assistance office - 8:00 a.m. to 5:00 p.m. 
On Form IL-1120-ST, Step 6, Line 40, include the everywhere sales           (Springfield office) and 8:30 a.m. to 5:00 p.m. (all other offices), 
amount from Schedule UB, Step 4, Column D, Line 2. On Line 41               Monday through Friday. 
of Step 6 of Form IL-1120-ST, include only the S corporation’s          Where should I file?
Illinois sales. On Form IL-1120-ST, Step 6, Lines 44 and 45,            If a payment is enclosed with your return, mail your Form IL-1120-ST 
include only the nonbusiness income of the S corporation, and           to:
the business income or loss apportionable to Illinois received by 
the S corporation from trusts, estates, non-unitary partnerships,       ILLINOIS DEPARTMENT OF REVENUE
                                                                        PO BOX 19053
partnerships included on the Schedule UB, and S corporations            SPRINGFIELD IL  62794-9053
minus the portion of those amounts allocable to shareholders 
subject to replacement tax.                                             If a payment is not enclosed, mail your Form IL-1120-ST to: 
                                                                        ILLINOIS DEPARTMENT OF REVENUE 
Schedules used to compute any amounts shown must be attached            PO BOX 19032
to Form IL-1120-ST.                                                     SPRINGFIELD IL  62794-9032
If you need more information, visit our website at tax.illinois.gov 
and view the Illinois Income Tax Regulations referenced in these 
and the Schedule UB instructions. 
What if I participated in a reportable 
transaction?
If you participated in a reportable transaction, including a “listed 
transaction,” during this tax year and were required to disclose 
that transaction to the IRS, you are also required to disclose that 
information to Illinois. You must send us two copies of the form you 
used to disclose the transaction to the IRS. 
•   Mail the first copy of the federal disclosure statement to:
    ILLINOIS DEPARTMENT OF REVENUE
      PO BOX 19029
     SPRINGFIELD IL  62794-9029
•     Attach the second copy to your Illinois Income Tax return for the 
    tax year that the IRS disclosure was required. Mail the second 
    copy and your Illinois Income Tax return to the address shown 
    on your return. Do not mail the second copy and your Illinois 
    Income Tax return to the address listed above. 

IL-1120-ST Instructions (R-12/23)                                                                                         Page 6 of 27

                                           Specific Instructions
Specific instructions for most of the lines are included. If a specific  P — Enter your North American Industry Classification System 
line is not referenced, follow the instructions on the form.             (NAICS) Code. If you are unsure of your code, you can research the 
                                                                         information at www.census.gov/naics or www.irs.gov. 
Step 1 — Identify your small business                                    Q — Enter your Illinois corporate file (charter) number assigned to 
corporation                                                              you by the Illinois Secretary of State.
A — All taxpayers: Type or print your legal business name. If you        R — If you keep your accounting records in a location different from 
have a name change from last year, check the corresponding box.          the address indicated on Line B, enter the city, the two-letter state 
B — Type or print your mailing address.                                  abbreviation, and the ZIP Code for the location the records are kept.
          Any related correspondence issued by IDOR will be mailed       S — If you are making the election to treat all of your income other 
to the address entered on Step 1, Line B.                                than compensation as business income for this tax year, you must 
C — If this is your first or final return, check the appropriate box and check the box on this line and enter zero on Step 6, Lines 36 and 
the box on Line 68 if you have a credit carry forward on your final      44. This election must be made by the extended due date of this 
return.                                                                  return. Once made, the election is irrevocable. 
D — If you checked final return on Line C, answer the questions on       T — If you are required to disclose reportable transactions and 
Line D, if applicable.                                                   you have completed federal Form 8886 or federal Schedule M-3, 
                                                                         Part II, Line 10, check the appropriate box and attach a copy of the 
E — Apportionment Formulas - If you earn income both inside              federal form or schedule to this return. See “What if I participated in a 
and outside of Illinois, check the appropriate box(es). If you are a     reportable transaction?” for more information.
unitary business group, check as many boxes as applicable. If more 
than one box is checked, you must complete a Subgroup Schedule           U — Check the box if you must adjust your loss or loss carryover 
for each checked box that is not a sales company. If you earn income     due to Discharge of Indebtedness. For more information, see the 
only inside Illinois, leave this line blank. For more information, see   instructions for Line 48 and the Loss Reduction Worksheet on 
the specific instructions for “Apportionment Formulas.”                  Page 10 of these instructions and Schedule NLD instructions.
F — If you are claiming a special depreciation addition or subtraction   V — Check this box only if you have sales into Illinois and you 
modifications on Form IL-1120-ST, check the box and attach               are not required to allocate them because you are protected 
Form IL-4562, Special Depreciation, to your tax return.                  by Public Law 86-272. Complete Steps 1 through 7 of your 
                                                                         Form IL-1120-ST. 
G — If you are claiming other addition or subtraction modifications 
on Form IL-1120-ST, check the box and attach Schedule M, Other                 You must complete an IDOR-issued or previously 
Additions and Subtractions (for businesses), to your tax return.         approved Form IL-1120-ST and corresponding schedules. Do 
                                                                         not send a computer printout or spreadsheets with line numbers and 
H — If you are claiming related-party expenses modifications on          dollar amounts attached to a blank copy of the return.
your Form IL-1120-ST, check the box and attach Schedule 80/20, 
Related-Party Expenses, to your tax return.
                                                                         Step 2 — Figure your ordinary income or loss
I — Check the box if you are claiming deductions or credits listed on          If you are a member of a unitary group, enter the figures 
Illinois Schedule 1299-A, Tax Subtractions and Credits. You must         on each line of Step 2 that reflect your separate company income. 
check the box and attach Illinois Schedule 1299-A and any other          See “What if I am a member of a unitary group?” in the General 
required support listed on Schedule 1299-A to your tax return to         Instructions.
support any deductions or credits you are claiming or passing to your 
shareholders.                                                            Lines 1 through 5 — Enter the amount for each line item 
                                                                         from the corresponding line(s) on your U.S. Form 1120S, 
J — If you are a unitary business group and completed                    Schedule K. Attach a copy of your federal return. See the chart below 
Subgroup Schedule, check this box and attach Subgroup Schedule.          to determine the correct corresponding lines.
See Subgroup Schedule and Schedule UB Instructions for more 
information.                                                                                                    U.S. Form 1120S,
                                                                                 Form IL-1120-ST
K — Check this box if you are a 52/53-week filer. A 52/53-week                                                         Schedule K
filer is a fiscal filer with a tax year that varies from 52 to 53 weeks               Line 1                           Line 1
because their tax year ends on the same day of the week instead of                    Line 2                           Line 2
the last day of the month. 
                                                                                      Line 3                           Line 3c
L — Check this box if you elect to pay PTE tax in an amount equal to 
4.95 percent (.0495) of the taxpayer’s calculated net income for the                  Line 4                    Lines 4, 5a, 6, 7, 8a
taxable year on Line 61.                                                              Line 5                           Line 9
M — Check this box if you are paying Pass-through Entity                           Under federal law, Paycheck Protection Program (PPP) 
(PTE) Tax and you annualized your income on Form IL-2220,                loan forgiveness is not considered taxable income and the business 
Computation of Penalties for Businesses. Attach Form IL-2220.            expenses covered by the PPP loan proceeds are deductible 
N — Enter your entire federal employer identification number (FEIN).     business expenses. Currently, Illinois tax law has no addition 
A partial FEIN will delay the processing of your return.                 modification to change this; therefore, the same treatment flows 
O — If you are a member of a group filing as a unitary business,         through to the Illinois return and is included as part of federal taxable 
check the box and enter the FEIN of the member who prepared              income. 
Illinois Schedule UB, Combined Apportionment for Unitary Business        Line 6 — Include any items of income or loss from 
Group. Attach Schedule UB to this return.                                U.S. Form 1120S, Schedule K, that are not included on any other 
                                                                         line of Step 2 or Step 3 of this Form IL-1120-ST. 

IL-1120-ST Instructions (R-12/23)                                                                                                 Page 7 of 27

Step 3 — Figure your unmodified base income                               Line 17 — Enter the addition amount calculated on 
                                                                          Form IL-4562, Step 2, Line 4. For more information, see 
or loss                                                                   Form IL-4562, Special Depreciation, and Instructions. Attach 
 If you are a member of a unitary group, enter the figures                Form IL-4562 to your Form IL-1120-ST.
on each line of Step 3 that reflects your separate company income. 
See “What if I am a member of a unitary group?” in the General            Line 18 — Enter the interest or intangible expenses paid to an 
Instructions.                                                             80/20 company, to the extent these expenses exceed any taxable 
                                                                          dividends you received from the affiliated company. To compute the 
Lines 8 through 10 — Enter the amount for each line item from             amount of this addition, complete Step 2 of Illinois Schedule 80/20 
the corresponding line on your U.S. Form 1120S, Schedule K. See           and enter on Line 18 the total from Illinois Schedule 80/20, 
the chart on this page to determine the correct corresponding lines.      Related-Party Expenses, Step 2, Line 9. Attach Illinois 
                                     U.S. Form 1120S,                     Schedule 80/20 to your Form IL-1120-ST.
 Form IL-1120-ST                                                          Some interest and intangible expenses may be exempt from this 
                                       Schedule K
              Line 8                   Line 12a                           add-back provision. See Illinois Schedule 80/20 Instructions for more 
                                                                          information including definitions of “affiliated company,” “intangible 
              Line 9                      Line 11                         expenses,” and “intangible assets.”
              Line 10                  Line 12b                           Line 19 — If you are a partner in a partnership, a shareholder in 
Line 11 — Include any items of expense                                    an S corporation, or a beneficiary of a trust or an estate, include 
•  you are required to state separately to your shareholders, rather      your distributive share of additions received from the partnership, 
than include in ordinary income, and                                      S corporation, trust or estate on Schedules K-1-P or K-1-T. If 
                                                                          you receive multiple schedules because you are a recipient from 
•  that would be taken into account by an individual in computing his     multiple entities, you should enter the combined total of Step 5, 
or her taxable income, and                                                Column A, Lines 32 through 37, from all Illinois Schedules K-1-P 
•  that are not included on any other line of Step 2 or Step 3 of this    you receive and Step 5, Column A, Lines 30 through 35, from 
Form IL-1120-ST.                                                          all Illinois Schedules K-1-T you receive. Attach a copy of all 
Do not include any of the following items on this line:                   Illinois Schedules K-1-P and K-1-T you received to your 
•  net operating loss carryovers;                                         Form IL-1120-ST.
•  any qualified business income deduction allowed under IRC                      The partnership or S corporation is required to send you an 
Section 199A; or                                                          Illinois Schedule K-1-P and the trust or the estate is required to send 
                                                                          you an Illinois Schedule K-1-T, specifically identifying your share of 
•  any depletion amounts allowed federally on your oil and gas            income.
properties; and
                                                                                        Include only additions reported to you on the 
•  any excess business interest expense under IRC Section 163(j).         Schedule(s) K-1-P or K-1-T you received from a pass-through entity 
Line 13 — This is your total unmodified base income or loss.              in which you are an investing partner or shareholder or a beneficiary. 
 If you are a member of a unitary group this amount                       Do not attach copies of Schedules K-1-P you issued to your 
should reflect your separate company income as shown on the               partners or shareholders. You should keep copies of these schedules 
corresponding column of Schedule UB, Step 2, Column A, B, or C,           in your records.
Line 30.                                                                  Line 20 — Complete Illinois Schedule B. Illinois Schedule B, 
                                                                          Section A, Line 3 represents the share of distributable income or 
Step 4 — Figure your income or loss                                       loss that is to be added to or subtracted from base income. If the 
 If you are a member of a unitary group, see “What if I am                total amount on Illinois Schedule B, Section A, Line 3 is a negative 
a member of a unitary group?” in the General Instructions, and the        amount (loss), it should be entered on Line 20 as a positive amount. 
instructions for Line 14, below.                                          See the Illinois Schedule B Instructions following these Specific 
Line 14 — Follow the instructions on the form.                            Instructions for more information. Attach Illinois Schedule B to 
 If you are a member of a unitary group do not enter                      your Form IL-1120-ST. 
the amount from Form IL-1120-ST, Step 3, Line 13. Enter your              Line 21 — Enter the addition amount calculated on Illinois 
combined company income as shown on Schedule UB, Step 2,                  Schedule M, Other Additions and Subtractions (for businesses), 
Column E, Line 30.                                                        Step 2, Line 11. Attach a copy of Illinois Schedule M to your 
 Do not enter negative amounts on Lines 15 through 21.                    Form IL-1120-ST. The following are examples of items that must be 
                                                                          added to taxable income and are included on Illinois Schedule M.
Line 15 — Enter the total of all amounts excluded from unmodified 
                                                                          •  Notes, bonds, debentures, or obligations issued by the 
base income that were received or accrued as federally tax-exempt 
                                                                          Governments of Guam, American Samoa, Puerto Rico, the 
interest (e.g. state, municipal and other interest) and all distributions 
                                                                          Northern Mariana Islands, or the Virgin Islands. 
of exempt interest received from regulated investment companies 
during the tax year.                                                      •  Deductions you claimed this year and in your two most recent 
                                                                          tax years for expenses connected with income from an asset or 
Line 16 — You must add back any amount of Illinois Replacement 
                                                                          activity which were reported as business income in prior years 
taxes and surcharge that you deducted on your U.S. Form 1120S to 
                                                                          and as nonbusiness income on this return. See Illinois Schedule 
arrive at your ordinary business income. You are not required to add 
                                                                          NB, Nonbusiness Income, Line 11, and Illinois Schedule NB 
back taxes from other states taken as a federal deduction.
                                                                          Instructions for more information.
An S corporation that elects to pay PTE tax must add back the 
amount of that tax deducted federally, in addition to the add back for    Step 5 — Figure your base income or  loss
replacement tax deducted.                                                 Do not enter negative amounts on Lines 23 through 34. 
                                                                                  A double deduction is prohibited by IITA, Section 203(g). 
                                                                          You cannot deduct the same item more than once.

IL-1120-ST Instructions (R-12/23)                                                                                                      Page 8 of 27

Line 23 — Enter the total interest received or accrued from                            Include only subtractions reported to you on the 
federal Treasury bonds, notes, bills, federal agency obligations,         Schedule(s) K-1-P or K-1-T you received from a pass-through entity 
and savings bonds included in ordinary business income. You may           in which you are an investing partner or shareholder or a beneficiary. 
not subtract anything that is not identified in Illinois Publication 101, Do not attach copies of Schedules K-1-P you issued to your 
Income Exempt from Tax. This amount is net of any bond premium            partners or shareholders. You should keep copies of these schedules 
amortization deducted federally.                                          in your records.
Line 24 — Complete Illinois Schedule B. Illinois Schedule B,              Line 33 — Enter the subtraction amount calculated on Illinois 
Section A, Line 3 represents the share of distributable income or         Schedule M, Step 3, Line 40. Attach a copy of Illinois Schedule M 
loss that is to be added to or subtracted from base income. If the        to your Form IL-1120-ST.
total amount on Illinois Schedule B, Section A, Line 3 is a positive      You may not subtract anything that is not identified below, 
amount, enter that amount on Line 24. If the total amount on Illinois     on Schedule M (for businesses), or in Illinois Publication 101. 
Schedule B, Section A, Line 3 is negative, leave Line 24 blank and        Subtractions allowed on Illinois Schedule M include:
see the instructions for Line 20. For more information, see the Illinois 
Schedule B Instructions following these Specific Instructions. Attach     •  notes, bonds, debentures, or obligations issued by the 
Illinois Schedule B to your Form IL-1120-ST.                                 Governments of Guam, American Samoa, Puerto Rico, the 
                                                                             Northern Mariana Islands, or the Virgin Islands, to the extent that 
Lines 25 through 29      —You must attach Illinois                           you were required to add these amounts to your federal ordinary 
Schedule 1299-A and any other required support listed on                     income. 
Schedule 1299-A to your Form IL-1120-ST if you have an amount 
on any of the following lines.                                            •  the refund of Illinois replacement tax for a prior year, to the extent 
                                                                             included in your federal ordinary income.
Line 25 — Enter the River Edge Redevelopment Zone Dividend 
subtraction from Illinois Schedule 1299-A, Step 1, Line 3.                •  any other income included on Step 4, Line 22, exempt from 
                                                                             taxation by Illinois by reason of its Constitution or statutes or 
Line 26 — For financial organizations only — Enter the                       by the Constitution, treaties, or statutes of the United States. 
River Edge Redevelopment Zone Interest subtraction from Illinois             This amount is net of any bond premium amortization deducted 
Schedule 1299-A, Step 1, Line 12.                                            federally. For more information, see Illinois Publication 101.
Line 27 — Enter the High Impact Business Dividend subtraction             •  the amount equal to the deduction used to compute the federal 
from Illinois Schedule 1299-A, Step 1, Line 6.                               tax credit for restoration of amounts held under claim of right 
Line 28 — For financial organizations only — Enter the High                  under IRC Section 1341.
Impact Business within a Foreign Trade Zone (or sub-zone) Interest        •  the deductions for “foreign dividend gross-up (IRC Section 78),” 
subtraction from Illinois Schedule 1299-A, Step 1, Line 15.                  “subpart F income,” or foreign dividends which are allowed as 
Line 29 — Enter the amount of any Contribution subtraction from              a subtraction modification under IITA, Sections 203(b)(2)(G) 
Illinois Schedule 1299-A, Step 1, Line 9.                                    and 203(b)(2)(O). You must provide supporting attachments 
Line 30 — Enter the subtraction allowance from Form IL-4562,                 clearly identifying each item taken as a subtraction.
Step 3, Line 19. Attach Form IL-4562 to your Form IL-1120-ST.             •  contributions you made under the Tax Increment Allocation 
Line 31 — Enter the amount from Illinois Schedule 80/20, Step 4,             Redevelopment Act to a job training project. For more information, 
Line 23. Attach Illinois Schedule 80/20 to your Form IL-1120-ST.             see FY Bulletin 1990-40.
You should use Illinois Schedule 80/20 if                                 Line 35 — This is your base income or loss. 
•   you added back interest paid to an affiliated company on Step 4,      Follow the instructions on the form and check a box on Line A or B. 
Line 18. You may subtract any interest received from that                 You must check one of these boxes and follow the instructions for 
company during this tax year, up to the amount of your addition           that line.
for interest expense paid to that company. Also, if you added back        Check the box on Line A if
intangible expenses from a transaction with an affiliated company         •  all of your base income or loss is derived inside Illinois; and
on Line 18, you may subtract any income you received during 
the tax year from similar transactions with the affiliated company,       •  you do not have any income or loss to report on Lines 36, 37, 44, 
up to the amount of your addition for intangible expense for that            or 45.
company. To compute the amount of this subtraction, complete              If you check the box on Line A, do not complete Step 6. All of 
Illinois Schedule 80/20.                                                  your base income or loss is allocable to Illinois. Skip Step 6, enter 
•  you are an affiliated company, and you received interest               the amount from Step 5, Line 35 on Step 7, Line 47, and complete 
or intangible income from someone who had to add back the                 the remainder of the return.
interest and intangible expense on their Illinois Schedule 80/20.         Check the box on Line B if any of the following apply:
You may subtract your interest or intangible income from that             •  your base income or loss is derived inside and outside Illinois; 
person.
                                                                          •  all of your base income or loss is derived outside Illinois; or
Line 32 — Enter your distributive share of subtractions passed 
                                                                          •  you have income or loss to report on Lines 36, 37, 44, or 45.
through to you by a partnership, S corporation, trust, or estate on 
Schedule(s) K-1-P, Partner’s or Shareholder’s Share of Income,            If you check the box on Line B, you must complete all lines of 
Deductions, Credits, and Recapture, or K-1-T, Beneficiary’s Share         Step 6. Submitting Form IL-1120-ST with an incomplete Step 6, 
of Income and Deductions. Do not include any amounts passed               including Lines 40, 41, and 42 may result in a delay in processing 
through that are reflected on Illinois Schedule 1299-A. Attach a copy     your return, further correspondence, and you may be required to 
of all Illinois Schedules K-1-P and K-1-T you received to your            submit further information to support your filing. See the Specific 
Form IL-1120-ST.                                                          Instructions for Step 6 for more information.
         The partnership or S corporation is required to send you an 
Illinois Schedule K-1-P and the trust or the estate is required to send 
you an Illinois Schedule K-1-T, specifically identifying your share of 
subtractions.
IL-1120-ST Instructions (R-12/23)                                                                                                     Page 9 of 27

Step 6 — Figure your income allocable to                                            If you are a partner engaged in a unitary business 
                                                                        with your partnership, you must include your distributable share of 
Illinois                                                                the partnership’s business income in your business income. Do not 
You must check the box on Line B and complete all lines of Step         subtract this business income on Line 37.
6 if any portion of Line 35, base income or loss, is derived outside 
                                                                        Lines 40 through 42 — 
Illinois, or you have any income or loss to report on Lines 36, 37, 44, 
or 45.                                                                  You must complete Lines 40 through 42 if any of the following apply: 
If you do not complete all of Step 6, Lines 36 through 46, we may       •  your business income or loss is derived inside and outside Illinois;
issue a notice and demand proposing 100 percent of income as            •  all of your business income or loss is derived outside Illinois; or
being allocable to Illinois, or in the case of a loss return, a notice  •   you have income or loss to report on Lines 36, 37, 44, or 45.
indicating none of your loss as being allocated to Illinois.            Follow specific instructions below for Lines 40 through 42. 
In order to properly allocate your base income or loss you need to                 If you are a financial organization, transportation 
determine what portion of the total base income is business income      company, sales company, or federally regulated exchange, check 
or loss that is to be apportioned among all the states in which you do  the appropriate box in Step 1, Line E (financial organization, 
business, and what portion is nonbusiness income or loss that is to     transportation company, sales company, or federally regulated 
be allocated to a particular state.                                     exchange) and see “Apportionment Formulas” in these instructions.
        Unitary filers - You must complete both Step 4 of the                       If you are a partner engaged in a unitary business 
Schedule UB and Step 6 of the Form IL-1120-ST.                          with your partnership, you must include your distributive share of the 
                                                                        “everywhere” and “Illinois” sales factors from the partnership in your 
             Line by Line Instructions                                  “everywhere” and “Illinois” sales factors. For more information, see 
        You must complete all lines of Step 6.                          86 Ill. Adm. Code Section 100.3380(d).
Line 36 — Enter the amount of all nonbusiness income or loss            Line 40 — Enter your total sales everywhere. 
included in base income, net of any related deductions and any 
amount distributable to shareholders subject to replacement tax,        Line 41 — Enter your total sales inside Illinois. If you have no sales 
from Illinois Schedule NB, Column A. Include any nonbusiness            in Illinois, enter zero.
income you received from Illinois Schedules K-1-P or K-1-T                         Lines 40 and 41 cannot be less than zero. The amount on 
in the amounts reported on Schedule NB. Attach Illinois                 Line 41 cannot exceed the amount on Line 40. 
Schedule NB and all Illinois Schedules K-1-P or K-1-T you               Line 42 — Divide Line 41 by Line 40 and enter the result, 
received to your Form IL-1120-ST. If you do not have an amount to       rounded to six decimal places. The result cannot be greater than one 
report on this line, enter zero.                                        or less than zero.
        If you are making the election to treat all income other than              If you checked the box on Line 35B and do not complete 
compensation as business income for this tax year, you must check       Lines 40, 41, and 42 we may issue a notice and demand proposing 
the box in Step 1, Line S, and enter zero here and on Line 44. This     100 percent of your income as being allocated to Illinois, or in the 
election must be made by the extended due date of this return.          case of a loss return, a notice indicating none of your loss as being 
Once made, the election is irrevocable.                                 allocated to Illinois. 
Line 37 — Enter the amount of all business income or loss               Line 44 — Enter the amount of nonbusiness income or loss 
included in base income received from any non-unitary partnership,      allocable to Illinois from Illinois Schedule NB, Column B. Include 
partnership included on a Schedule UB, S corporation, trust, or         any nonbusiness income you received from Illinois Schedules K-1-P 
estate of which you are a partner or a beneficiary, net of any amount   or K-1-T in the amounts reported on Schedule NB. This amount is 
distributable to shareholders subject to replacement tax. See Illinois  net of the portion of your Illinois nonbusiness income distributable 
Schedule K-1-P(2), Partner’s and Shareholder’s Instructions, or         to shareholders subject to replacement tax. Attach a copy of 
Schedule K-1-T(2), Beneficiary’s Instructions for more information.     Schedule NB and all Illinois Schedules K-1-P and K-1-T you 
Attach a copy of all Illinois Schedules K-1-P and K-1-T you             received to your Form IL-1120-ST. If you do not have an amount to 
received to your Form IL-1120-ST. If you do not have an amount to       report on this line, enter zero.
report on this line, enter zero.                                                   If you checked the box in Step 1, Line S, making the election 
        The partnership or S corporation is required to send you        to treat all of your income other than compensation as business 
an Illinois Schedule K-1-P and Schedules K-1-P(2) and the trust or      income, then enter zero on Line 44. 
the estate is required to send you an Illinois Schedule K-1-T and 
K-1-T(2) specifically identifying your share of income.

                                               Loss Reduction Worksheet 
  1   Enter the amount of the reduction to your federal net operating losses                                                              
    from federal Form 982.                                                                              1   _________________ 
  2   Enter your income allocation ratio. See instructions.                                             2   _________________ 
   3   Multiply the amount on Line 1 by Line 2. This is your reduction amount. 
    Enter the result here and on Form IL-1120-ST, Line 48.                                              3   _________________ 
    Line 2 — Your income allocation ratio is calculated by dividing the amount of debt cancellation income excluded from your gross income 
    that would have been allocated or apportioned to Illinois under the IITA if it was not excluded by the total amount of debt cancellation in-
    come excluded from your gross income. If all of your debt cancellation income would have been business income, use the apportionment 
    factor you calculated on the return for the tax year of the debt cancellation.

IL-1120-ST Instructions (R-12/23)                                                                                                      Page 10 of 27

Line 45 — Enter the amount of the income or loss reported on              If any of the loss being claimed on Line 50, originated from a 
Step 6, Line 37 that is apportionable to Illinois as reported by the      company other than the one filing this return, check the box on 
non-unitary partnership, partnership included on a Schedule UB,           Line 50 and attach a detailed statement to your return with
trust, or estate on Illinois Schedules K-1-P or K-1-T, net of the portion • the FEIN of the company from which you acquired the loss, 
distributable to shareholders subject to replacement tax. See Illinois    • the reason (e.g., merger) you are allowed to use that company’s 
Schedules K-1-P(2) or K-1-T(2) for more information. Attach a copy          losses, and 
of all Illinois Schedules K-1-P and K-1-T you received to your 
Form IL-1120-ST. If you do not have an amount to report on this line,     • the date you acquired the loss.
enter zero.                                                                     For more information, see the Schedule NLD instructions. 
Step 7 — Figure your net income
                                                                          Step 8 — Figure the taxes, surcharges, pass-
Line 47 — Follow the instructions on the form. If this amount is 
a loss, you may be allowed to carry it forward to other years as an       through withholding, and penalty you owe
Illinois net loss deduction (NLD).                                        Line 52 — Follow the instructions on the form. 
Line 48 — If the amount on Line 47 is a loss, and you                     Line 53 — Enter your recapture of investment credits from Illinois 
were required to reduce the net operating loss reported on                Schedule 4255, Recapture of Investment Tax Credits, Step 5, 
your U.S. Form 1120S because you excluded any discharge of                Column D, Line 20.
indebtedness income from this tax year’s gross income, then you           If you claimed an Illinois investment tax credit in a prior year on 
may be required to reduce the net loss reported on Line 47. Use           Form IL-477, Replacement Tax Investment Credits, and any of 
the Loss Reduction Worksheet on Page 10 to figure your loss               the property was disqualified within 48 months of being placed in 
reduction. Attach a copy of your federal Form 982, Reduction              service, you must use Illinois Schedule 4255 to compute the amount 
of Tax Attributes Due to Discharge of Indebtedness, and a                 of recapture. Credit must be recaptured in the year the property 
detailed statement, including the amounts and tax year, of the            became disqualified.
debt and reason for reduction to your Form IL-1120-ST. For more           Line 55 — Enter the amount from Form IL-477, Step 1, Line 13. 
information, see 86 Ill. Adm. Code Section 100.2310(c).                   Attach Form IL-477 and any other required support listed on 
Line 49 — If you have a discharge of indebtedness adjustment              Form IL-477 to your Form IL-1120-ST.
on Line 48, add lines 47 (a negative number) and 48 (a positive           You may claim a replacement tax investment credit of .5 percent 
number), and enter the result here. This amount cannot be greater         (.005) of the basis of qualified property placed in service in Illinois 
than zero. If you do not have a discharge of indebtedness                 during the tax year.
adjustment, enter zero on Line 48 and the amount from Line 47 on 
Line 49.                                                                  An additional credit of up to .5 percent (.005) of the basis of qualified 
                                                                          property is available if your Illinois base employment increased by 
Line 50 — Enter your Illinois net loss deduction carryforward             1 percent (.01) or more over the preceding year or if your business 
as determined on Illinois Schedule NLD, Step 1, Line 7, total box.        is new to Illinois. Excess credit may be carried forward for five 
Attach Illinois Schedule NLD to your Form IL-1120-ST.                     years following the excess credit year. For more information, see 
If you are a cooperative and you separate your patronage and              Form IL-477 Instructions.
nonpatronage income or loss, complete Schedule INL, Illinois Net          Line 57 — Compassionate Use of Medical Cannabis Program Act 
Loss Adjustments for Cooperatives and REMIC Owners, and follow            surcharge. 
the instructions for computation of your Illinois net loss deduction.

                                           Surcharge Worksheet for IL-1120-ST
Instructions:  Complete the appropriate column for the surcharge(s)                           A                          B
                      you are claiming.                                              Compassionate Use             Sale of assets
                                                                                     of Medical Cannabis                 by gaming
                                                                                        Program Act                      licensee

1   Enter your federal income tax liability for the taxable year.                    1  ______________              1  ______________
2  Enter your federal income tax liability for the taxable year computed 
  as if “transactions subject to the surcharge” made in that year had not 
  been made by the organization registrant in Column A or a gaming 
  licensee in Column B.                                                              2  ______________               2  ______________
3  Subtract Line 2 from Line 1. Enter the result here.  
  Enter the Column A total on Form IL-1120-ST, Step 8, Line 57 and the 
  Column B total on Form IL-1120-ST, Step 8, Line 58.                                3  ______________              3  ______________
Line 1 — Members of consolidated groups must enter the consolidated federal income tax liability of the affiliated group for the taxable 
year.
Line 2 — Members of consolidated groups must enter the federal income tax liability of the affiliated group for the taxable year computed 
as if the transactions subject to surcharge for which taxable income or gain was recognized in that taxable year had not been made. 

IL-1120-ST Instructions (R-12/23)                                                                                                    Page 11 of 27

                                  Definitions                              The amount of the surcharge is equal to the amount of taxable gains 
Organization registrantmeans a corporation, partnership, trust,            tax liability for the taxable year attributable to the transactions subject 
limited liability company (LLC), or other organization, that holds         to the surcharge.
either a medical cannabis cultivation center registration issued by the                  To whom does the surcharge apply?
Illinois Department of Agriculture or a medical cannabis dispensary        The surcharge is imposed on any taxpayer who incurs a federal 
registration issued by the Illinois Department of Financial and            income tax liability on the income realized on a “transaction subject 
Professional Regulation.                                                   to the surcharge,” including individuals and other taxpayers who 
Transactions subject to the surchargemeans sales and                       are not themselves the “gaming licensee” that engaged in the 
exchanges of                                                               transaction.
   •         capital assets;                                               The surcharge imposed shall not apply if 
   •         depreciable business property;                                •   the organization gaming license, organization license, or 
   •         real property used in the trade or business; and                  racetrack property is transferred as a result of any of the 
                                                                               following:
   •         Section 197 intangibles of an organization registrant.
                                                                               •   bankruptcy, a receivership, or a debt adjustment initiated by 
                                                                                   or against the initial licensee or the substantial owners of 
               What is the surcharge?                                              the initial licensee;
For each taxable year beginning or ending during the Compassionate             •   cancellation, revocation, or termination of any such license 
Use of Medical Cannabis Program, a surcharge is imposed on all                     by the Illinois Gaming Board or the Illinois Racing Board;
taxpayers on income arising from the transactions subject to the 
                                                                               •   a determination by the Illinois Gaming Board that transfer of 
surcharge of an organization registrant under the Compassionate 
                                                                                   the license is in the best interests of Illinois gaming;
Use of Medical Cannabis Program Act. 
                                                                               •   the death of an owner of the equity interest in a licensee;
The amount of the surcharge is equal to the amount of federal 
income tax liability for the taxable year attributable to the transactions     •   acquisition of a controlling interest in the stock or 
subject to the surcharge. For an S corporation, this would be a tax on             substantially all of the assets of a publicly traded company;
built-in gain realized on the transaction.                                     •   a transfer by a parent company to a wholly owned 
             To whom does the surcharge apply?                                     subsidiary;
The surcharge is imposed on any taxpayer who incurs a federal                  •   the transfer or sale to or by one person to another person 
income tax liability on the income realized on a “transaction subject              where both persons were initial owners of the license when 
to the surcharge,” including individuals and other taxpayers who                   the license was issued; or
are not themselves the “organization registrant” that engaged in the       •   the controlling interest in the organization gaming license, 
transaction.                                                                   organization license, or racetrack property is transferred in a 
A line has been included on Schedules K-1-P and K-1-T to identify              transaction to lineal descendants in which no gain or loss is 
the amount of taxable gains attributable to transactions subject to the        recognized or as a result of a transaction in accordance with 
surcharge that was passed through to you on federal Schedule K-1.              Section 351 of the Internal Revenue Code in which no gain or 
                                                                               loss is recognized; or 
    Although a unitary business group filing combined Illinois 
returns is treated as a single taxpayer and its members are jointly        •   live horse racing was not conducted in 2010 at a racetrack 
and severally liable for any surcharge imposed on the group, the               located within 3 miles of the Mississippi River under a license 
group itself is not an organization registrant and transactions of any         issued pursuant to the Illinois Horse Racing Act of 1975.
member that is not itself an organization registrant are not subject to    The transfer of an organization gaming license, organization license, 
the surcharge.                                                             or racetrack property by a person other than the initial licensee to 
               How do I figure the surcharge?                              receive the organization gaming license is not subject to a surcharge. 
If the surcharge applies to you, complete the Surcharge Worksheet          A line has been included on Schedule K-1-P and Schedule 
on Page 11.                                                                K-1-T, to identify the amount of federal income attributable to 
                                                                           transactions subject to the surcharge that was passed through to you 
For more information, see 86 Ill. Adm. Code Section 100.2060.
                                                                           on federal Schedule K-1.
Line 58 — Sale of assets by gaming licensee surcharge
                                                                                    Although a unitary business group filing combined Illinois 
                                  Definitions                              returns is treated as a single taxpayer and its members are jointly 
Gaming licensee is an organization licensee under the Illinois Horse       and severally liable for any surcharge imposed on the group, the 
Racing Act of 1975 and/or an organization gaming licensee under            group itself is not a gaming licensee and transactions of any member 
the Illinois Gambling Act.                                                 that is not itself a gaming licensee are not subject to the surcharge.
Transactions subject to the surcharge means sales and                                        How do I figure the surcharge?
exchanges of                                                               If the surcharge applies to you, complete the Surcharge Worksheet 
   •         capital assets;                                               on Page 11.
   •         depreciable business property;                                Line 59 — Complete all sections of Illinois Schedule B and 
   •         real property used in the trade or business; and              enter the amount from Illinois Schedule B, Section A, Line 5 on 
                                                                           this line. This is the amount of pass-through withholding you owe 
   •         Section 197 intangibles of a gaming licensee.                 on behalf of your members. Attach Illinois Schedule B to your 
               What is the surcharge?                                      Form IL-1120-ST. See “Definitions to help you complete your 
For each taxable year 2019 through 2027, a surcharge is imposed on         Form IL-1120-ST” in these instructions for more information.
all taxpayers on income arising from the transactions subject to the                Do not include any amount from Schedule B, Section B, 
surcharge of a gaming licensee.                                            Line K, PTE tax credit paid to members, or Line L, PTE tax credit 
                                                                           received and distributed to members. 

IL-1120-ST Instructions (R-12/23)                                                                                                        Page 12 of 27

  PTE Income Worksheet
  1   Base Income from Line 35.                                                                                 1                   00  
  2   Amount from Line 24.                                                                                      2                   00       
  3   PTE base income. Add Lines 1 and 2.                                                                       3                   00
  4   Nonbusiness income or loss.                                                                               4                   00                              
  5   Business income or loss included in Line 3 from non-unitary partnerships, partnerships 
      included on a Schedule UB, S corporations, trusts, or estates.                                            5                   00                              
  6   Add Lines 4 and 5.                                                                                        6                   00                              
  7   Business income or loss. Subtract Line 6 from Line 3.                                                     7                   00                              
  8   Total sales everywhere. This amount cannot be negative.             8                      00                             
  9   Total sales inside Illinois. This amount cannot be negative.        9                      00                             
 10   Divide Line 9 by Line 8. Round to six decimal places.               10                          
 11   Business income or loss apportionable to Illinois. Multiply Line 7 by Line 10.                   11                           00                              
 12   Nonbusiness income or loss allocable to Illinois.                                                12                           00                              
 13   Business income or loss apportionable to Illinois from non-unitary partnerships, partnerships 
      included on a Schedule UB, S corporations, trusts, or estates.                                   13                           00           
 14   PTE Income. Add Lines 11 through 13. Enter this amount on Line 60.                               14                           00 

 PTE Worksheet Instructions
 Lines 1 through 3 — Follow the instructions on the worksheet. 
 Lines 4 and 12 — Complete a pro forma Illinois Schedule NB allocating nonbusiness income amounts to Illinois including the portion of 
 nonbusiness income or loss distributable to shareholders subject to replacement tax reported from Form IL-1120-ST, Lines 20 and 24.
 Line 5 through 11 — Follow the instructions for Form IL-1120-ST, Lines 37 through 43.  
 Line 13 — Follow the instructions for Form IL-1120-ST, Line 45, but do not include income from a partnership or S corporation that made 
 the PTE election.

       Do not include on Line 59 any pass-through withholding           Line 65a — Enter the sum of any overpayment from your prior 
reported to you on Schedule(s) K-1-P or K-1-T. Pass-through             year tax returns that you requested to be applied to this year’s tax 
withholding amounts reported to you are included on Step 9,             return. Take into account any correspondence we may have sent 
Line 65c.                                                               you that changed the amount of your credit carryforward from the 
                                                                        previous year. 
Line 60 —  Complete this line if you elect to pay PTE tax on your 
calculated base income. Follow the instructions on the PTE Income       Line 65b — Enter the sum of any
Worksheet on Page 13 to determine the amount to enter on this           • estimated payments or tax prepayments made before the date 
line. The total amount of PTE credit allocated to shareholders            this return was filed. 
cannot exceed the PTE liability reported and actually paid by the       • extension payments or other voluntary prepayments made 
S corporation.                                                            before the original due date of the return. 
Line 61 — Follow the instructions on the form. Do not include any       • payment made before the date this return is filed. 
PTE tax credit you received on Schedule(s) K-1-P or K-1-T on            Line 65c — Enter the amount you wish to claim of Illinois 
this line.                                                              pass-through withholding (including any eligible investment 
       If you complete Line 61, then Line 59 should be blank.           partnership withholding) reported to you by partnerships, 
                                                                        S corporations, or trusts on Schedule(s) K-1-P or K-1-T. If you have 
Line 63 — If you elected to pay PTE tax and your total tax liability is 
                                                                        received more than one Schedule K-1-P or K-1-T, add the amounts 
$500 or more, enter the amount of any self-assessed underpayment 
                                                                        you wish to claim from all the schedules and enter the total here. 
of estimated tax penalty you figured on Form IL-2220, Penalty 
                                                                        Attach copies of the Schedules K-1-P and K-1-T you received 
Worksheet 1, Line 22.
                                                                        from the pass-through entities to your Form IL-1120-ST. 
If you annualized your income in Step 6 of Form IL-2220, be sure 
                                                                        Schedules K-1-P and K-1-T, Step 1, Line 3, must be completed 
to check the box in Step 1, Line M of this Form IL-1120-ST. Attach a 
                                                                        or the pass-through withholding reported on this line may not be 
completed Form IL-2220 to your Form IL-1120-ST.
                                                                        credited to your return. 
       If you do not need to annualize your income and do not 
wish to complete Form IL-2220, we encourage you to let us figure                Partners in an investment partnership may not be eligible to 
your penalties and interest and send you a bill instead of determining  claim a Schedule K-1-P, Step 7, Line 55 amount reported to them by 
these amounts yourself. We will compute any penalty or interest due     the investment partnership. See Schedule K-1-P(2) for information 
and notify you.                                                         about when a partner may claim investment partnership withholding 
                                                                        credit.
Step 9 — Figure your refund or balance due
                                                                        See “Definitions to help you complete your Form IL-1120-ST” in 
       Do not include any PTE tax or PTE tax credit on 
                                                                        these instructions for more information.
Lines 65a through 65d. PTE tax is reported on Line 61 and PTE Tax 
credit is reported for each member on Schedule B, Section B, Line L.            Do not include any pass-through withholding you owe on 
                                                                        behalf of your members on this line. Pass-through withholding you 
                                                                        owe on behalf of your members are included on Step 8, Line 59.
IL-1120-ST Instructions (R-12/23)                                                                                                 Page 13 of 27

Line 65d — Enter the amount of any Illinois gambling and                      Example 1: You file your 2023 calendar-year return on or 
sports wagering winnings withholding shown on Forms W-2G.                     before the extended due date of your return requesting $500 
Attach federal Forms W-2G.                                                    be applied as a credit. All of your payments are made before 
Line 68 — Enter the amount of overpayment you elect to be                     the original due date of your return. Your credit of $500 will 
carried forward to your next tax year. Check the box on this line             be considered to be paid on March 15, 2024. 
if this is your final return and any remaining carryforward is being          Example 2: You file your 2023 calendar-year return on or 
transferred to another entity. Attach a detailed statement to your            before the extended due date of your return requesting $500 
return listing the FEIN of the entity receiving the credit carryforward,      be applied as a credit. Your overpayment includes payments 
the date the credit was transferred, and the reason for the transfer.         of $400 you made before the original due date of your return, 
        Step 1, Line C, must also be completed if you are                     and a $100 payment you made on June 3, 2024. Your credit 
transferring an overpayment to another entity.                                of $400 will be considered to be paid on March 15, 2024. 
                                                                              The remaining $100 credit will be considered to be paid on 
Your credit carryforward will not be applied if you do not file a 
                                                                              June 3, 2024. 
processable return.
        Your credit carryforward may be reduced by us due to             ‰  after the extended due date of your return, your credit is 
                                                                           considered to be paid on the date you filed the return on which 
corrections we make to your return, or to satisfy any unpaid tax, 
                                                                           you made the election.
penalty, and interest due for this year or any other year. If we reduce 
your credit carryforward, it may result in a late-payment penalty in a        Example 3: You file your 2023 calendar-year return on 
subsequent year.                                                              December 2, 2024, requesting $500 be applied as a 
                                                                              credit. Your credit of $500 will be considered to be paid on 
To which tax year will my credit apply?                                       December 2, 2024, because you filed your return after the 
If your 2023 return was filed                                                 extended due date of your 2023 calendar-year return.
‰ on or before the original filing and payment due date of your                If you are filing your return after the extended due date, you 
  return, your credit will be applied to the next full tax year, unless  may only elect to claim an overpayment credit for payments received 
  you elect to apply the credit to a different tax year.                 on or before the date you filed your return. Any payments made after 
  Example 1: You file your 2023 calendar-year return on                  the date you filed that return can only be claimed as an overpayment 
  March 1, 2024, requesting to receive your overpayment as               credit on a subsequent amended return.
  a credit. March 1, 2024, falls before the original filing and          May I apply my credit to a different tax year? 
  payment due date of the 2023 tax year (March 15, 2024, for 
                                                                         Yes. If you wish to apply your credit to a tax year other than the one 
  calendar-year filers). Your credit will be applied against your 
                                                                         during which you file this return, you must submit a separate request 
  2024 tax year liability.
                                                                         in writing to: 
‰ after the original filing and payment due date of your return, 
                                                                         ILLINOIS DEPARTMENT OF REVENUE
  your credit will be applied to the next full tax year in which timely  PO BOX 19004
  payments can be made as of the date you are filing this return,        SPRINGFIELD IL 62794-9004
  unless you elect to apply the credit to a different tax year. 
                                                                               Submit your request at the time you file your return. Do not 
  Example 2: You file your 2023 calendar-year return on                  submit your return to this address.
  August 5, 2024, requesting to receive your overpayment 
                                                                         Your request must include 
  as a credit. August 5, 2024, is after the original filing and 
  payment due date of the 2023 tax year (March 15, 2024                  • your name, 
  for calendar-year filers), but is before the original filing and       • your FEIN, 
  payment due date of the 2024 tax year (March 17, 2025, for             • the tax year of the return creating the overpayment, and
  calendar-year filers). Your credit will be applied against your 
  2024 tax year liability.                                               • the tax year you wish to have the credit apply.
  Example 3: You file your 2023 calendar-year return on                  If you do not follow these instructions, your election will be 
  April 23, 2025, requesting to receive your overpayment                 considered invalid and we will not apply your credit as you requested.
  as a credit. April 23, 2025, is after the original filing and          If you submit a valid request, we will apply your credit as you 
  payment due date of the 2024 tax year (March 17, 2025,                 requested and notify you. Once made, your election to change the 
  for calendar-year filers), but is before the original filing and       tax year to which your credit will apply is irrevocable. Requests will 
  payment due date of the 2025 tax year (March 16, 2026, for             be worked in the order we receive them.
  calendar-year filers). Your credit will be applied against your              You may only apply your credit to tax years occurring after 
  2025 tax year liability.                                               the year of the return creating the overpayment. If you request to 
With what date will my credit apply against my                           apply more credit than our records show you have available, we 
tax liability?                                                           will apply the maximum amount available and notify you of the 
                                                                         difference.
If your 2023 return was filed
                                                                         Line 69 — Follow the instructions on the form. Your refund will not 
‰  on or before the extended due date of your return                     be issued if you do not file a processable return.
  (October 15, 2024, for calendar-year filers), your credit is 
  considered to be paid on the original due date of this return                Your refund may be reduced by us to satisfy any unpaid tax, 
  (March 15, 2024, for calendar-year filers).                            penalty, and interest due for this year or any other year. 
  However, if all or a portion of your overpayment results from          Line 70 — Direct deposit information.  
  payments made after the original due date of this return, that         If you choose to deposit your refund directly into your checking or 
  portion of your credit is considered to be paid on the date you        savings account, you must 
  made the payment.

IL-1120-ST Instructions (R-12/23)                                                                                                   Page 14 of 27

•  Enter your routing number.                                             Step 10 — Signature, date, and paid preparer’s 
   •  For a checking account, your routing number must be nine            information
    digits and the first two digits must be 01 through 12 or 21           You must sign and date your return. If you do not sign your return, 
    through 32.                                                           it will not be considered filed and you may be subject to a nonfiler 
    The sample check following these instructions has an                  penalty.
    example of a routing number.                                          If you pay someone to prepare your return, the income tax return 
   •  For a savings account, you must contact your financial              preparer must also sign and date the return, enter the preparer tax 
    institution for your routing number.                                  identification number (PTIN) issued to them by the Internal Revenue 
•  Check the appropriate box to indicate whether you want your            Service, and provide their firm’s name, FEIN, address, and phone 
   refund deposited into your checking or savings account.                number.
•  Enter your account number.                                             If you want to allow the paid preparer listed in this step to discuss 
                                                                          this return with IDOR, check the box. This authorization will allow 
   •  For a checking account, your account number may be up to 
                                                                          your paid preparer to answer any questions that arise during the 
    17 digits.                                                            processing of your return, call us with questions about your return, 
    The sample check following these instructions has an                  and receive or respond to notices we send. The authorization will 
    example of an account number.                                         automatically end no later than the due date for filing your 2024 tax 
   •  For a savings account, you must contact your financial              return (excluding extensions). You may revoke the authorization at 
    institution for your account number.                                  any time by calling or writing us.
Do not use your account and routing numbers from your checking 
or savings account deposit slip.Do not     include your check number. 
Include hyphens, but omit spaces and special symbols. You may 
have unused boxes. 
         If your financial institution does not honor your request for 
direct deposit, we will send you a check instead.
         We do not support international ACH transactions. We will 
only deposit refunds into accounts located within the United States. 
If your financial institution is located outside the United States, we 
will send you a check instead of depositing your refund into your 
account.

Line 71 — Follow the instructions on the form. This is your amount 
of tax due that must be paid in full if $1 or more. If you are not paying 
electronically, complete Form IL-1120-ST-V, Payment Voucher for 
Small Business Corporation Replacement Tax, make your check or 
money order payable to “Illinois Department of Revenue” and 
attach them to the front of the return.
         If you are paying electronically do not complete and attach 
a payment voucher.
You should also enter the amount you are paying in the box 
located on the top of Page 1 of the Form IL-1120-ST.
We encourage you to let us figure your penalties and interest and 
send you a bill instead of determining these amounts yourself. 
We will compute any penalty and interest due and notify you. See 
General Information, “What are the penalties and interest?”

IL-1120-ST Instructions (R-12/23)                                                                                                     Page 15 of 27

                                          Apportionment Formulas
Certain businesses that derive their income from inside and outside       For radio and television broadcasting (including cable and satellite 
Illinois require an apportionment formula. The following definitions      broadcasting), the following sales are in Illinois:
will help in completing Step 6.                                           •  advertising revenue received from an advertiser whose 
A Business income — See General Information, “Business                     headquarters is in Illinois;
  income” under “Definitions to help you complete your                    •  fees received by a broadcaster from its viewers or listeners in 
  Form IL-1120-ST.”                                                        Illinois;
B Financial organization — Any bank, bank holding company,                •  in the case of fees received by a broadcaster from the producer 
  trust company, savings bank, industrial bank, land bank, safe            or other owner of the contents of a program, the percentage of 
  deposit company, private banker, savings and loan association,           the fees equal to the percentage of the broadcast’s viewing or 
  building and loan association, credit union, currency exchange,          listening audience located in Illinois; or 
  cooperative bank, small loan company, sales finance company,            •  in the case of a person who owns the contents of a program and 
  investment company, or any person owned by a bank or bank                who provides the contents to a broadcaster for a fee or other 
  holding company.                                                         charge, the fees received for that program from a broadcaster 
C Revenue miles — A revenue mile is the transportation of one              located in Illinois. 
  passenger, or one net ton of freight, the distance of one mile.         If the “sales everywhere” amount includes gross receipts from 
D Federally regulated exchange — A federally regulated exchange           the licensing, sale, or other disposition of patents, copyrights, 
  is                                                                      trademarks, and other similar items of intangible personal property, 
• a regulated entity as defined in 7 U.S.C. Sections 1a (40)(A),          and the receipts are not covered by the broadcasting rules, then 
  1a (40)(B), or 1a (40)(C);                                              these receipts should be allocated in Illinois to the extent the item 
• an exchange or clearing agency as defined in 15 U.S.C. Sections         is used in Illinois during the year the gross receipts are included in 
  78c (a)(1) or 78c (a)(23);                                              gross income. 
•  any entity regulated under any successor regulatory structure to a     An item is used in Illinois if 
  registered entity, exchange, or clearing agency; or                     •  a patent is employed in production, fabrication, manufacturing, or 
•  any member of the same unitary group if 50 percent or more of           other processing in Illinois or if the patented product is produced 
  the business receipts of the unitary business group for the taxable      in Illinois;
  year are attributable to the matching, execution, or clearing of        •  copyrighted material is printed or other publications originated in 
  transactions conducted by members of the group described in the          Illinois; or
  first three bullet points above.                                        •  the commercial domicile of the licensee or purchaser of a 
What if I am a sales company?                                              trademark or other item of intangible personal property is in 
                                                                           Illinois.
If you checked the box in Step 1, Line E, indicating that you are a 
sales company and your income is derived from inside and outside                    If you cannot determine from your (or related party’s) books 
Illinois, you must also check Step 5, Box 35B. Apportion your             and records in which state an item is used, do not include the gross 
business income as follows:                                               receipts from that item in the numerator or the denominator of the 
Include gross receipts from the license, sale, or other disposition       sales factor.
of patents, copyrights, trademarks, and similar items of intangible       For sales of telecommunications services, the following sales are in 
personal property in the numerator and denominator of your sales          Illinois:
factor only if these gross receipts are more than 50 percent of the       •  sales of telecommunications service sold on a call-by-call basis, 
total gross receipts included in gross income for this tax year and        where the call both originates and terminates in Illinois, or the 
each of the two immediately preceding tax years.                           call either originates or terminates in Illinois and the customer’s 
Do not include the following items of income in the numerator or           service address is in Illinois;
denominator of your sales factor:                                         •  retail sales of postpaid telecommunications service if the point of 
•  dividends;                                                              origination of the signal is in Illinois;
•  amounts included under IRC Section 78;                                 •  retail sales of prepaid telecommunications service where 
                                                                           the purchaser receives the prepaid card or other means of 
•  IRC Section 965 inclusion;
                                                                           conveyance at a location in Illinois;
• Global Intangible Low-Taxed Income (GILTI) income under                 •  charges imposed at a channel termination point in Illinois;
  IRC Section 951A;
                                                                          •  charges for channel mileage between two channel termination 
•  subpart F income as defined in IRC Section 952; and                     points in Illinois;
•  any item of income excluded or deducted from base income.              •  charges for channel mileage between one or more channel 
For more information on what should be included in the numerator           termination points in Illinois and one or more channel termination 
or denominator of your sales factor, see 86 Ill. Adm. Code Sections        points outside Illinois, times the number of channel termination points 
100.3370 and 100.3380.                                                     in Illinois divided by total termination channels;
Sales of tangible personal property are in Illinois if                    •  charges for services ancillary to sales of services in Illinois. If you 
•  the property is delivered or shipped from anywhere to a purchaser       provide ancillary services, but cannot determine where the sales 
  in Illinois, other than the United States government, regardless of      of the related services are located, your sales are in Illinois if your 
  the Free on Board (f.o.b.) point or other conditions of the sale;        customer is in Illinois;
•  the property is shipped from Illinois to any place and the purchaser   •  access fees charged to a reseller of telecommunication for a call 
  is the United States government; or                                      that both originates and terminates in Illinois;
•  the property is shipped from Illinois to another state and you are not 
  taxable in the state of the purchaser. 
IL-1120-ST Instructions (R-12/23)                                                                                            Page 16 of 27

•  50 percent of access fees charged to a reseller of                      –      unsecured commercial or installment loans where the    
 telecommunications services for an interstate call that originates               proceeds of the loan are applied in Illinois. If the place of 
 or terminates in Illinois; and                                                   application cannot be determined, the gross receipts are            
•  end user access line charges, if the customer’s service address is             in Illinois if the office of the borrower from which the loan was             
 in Illinois.                                                                     negotiated is in Illinois. If neither the place of application 
For more information, see 86 Ill. Adm. Code Section 100.3371.                     nor the office of the borrower can be determined, do not 
                                                                                  include the gross receipts in Lines 40 or 41; and
Illinois lottery winnings and proceeds from sales or other transfers of 
rights to lottery winnings are in Illinois.                                –      credit card receivables billed to a customer in Illinois.
                                                                        •  sales of travelers checks and money orders at a location in Illinois;
For taxable years ending on or after December 31, 2019, gross 
receipts from winnings from pari-mutuel wagering conducted at a         •  interest, dividends, net gains, and other income from investment 
wagering facility licensed under the Illinois Horse Racing Act of 1975     and trading assets and activities, where the majority of your 
or from winnings from gambling games conducted on a riverboat or           contacts with the asset or activity is in Illinois. The state to which 
in a casino or organization gaming facility licensed under the Illinois    an asset or activity is assigned in your books and records for 
Gambling Act are Illinois sales and must be included in the numerator      federal or state regulatory requirements is presumed to be proper 
of the sales factor.                                                       unless a majority of the evidence shows otherwise or you do not 
                                                                           have a fixed place of business in that state. If the place with the 
For taxable years ending on or after December 31, 2021, payments           majority of contacts cannot be determined under these rules, 
from Illinois sources of wagering and winnings conducted in                the gross receipts are in Illinois if your commercial domicile is in 
accordance with the Sports Wagering Act are allocable to Illinois.         Illinois. 
Sales, other than sales of tangible personal property or                •  any other transaction, if the gross receipts would be included on 
telecommunications service, and gross receipts from broadcasting,          Line 41 under the general instructions for Line 41. 
or the licensing, sale, or other disposition of patents, copyrights,    For more information, see 86 Ill. Adm. Code Section 100.3405.
trademarks, and similar items of intangible personal property, or 
                                                                        Divide Line 41 by Line 40 and enter the result, rounded to six decimal 
Illinois lottery winnings or sales proceeds, are in Illinois as follows:
                                                                        places, on Line 42. Complete Lines 43 through 46 as indicated in 
•  sales or leases of real property in Illinois;                        Specific Instructions for Step 6 — Figure your income allocable to 
•  leases or rentals of tangible personal property, to the extent it is Illinois. 
 located in Illinois during the rental period;
                                                                        What if I am a transportation company?
•  interest, net gains, and other items of income from intangible 
 personal property received by a taxpayer who is a dealer in            If you checked the box in Step 1, Line E, indicating that you are 
 that property from a customer who is a resident of Illinois (for       a company that furnishes transportation service both inside and 
 individuals) or who is commercially domiciled in Illinois (for all     outside Illinois, cross out the word “sales” on Lines 40 and 41 and 
 other customers). A taxpayer without actual knowledge of the           write “Transportation.” You must apportion business income as 
 residence or commercial domicile of a customer may use the             follows:
 customer’s billing address.                                            A  Transportation by airline —On Line 40, enter the amount of 
•  interest, net gains, and other items of income from intangible          revenue miles everywhere. On Line 41, enter the amount of 
 personal property received by a taxpayer who is not a dealer              revenue miles in Illinois. Divide Line 41 by Line 40 and enter the 
 in that property, if the income-producing activity is performed in        result, rounded to six decimal places, on Line 42.
 Illinois or if the income-producing activity is performed inside and   B  Other modes of transportation — On Line 40, enter the amount 
 outside Illinois, and a greater proportion of the income-producing        of your gross receipts from providing transportation services. 
 activity is performed inside Illinois rather than outside Illinois,       On Line 41, enter the amount of gross receipts from Illinois, as 
 based on performance costs; or                                            follows:
•  in all other cases, if the services are received in Illinois.        •  all gross receipts from transportation that both originates and 
For more information, see 86 Ill. Adm. Code Section 100.3370.              terminates in Illinois; and
                                                                        •  gross receipts from interstate transportation, multiplied by a 
What if I am a financial organization?                                     fraction equal to the miles traveled in Illinois on all  
If you checked the box in Step 1, Line E, indicating that you are a        interstate trips divided by miles traveled everywhere on all 
financial organization and your income is derived from inside and          interstate trips.
outside Illinois, cross out the word “sales” on Lines 40 and 41, and       Divide Line 41 by Line 40 and enter the result, rounded to six  
write “Financial organization.”                                            decimal places, on Line 42.
On Line 40, enter the amount of gross receipts from all sources.        C  Transportation of both freight and passengers or 
On Line 41, enter the amount of gross receipts from                        transportation by airline and other modes — Compute 
•  sales or leases of real property located in Illinois;                   separate fractions for freight transportation and passenger 
•  leases or rentals of tangible personal property, to the extent it is    transportation by airline and for freight transportation and 
 located in Illinois during the rental period;                             passenger transportation by all other modes of transportation 
                                                                           under A and B, in the list above and enter on Line 42 the average 
•  interest income, commissions, fees, gains on disposition, and 
                                                                           of those fractions, weighted by the gross receipts from freight or 
 other receipts from:
                                                                           passenger transportation by airline or other modes, rounded to six 
 –  loans secured by real or tangible personal property                    decimal places.
    located in Illinois;
                                                                        For more information, see 86 Ill. Adm. Code Section 100.3450. 
 –  unsecured consumer loans to a resident of Illinois; 
                                                                        Complete Lines 43 through 46 as indicated in Specific Instructions 
                                                                        for Step 6, Figure your income allocable to Illinois. 

IL-1120-ST Instructions (R-12/23)                                                                                                   Page 17 of 27

What if I am a federally regulated exchange?                                If you determine that you are a member of a unitary business group, 
If you checked the box in Step 1, Line E, indicating that you are a         see Illinois Schedule UB for more information regarding your Illinois 
federally regulated exchange and your income is derived from inside         filing requirements and the computation of your Illinois tax liability. 
and outside Illinois, cross out the word “sales” on Lines 40 and 41         Once the Illinois Schedule UB has been completed, you must 
and write “Exchange.” You may apportion your business income as             apportion your business income as follows:
follows:                                                                    On Line 40, enter the “everywhere” sales factor of the entire unitary 
On Line 40, enter the amount of business income from all sources.           business group from Illinois Schedule UB, Step 4, Line 2, Column D. 
                                                                            On Line 41, enter only your Illinois sales (including your share of 
On Line 41, enter the amount of business income from
                                                                            sales of any unitary partnerships in which you are a partner).
•  receipts attributable to transactions executed on a physical trading 
                                                                            On Lines 44 and 45, enter your own nonbusiness income and the 
 floor located in Illinois;
                                                                            Illinois portion of business income from non-unitary partnerships or 
•  receipts attributable to all other matching, execution, or clearing      partnerships included on a Schedule UB in which you are a partner, 
 transactions. This includes, without limitation, receipts from the         S corporations in which you are a shareholder, or from trusts or 
 provision of matching, execution, or clearing services to another          estates of which you are a beneficiary. 
 entity. 
  – Multiply this amount by 27.54 percent (.2754) for tax years             What if I want to use an alternative 
   ending on or after December 31, 2013; and                                apportionment formula?
•  all other receipts for sales in Illinois.                                If the apportionment methods prescribed by IITA, Sections 304(a) 
Divide Line 41 by Line 40 and enter the result, rounded to six decimal      through (e), and (h) do not fairly and accurately represent the market 
places, on Line 42. Complete Lines 43 through 46 as indicated in            for your goods, services, or other sources of business income, 
Specific Instructions for Step 6, Figure your income allocable to Illinois. or lead to a grossly distorted result, you may want to use a more 
  For any tax year, the Illinois apportionment percentage                   accurate alternative method. If you want to use an alternative 
computed using this formula may never be less than the Illinois             apportionment method, you must receive permission from IDOR 
apportionment percentage computed for the first full tax year ending on     prior to filing your return. 
or after December 31, 2013, for which the taxpayer used this formula.                Your request for an alternative apportionment formula must 
                                                                            follow the requirement of the 86 Ill. Adm. Code Section 100.3390. 
What if I am a member of a unitary business                                 See the regulations or contact IDOR for more information.
group?                                                                      If you receive permission to use an alternative formula, you must 
The term “unitary business group” means a group of persons                  attach to your Form IL-1120-ST a copy of the letter granting 
related through common ownership, whose business activities are             permission.
integrated with, dependent on, and contribute to each other. In the         Send your request to: 
case of a corporation, common ownership is defined as the direct              ILLINOIS DEPARTMENT OF REVENUE
or indirect ownership or control of more than 50 percent of the               LEGAL SERVICES OFFICE
outstanding voting stock of a corporation.                                    SENIOR COUNSEL - INCOME TAX, 5-500
                                                                              101 WEST JEFFERSON STREET
                                                                              SPRINGFIELD IL  62702

                                  Illinois Schedule B Instructions
                                                                            ‰  Carry the amount from Illinois Schedule B, Section A, Line 3 and 
         General Information
                                                                              Line 5 to your Form IL-1120-ST as applicable. 
Read this information before completing Illinois Schedule B. 
Amounts listed on the Schedule(s) K-1-P and Schedule(s) K-1-P(3),           See Schedule K-1-P(1) Instructions for Partnerships and 
Pass-through Withholding Calculation for Nonresident Members, you           S Corporations Completing Schedule K-1-P and Schedule K-1-P(3), 
complete are carried to your Illinois Schedule B and then reported on       and Illinois Schedule B specific instructions for more information.
your Form IL-1120-ST. Therefore, you must complete Schedule(s)              What is the purpose of Illinois Schedule B?
K-1-P and Schedule(s) K-1-P(3) before completing Schedule B.                The purpose of Illinois Schedule B, Partners’ or Shareholders’ 
In order to ensure you complete Schedule B correctly, do the                Information, is for you to identify any person who was a partner or 
following in order:                                                         shareholder at any time during your tax year. 
‰  Complete all Schedule(s) K-1-P and Schedule(s) K-1-P(3), as              The Illinois Schedule B also allows you to identify your partners or 
 applicable, for your members before completing any section                 shareholders that are subject to the Illinois Personal Property Tax 
 of Illinois Schedule B. The information reported on Schedule(s)            Replacement Income Tax and to figure the share of distributable 
 K-1-P and Schedule(s) K-1-P(3) will be used to complete Illinois           income or loss that is to be added to or subtracted from your base 
 Schedule B. See Schedule K-1-P(1) for more information.                    income. 
‰  Complete Section B of Illinois Schedule B before completing              Is Schedule B required?
 Section A of Illinois Schedule B. Section B reports specific               Yes. You are required to have a copy of this form on file. You must 
 amounts from each Schedule K-1-P and Schedule K-1-P(3) you                 attach a copy to your Form IL-1120-ST, Illinois Small Business 
 completed. Section B is required to be completed in full in order          Corporation Replacement Tax Return to support 
 to avoid processing delays, further correspondence, or delays in           • the addition modification claimed on Form IL-1120-ST, Step 4, 
 the processing of any overpayments.                                          Line 20, 
‰  Complete Section A of the Illinois Schedule B. Section A reports         • the subtraction modification claimed on Form IL-1120-ST, 
 total amounts from Section B, and is required to be completed in             Step 5, Line 24, 
 full in order to avoid processing delays, further correspondence, 
                                                                            • the pass-through withholding you owe on behalf of your 
 or delays in the processing of any overpayments. 
                                                                              nonresident members on Form IL-1120-ST, Step 8, Line 59, 

IL-1120-ST Instructions (R-12/23)                                                                                                    Page 18 of 27

•    the PTE tax you pay on Form IL-1120-ST, Step 8, Line 61, and         What do I report in Section B, Line L?
•    the PTE tax credit you received and distributed to your members      Line L is used to report the PTE tax credit you receive and distribute 
     on Schedule(s) K-1-P.                                                to your shareholders. Do not include any PTE tax you are paying 
Therefore, you must follow the instructions for Illinois Schedule B,      on this line. 
complete it in full, and attach it to your return.                        How do I determine the amounts to report in Section B, Line L?
         You must use forms prescribed by IDOR. Separate                  Use the Schedule(s) K-1-P or K-1-T you received to determine the 
statements not on forms provided or approved by IDOR will not             amount of PTE tax credit you received. Distribute the PTE tax credit 
be accepted and you will be asked for appropriate documentation.          based on each member’s share.
Failure to comply with this requirement may delay the 
processing of your return or the generation of any overpayment.                          Specific Instructions
Additionally, failure to submit appropriate documentation when 
requested may result in a referral to our Audit Bureau for compliance     Section A:  Total members’ information
action.                                                                       Complete Schedule(s) K-1-P and Schedule(s) K-1-P(3), 
                                                                          as applicable, and all of Illinois Schedule B, Section B, before 
Partnerships and S corporations must complete Illinois 
                                                                          completing Section A.
Schedule B. Do not send a computer printout with line numbers and 
dollar amounts attached to a blank copy of the schedule. Computer         Illinois Schedule B, Section A should be completed using the totals 
generated printouts are not acceptable, even if they are in the           from Illinois Schedule B, Section B. When you submit your return you 
same format as IDOR’s forms. Computer generated forms from an             should only attach a single page of Section A. If you require multiple 
IDOR-approved software developer are acceptable.                          pages of Section B, you may attach as many pages of Section B as 
                                                                          required behind Section A.
What is a resident?
A resident is                                                             Lines 1 through 3 — Report amounts for both resident and 
•  an individual who is present in Illinois for other than a temporary or nonresident members.
  transitory purpose;                                                     Line 1 — Add the amounts you reported on Step 3, Column A, 
•  an individual who is absent from Illinois for a temporary or           Line 10 through Line 19, of all the Schedule(s) K-1-P you issued 
  transitory purpose but who is domiciled in Illinois;                    to your partners or shareholders and enter the total here. Include 
                                                                          amounts you reported to both your resident and nonresident 
•  the estate of a decedent who at his or her death was domiciled in 
                                                                          members.
  Illinois;
                                                                          Line 2 — Add the amounts you reported on Step 7, Line 52a 
•  a trust created by a will of a decedent who at his or her death was 
                                                                          through Line 52x, and Step 7, Lines 53a through 53b, of all the 
  domiciled in Illinois; or
                                                                          Schedule(s) K-1-P you issued to your partners or shareholders and 
•  an irrevocable trust, whose grantor was domiciled in Illinois at the   enter the total here. Include amounts you reported to both your 
  time the trust became irrevocable. For purposes of this definition,     resident and nonresident members.
  a trust is irrevocable to the extent that the grantor is not treated as 
                                                                          Line 3 — Add the amounts shown in Section B, Line E for all the 
  the owner of the trust under IRC Sections 671 through 678. 
                                                                          partners or shareholders for which you have checked the box in 
What is a nonresident?                                                    Section B, Line D. 
A nonresident is a person who is not a resident, as previously                Do not include 
defined. Corporations, S corporations, partnerships, and exempt                 •       partners or shareholders that are identified as 
organizations are considered nonresidents for purposes of                               individuals or estates in Section B, Line B, or
Illinois Schedule B.
                                                                                •       grantor trusts or other disregarded entities whose 
What do Section B, Lines G through J report?                                            grantor or owner is an individual or estate. 
Lines G through J report certain items of income, credits, and            Enter the total amount on this line. If this is a 
pass-through withholding you reported to your nonresident members 
                                                                          •  positive amount, enter this amount on your Form IL-1120-ST, Line 
on the Schedule K-1-P you issued to them.
                                                                          24.
How do I determine the amounts to report in Section B, Lines G            •  negative amount (loss), enter this amount as a positive amount on 
through J?                                                                your Form IL-1120-ST, Line 20. 
Before completing Illinois Schedule B you must complete 
Schedule(s) K-1-P and Schedule(s) K-1-P(3) for each of your               Lines 4 through 5 — Report amounts for nonresident 
nonresident members, as applicable. The amounts reported on those         members only.
schedules will be used to complete Illinois Schedule B, Section B,        Line 4a — Enter the total amount of pass-through withholding you 
Lines G through J.                                                        reported on the Schedule(s) K-1-P you issued to your nonresident 
See Schedule K-1-P(1) for instructions and more information about         individual members only. Total the amounts reported in Section 
Schedule K-1-P(3).                                                        B, Line J, for members that are identified with an “I” in Section B, 
                                                                          Line B, and enter it here.
What do I report in Section B, Line K?
                                                                          Line 4b — Enter the total amount of pass-through withholding you 
Line K is used to report the PTE tax credit you distribute to your 
partners or shareholders if you elected to pay pass-through entity        reported on the Schedule(s) K-1-P you issued to your nonresident 
                                                                          estate members only. Total the amounts reported in Section B, 
tax. 
                                                                          Line J, for members that are identified with an “M” in Section B, 
How do I determine the amounts to report in Section B, Line K?            Line B, and enter it here.
Before completing Illinois Schedule B, Line K, you must determine         Line 4c — Enter the total amount of pass-through withholding you 
each member’s portion of the PTE tax credit using the formula in the      reported on the Schedule(s) K-1-P you issued to your partnership 
Schedule B, Section B, Line K instructions.                               and S corporation members only. Total the amounts reported in 
                                                                          Section B, Line J, for members that are identified with a “P” or “S” in 
                                                                          Section B, Line B, and enter it here.

IL-1120-ST Instructions (R-12/23)                                                                                                      Page 19 of 27

Line 4d — Enter the total amount of pass-through withholding you            •  “T” for trust         
reported on the Schedule(s) K-1-P you issued to your nonresident            •  “C” for C corporation
trust members only. Include members identified as an exempt                 •  “S” for S corporation
organization (trust). Total the amounts reported in Section B, Line J, 
                                                                            •  “A” for exempt organization (trust)
for members that are identified with a “T” or “A” in Section B, 
Line B, and enter it here.                                                  •  “N” for exempt organization (corporation)
Line 4e — Enter the total amount of pass-through withholding you                  If this partner or shareholder is a grantor trust or other 
reported on the Schedule(s) K-1-P you issued to your C corporation          disregarded entity, enter the letter that corresponds to the tax type of 
members only. Include members identified as an exempt                       the grantor or owner.
organization (corporation). Total the amounts reported in Section B,        Line C — Enter the entire Social Security number (SSN) or federal 
Line J, for members that are identified with a “C” or “N” in Section        employer identification number (FEIN) of each partner or shareholder.
B, Line B, and enter it here.                                                     If the partner or shareholder is a foreign entity and does 
Line 5 — Add Section A, Lines 4a through 4e of this Schedule B              not have an SSN or FEIN, leave this line blank for that partner or 
and enter this amount here and on Form IL-1120-ST, Line 59. The             shareholder. If you leave this line blank, you may be contacted for 
amount on Line 5 should match the total amount from Schedule B,             further information.
Section B, Line J for all members on all pages.                             Line D — Check the box if the partner or shareholder is subject to 
Lines 6 and 7 —                                                             the Illinois Personal Property Tax Replacement Income Tax or is an 
                                                                            exempt organization (including an Employee Stock Ownership Plan 
Line 6 — Add Section B, Line K for all members of this Illinois 
                                                                            (ESOP)). Individuals, estates, or grantor trusts and other disregarded 
Schedule B and enter the total here. Enter zero if you paid 
                                                                            entities whose grantors or owners are individuals or estates are 
pass-through withholding.                                                                                                                     not 
                                                                            subject to this tax. 
Line 7 — Add Section B, Line L for all members of this Illinois 
Schedule B and enter the total here. This amount should                     Line E — Enter the total amount of base income or loss distributable 
                                                                            to this partner or shareholder, using the Line E Worksheet on Page 21. 
equal the total of all Schedule(s) K-1-P, Step 7, Line 53a and 
                                                                            Enter the amount from Line E Worksheet, Line 5, here. 
Schedule(s) K-1-T, Step 7, Line 50 you received. Attach copies 
of all Schedule(s) K-1-P and K-1-T you received to your                     The total of all the amounts in Line E must equal your total base 
Form IL-1120-ST.                                                            income, computed without regard to the addition claimed on your 
                                                                            Form IL-1120-ST, Step 4, Line 20, or the subtraction claimed on your 
If you completed multiple pages of Section B, complete Section A 
                                                                            Form IL-1120-ST, Step 5, Lines 24.
one time reporting the totals from all pages of Section B. Place all 
pages of Section B behind the single page of Section A, and attach          Line F — If the partner or shareholder was excluded from pass-
them to your return.                                                        through withholding indicate the reason by entering
Section B:  Members’ information                                            •   “T” if you elect to pay PTE tax, 
                                                                            •   “R” if the partner or shareholder is an Illinois resident, 
Columns 1 through 3 — 
                                                                            •  “E” if the partner or shareholder provided you a Form IL-1000-E,   
Line A — Enter the name and address of each partner or 
                                                                              indicating that they would pay their own tax liability,
shareholder. Use the following examples as a guide.
                                                                                       Partners or shareholders who provide you Form IL-1000-E 
If the partner or shareholder is an individual, use the following 
                                                                              must not be individual taxpayers. 
formats:
                                                                            •   “P” if you are a publicly-traded partnership or an investment 
John Doe               John and Mary Doe             John Doe
                                                                              partnership and therefore not required to make pass-through 
111 W. Main Street     111 W Main Street             % Mary Doe               withholding payments on behalf of your partners, or
Anytown                Anytown                       111 W Main St. #5A     • “N” if the partner or shareholder was an exempt organization and 
IL  62666              IL  62666                     Anytown                  you did not make pass-through withholding payments on their 
                                                     IL  62666                behalf. 
If the partner or shareholder is a trust or an estate, use the                    Taxpayers are not required to make pass-through withholding 
following formats:                                                          payments on behalf of their exempt organization members, but may do 
John Doe Bankruptcy Trust                            Estate of John Doe     so for tax year ending on or after December 31, 2014.
% Mary Doe, Trustee                                  111 W Main St., Ste 4A If you elected to make pass-through withholding payments on behalf of 
111 W Main Street, Suite 4A                          Anytown                an exempt organization member, leave this line blank for that member 
                                                                            and complete Lines G through J.
Anytown                                              IL  62666
                                                                            Lines G through J — Provide the following information from the 
IL  62666
                                                                            Schedule(s) K-1-P and Schedule(s) K-1-P(3) you completed for each 
If the partner or shareholder is a corporation (including                   member listed.
S corporations), or a partnership, use the following formats:
                                                                            Line G — Enter the amount you reported on Step 3, Line 12, of the 
Illinois Big Business Group        Illinois Small Business Group            Schedule K-1-P(3) you completed for this member. This amount is this 
% John Doe, VP Finance             % Mary Doe                               member’s share of Illinois income subject to pass-through withholding. 
111 West Main Street, Suite 4      111 West Main Street                           This amount is a dollar amount. Do not list a percentage on 
Anytown                            Anytown                                  this line.
IL  62666                                  IL  62666                        Line H — Total the amount you reported on Step 3, Line 13, and 
Line B — Indicate the type of each partner’s or shareholder’s               Step 3, Line 16, of the Schedule K-1-P(3) you completed for this 
organization. Enter                                                         member. Enter that amount on Line H for this member. This amount 
                                                                            is this member’s pass-through withholding before credits. 
•  “I” for individual  
•  “P” for partnership                                                      Line I — Total the amount you reported on Step 3, Line 14, and 
                                                                            Step 3, Line 17, of the Schedule K-1-P(3) you completed for this 
•  “M” for estate                                                           member. Enter that amount on Line I for this member. This amount is 
                                                                            this member’s distributable share of credits. 
IL-1120-ST Instructions (R-12/23)                                                                                                          Page 20 of 27

Line J — Enter the amount of pass-through withholding that            Line K — Enter the member’s share of the PTE tax credit. To 
you made on behalf of each member and reported to them on             determine the share of PTE tax credit due for each member, multiply 
Schedule K-1-P, Step 7, Line 55. This should match the amount         the member’s distributive share of pass-through entity income 
reported on Step 3, Line 19, of the Schedule K-1-P(3) you completed   reported on Form IL-1120-ST, Line 60, by 4.95 percent (.0495). 
for this member.                                                                       The total credits allocated to all members may not 
         This line should be blank if you elected to pay PTE tax.     exceed the PTE liability reported on Form IL-1120-ST, Line 61. The 
Lines K and L - If the pass-through entity is itself a member in      total credits may also not exceed the PTE amount actually paid to 
an electing pass-through entity, the credit for PTE tax paid by the   IDOR. If you overpaid your PTE liability, the overpayment may be 
electing pass-through entity passes through to its members as         refunded to the electing partnership or S corporation.
follows                                                               Include this amount on each member’s Schedule K-1-P, Step 7, 
• If the pass-through entity does not make the election to            Line 53a.  
  pay PTE tax, it will only be passing through each member’s                        This line should be blank if you made pass-through 
  distributive share of the PTE tax credit that it received on        withholding payments. 
  Schedule(s) K-1-P from electing pass-through entities in which it   Line L — Enter each member’s distributive share of PTE tax credit 
  is a member (Line L).                                               you are passing through from Schedule(s) K-1-P or K-1-T you 
• If the pass-through entity does make the election to pay            received. The PTE tax credit is passed through to your members 
  PTE tax, then it passes through to its members both                 in the same proportion that the pass-through income is distributed 
  •     the credit for the PTE tax it pays (Line K) and               to your members. Also include this amount on each member’s 
  •     each member’s distributive share of the PTE tax credit it     Schedule K-1-P, Step 7, Line 53a.
        received from electing pass-through entities in which it is a If you have more than three members to report, and additional 
        member (Line L).                                              space is needed, complete and attach additional pages of Illinois 
  Add each member’s Line K and Line L. Enter the total on each        Schedule B, Section B. After you have completed Section B, listing 
  member’s Schedule K-1-P, Step 7, Line 53a.                          all required amounts for your members, complete the single page of 
                                                                      Illinois Schedule B, Section A.

                                                        Line E Worksheet
Complete this worksheet for each partner or shareholder.
 1  Enter the share of income from Form IL-1120-ST, Line 14 for this partner 
   or shareholder.                                                                                     1 _________________
 2  Enter the share of additions distributable to this partner or shareholder from 
    Form IL-1120-ST, Lines 15 through 19 and Line 21.                                                  2 _________________
 3  Add Lines 1 and 2.                                                                                 3 _________________
 4  Enter the share of subtractions distributable to this partner or shareholder from
    Form IL-1120-ST, Lines 23 and 25 through 33.                                                       4 _________________
 5  Subtract Line 4 from Line 3. If Line 3 is greater than Line 4 (income), 
    Enter the result as a positive amount in Line E for this partner or shareholder.
    If Line 4 is greater than Line 3 (loss), enter the result as a negative amount in 
    Line E for this partner or shareholder.                                                            5 _________________ 

IL-1120-ST Instructions (R-12/23)                                                                                           Page 21 of 27

                           Appendix A - Extension Tax Payment Worksheet

Use this worksheet if all of the following apply to you:
•     you are required to file Form IL-1120-ST,
•     you cannot file your annual tax return by the due date, and
•     you complete this worksheet and determine you owe a tentative tax. 
If Line 7 of the worksheet shows you owe tentative tax, pay the full amount due either by filing and paying with Form IL-1120-ST-V or by 
making your payment electronically. An extension of time to file does not extend the amount of time you have to make your payment. 
Reminder: Entities electing to pay PTE tax must make estimated payments if their total tax due is expected to be greater than $500. See 
Appendix C. 
Extension Tax Payment Worksheet (for your records)
    1Enter the total tax you expect to owe for this tax year.                                     1 
     2Enter the total amount of estimated tax payments or prepayments you made and 
     any overpayment you elected to be credited for this tax year.                                2 
  3  Enter any withholding reported to you and pass-through withholding (including any eligible  
     investment partnership withholding) made on your behalf for this tax year.                   3 
  4   Enter the amount of any previous tax payment you have made for this tax year.               4 
  5   Enter the estimated replacement tax investment credits.                                     5 
  6   Add lines 2 through 5 and enter the result here.                                            6 
  7   Subtract Line 6 from Line 1. This is your tentative tax due. Enter the result here and on 
     Form IL-1120-ST-V. Pay this amount with your Form IL-1120-ST-V on or before the original due 
     date of your return.                                                                         7 

Extension Tax Payment Worksheet Instructions
Line 1 —  Enter the total amount of replacement tax you expect to owe for this tax year (including recapture of investment credits using    
            Schedule 4255,  pass-through withholding payments you will owe on behalf of your members or PTE tax you elect to pay on 
            Schedule B, and surcharges from the Compassionate Use of Medical Cannabis Program Act and the sale of assets by gaming  
            licensee).
Line 2 —  Enter the total amount of estimated tax payments or prepayments you made and any overpayment you elected to be credited for this  
            tax year.
Line 3 —  Enter the total amount of Illinois income tax withheld on Form(s) W-2G and the amount of pass-through withholding (including any  
            eligible investment partnership withholding) paid on your behalf and reported to you on Illinois Schedule(s) K-1-P or K-1-T. 
Line 4 —  Enter the amount of any previous tax payment you have made for this tax year. 
Line 5 —   Enter the amount of any estimated replacement tax investment credits from Form IL-477.
Line 6 —  Add Lines 2 through 5.  This is your total tax payments and credits.
Line 7 —  Subtract Line 6 from Line 1. This is your tentative tax due. If Line 7 is $1 or more, you must pay the amount due. If Line 7 is less  
            than $1, you do not have to pay.Do not attach your   federal Form 7004 to your Form IL-1120-ST-V.

       Pay electronically at tax.illinois.gov or use Form IL-1120-ST-V, Payment Voucher for Small Business 
Corporation Replacement Tax. 

Failure to use the correct voucher for your payments may result in your payment being misapplied, penalties and interest, a delay in the 
processing of your return, or a delay in the generation of any overpayment. 

IL-1120-ST Instructions (R-12/23)                                                                            Page 22 of 27

     Appendix B - Pass-through Withholding Prepayment Worksheets

Use this worksheet to determine the amount to voluntarily prepay pass-through withholding on behalf of your shareholders.  
Pass-through withholding prepayments are entirely voluntary; however, we suggest that you make your prepayments in four equal install-
ments during the course of a year. 
     Use Appendix C to prepay your own estimated tax liability, including PTE tax.
      If you elect to file and pay PTE tax, do not use this worksheet. Taxpayers electing to file and pay PTE tax cannot report 
and pay pass-through withholding for their members. 
Check the following boxes to determine which worksheets you should complete. (You may check multiple boxes.)
  1 If you have nonresident individual and estate members that you wish to voluntarily prepay pass-through
    withholding on behalf of, check this box and complete Worksheet 1 .  .  .  . .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .
  2 If you have partnership or S corporation members that you wish to voluntarily prepay pass-through withholding
    on behalf of, check this box and complete Worksheet 2 . .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .
  3 If you have nonresident trust members that you wish to voluntarily prepay pass-through withholding on behalf of,
    check this box and complete Worksheet 3   .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .
  4 If you have corporation members that you wish to voluntarily prepay pass-through withholding on behalf of, check
    this box and complete Worksheet 4 .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .
Once the worksheets are complete, add the total from each worksheet:  
Worksheet 1, Line 9  ____________
Worksheet 2, Line 9  ____________ 
Worksheet 3, Line 13 ____________
Worksheet 4, Line 13 ____________
                     TOTAL          _____________
This is the amount of each of your voluntary quarterly prepayments for pass-through withholding. Add this total to the amount from 
Appendix C, Step 3, Line 27 to determine your voluntary quarterly prepayments to be made with  Form IL-1120-ST-V. These payments may be 
made at any time, up to and including the original due date of your return. 

     Pay electronically at tax.illinois.gov or use Form IL-1120-ST-V to mail your payment. 
Failure to use the correct voucher for your pre-payments may result in your payment being misapplied, penalties and interest, a delay in the 
processing of your return, or a delay in the generation of any overpayment. 

Worksheet 1:  Figure your pass-through withholding prepayments for nonresident individual and estate members. If you have nonresident 
individual and estate members that you wish to voluntarily prepay pass-through withholding on behalf of, complete this worksheet to 
determine the amount of your prepayment. Keep this record for your files.
  1 Enter your nonresident individual and estate members’ share of business income apportioned 
    to Illinois expected in the tax year (cannot be less than zero).                                      1   
  2 Enter your nonresident individual and estate members’ share of nonbusiness income allocable
    to Illinois expected in the tax year (cannot be less than zero).                                         2 
  3 Add Lines 1 and 2 and enter the result.                                                               3 
  4 Multiply Line 3 by 4.95 percent (.0495) and enter the result.                                         4 
  5 Enter the amount of Illinois income tax credits expected in the tax year to be passed to the 
    members whose income is included on Lines 1 or 2.                                                     5 
  6 Subtract Line 5 from Line 4 and enter the result.                                                     6 
  7 Enter the amount of surcharge from the sale of assets by gaming licensee passed through to you and 
    distributed to nonresident individual and estate members.                                             7 
  8 Add Lines 6 and 7.                                                                                    8 
  9 Divide Line 8 by 4. This is the amount of each of your voluntary prepayments for nonresident
    individual and estate members.                                                                        9 

IL-1120-ST Instructions (R-12/23)                                                                                                  Page 23 of 27

Appendix B - continued
Worksheet 2:  Figure your pass-through withholding prepayments for partnership or S corporation members. If you have partnership or 
S corporation members that you wish to voluntarily prepay pass-through withholding for, complete this worksheet to determine the amount of 
your prepayment. Keep this record for your files.
  1 Enter your partnership or S corporation members’ share of business income apportioned 
    to Illinois expected in the tax year (cannot be less than zero).                                      1   
  2 Enter your partnership or S corporation members’ share of nonbusiness income allocable
    to Illinois expected in the tax year (cannot be less than zero).                                            2 
  3 Add Lines 1 and 2 and enter the result.                                                               3 
  4 Multiply Line 3 by 1.5 percent (.015) and enter the result.                                           4 
  5 Enter the amount of Illinois replacement tax investment credits expected in the tax year to be passed 
    to the members whose income is included on Lines 1 or 2.                                              5 
  6 Subtract Line 5 from Line 4 and enter the result.                                                     6 
  7 Enter the amount of surcharge from the sale of assets by gaming licensee passed-through to you and 
    distributed to partnership and S corporation members.                                                 7 
  8 Add Lines 6 and 7.                                                                                    8 
  9 Divide Line 8 by 4. This is the amount of each of your voluntary prepayments for partnership or 
    S corporation members.                                                                                9 

Worksheet 3:  Figure your pass-through withholding prepayments for nonresident trust members. If you have nonresident trust members 
that you wish to voluntarily prepay pass-through withholding for, complete this worksheet to determine the amount of your prepayment. Keep 
this record for your files.
  1 Enter your nonresident trust members’ share of business income apportioned to Illinois
    expected in the tax year (cannot be less than zero).                                                  1   
  2 Enter your nonresident trust members’ share of nonbusiness income allocable to Illinois
    expected in the tax year (cannot be less than zero).                                                        2 
  3 Add Lines 1 and 2 and enter the result.                                                               3 
  4 Multiply Line 3 by 1.5 percent (.015) and enter the result.                                           4 
  5 Enter the amount of Illinois replacement tax investment credits expected in the tax year to be 
    passed to the members whose income is included on Lines 1 or 2.                                       5 
  6 Subtract Line 5 from Line 4 and enter the result.                                                     6 
  7 Multiply Line 3 by 4.95 percent (.0495) and enter the result.                                         7 
  8 Enter the amount of Illinois income tax credits expected in  the tax year to be passed to the 
    members whose income is included on Lines 1 or 2.                                                     8 
  9 Subtract Line 8 from Line 7 and enter the result.                                                     9 
 10 Add Line 6 and Line 9 and enter the result.                                                           10 
 11 Enter the amount of surcharge from the sale of assets by gaming licensee passed-through to you and 
    distributed to nonresident trust members.                                                             11 
 12 Add Lines 10 and 11.                                                                                  12 
 13 Divide Line 12 by 4. This is the amount of each of your voluntary prepayments for nonresident
    trust members.                                                                                        13 

IL-1120-ST Instructions (R-12/23)                                                                                 Page 24 of 27

Appendix B - continued
Worksheet 4:  Figure your pass-through withholding prepayments for corporation members. If you have corporation members that you 
wish to voluntarily prepay pass-through withholding for, complete this worksheet to determine the amount of your prepayment. Keep this 
record for your files.
  1 Enter your corporation members’ share of business income apportioned to Illinois expected in
    the tax year (cannot be less than zero).                                                           1   
  2 Enter your corporation members’ share of nonbusiness income allocable to Illinois expected in
    the tax year  (cannot be less than zero).                                                                     2 
  3 Add Lines 1 and 2 and enter the result.                                                            3 
  4 Multiply Line 3 by 2.5 percent (.025) and enter the result.                                        4 
  5 Enter the amount of Illinois replacement tax investment credits expected in the tax year to be 
    passed to the members whose income is included on Lines 1 or 2.                                    5 
  6 Subtract Line 5 from Line 4 and enter the result.                                                  6 
  7 Multiply Line 3 by 7 percent (.07) and enter the result.                                           7 
  8 Enter the amount of Illinois income tax credits expected in the tax year to be passed to the 
    members whose income is included on Lines 1 or 2.                                                  8 
  9 Subtract Line 8 from Line 7 and enter the result.                                                  9 
 10 Add Line 6 and Line 9 and enter the result.                                                        10 
 11 Enter the amount of surcharge from the sale of assets by gaming licensee passed-through to you and 
    distributed to corporation members.                                                                11 
 12 Add Lines 10 and 11.                                                                               12 
 13 Divide Line 12 by 4. This is the amount of each of your voluntary prepayments for corporation 
    members.                                                                                           13

     Appendix C - Estimated Payment and Prepayment Worksheet 
 Instructions
 If you elect to file and pay PTE tax and reasonably expect your total tax liability, including replacement tax and PTE tax, 
 to exceed $500 after Illinois tax credits and withholding payments made on your behalf, you are required to make estimated 
 payments. Estimated Payments are due on the 15th day of the 4th, 6th, 9th, and 12th months of the tax year. Complete Steps 1, 2, 
 and 3 of this worksheet to compute your next tax year’s estimated tax payments.
 If you elect to file and pay PTE tax but you do not expect your tax liability, including replacement tax and PTE tax, to 
 exceed $500, you may voluntarily prepay next year’s taxes including PTE tax. Complete Steps 1, 2, and 3 of this worksheet to 
 determine the amount of your quarterly prepayment.
 If you do not elect to file and pay PTE tax, you may voluntarily prepay next year’s tax liability. Complete Steps 2 and 3 of this 
 worksheet to determine the amount of your quarterly tax liability prepayment. If you completed Appendix B, add the total from Step 3 
 to the total amount from Appendix B to determine your quarterly prepayments to be made with Form IL-1120-ST-V.
 If your income or your original estimated tax changes during the year, complete Step 4 of this worksheet to determine your 
 adjusted payment. 
     Keep this record for your files.
     Pay electronically at tax.illinois.gov or use Form IL-1120-ST-V to mail your payment. 
 Failure to use the correct voucher for your estimated payments or prepayments may result in your payment being misapplied, penalties and 
 interest, a delay in the processing of your return, or a delay in the generation of any overpayment. 

IL-1120-ST Instructions (R-12/23)                                                                                   Page 25 of 27

Appendix C - continued

Step 1 - Figure your PTE Tax - Complete Step 1 only if you are filing and paying PTE tax.
  1    Enter the amount of base income (Line 35) expected in the next tax year.                                  1                         00  
  2  Enter the amount equal to the share of income distributable to a shareholder subject to replacement
     tax (Line 24) expected in the next tax year.                                                                2                         00       
  3  PTE base income. Add Lines 1 and 2.                                                                         3                         00
  4  Enter the amount of nonbusiness income or loss expected in the next tax year.                               4                         00                              
  5  Enter the amount of business income or loss included in Line 4 from non-unitary partnerships, 
     partnerships  included on a Schedule UB, S corporations, trusts, or estates expected in the 
     next tax year.                                                                                              5                         00                              
  6  Add Lines 4 and 5.                                                                                          6                         00                              
  7  Expected base income or loss. Subtract Line 6 from Line 3.                                                  7                         00                              
  8  Enter the amount of total sales everywhere expected in 
     the next tax year.                                           8                               00                             
  9  Enter the amount of total sales inside Illinois expected in 
     the next tax year.                                           9                               00                             
  10 Divide Line 9 by Line 8. Round to six decimal places.        10                                  
  11 Business income or loss apportionable to Illinois expected in the next tax year. 
     Multiply Line 7 by Line 10.                                                                          11                               00                              
  12 Enter the amount of nonbusiness income or loss allocable to Illinois expected in the next tax year.  12                               00                              
  13 Enter the amount of business income or loss apportionable to Illinois from non-unitary partnerships, 
     partnerships  included on a Schedule UB, S corporations, trusts, or estates expected in the next tax year.  
     Do not include any income from a partnership or S corporation that will make the PTE election.       13                               00           
  14 PTE Income. Add Lines 11 through 13.                                                                 14                               00 
  15 PTE Tax. Multiply Line 14 by 4.95 percent (.0495).                                                   15                               00 
Step 2 - Figure your Replacement Tax 
  16 Enter the amount of Illinois net income expected in the next tax year.                               16                               00
  17 Multiply Line 16 by 1.5 percent (.015) and enter the result.                                         17                               00
  18 Enter the amount of recapture of investment credits expected in the next tax year.                   18                               00
  19 Enter the amount of surcharge expected from the Compassionate Use of Medical Cannabis 
     Program Act and the sale of assets by gaming licensee in the tax year.                               19                               00
  20 Add Lines 17 through 19. Enter the result.                                                           20                               00
  21 Enter the amount of Illinois tax credits expected in the next tax year as calculated on the 
     corresponding Form IL-477 or Schedule 1299-A.                                                        21                               00
  22 Enter the amount of pass-through withholding (including any eligible investment partnership withholding)  
     expected to be made on your behalf in the next tax  year on any Schedule K-1-P or Schedule K-1-T  
     you receive.                                                                                         22                               00
  23 Enter the amount of any Illinois gambling and sports wagering winnings withholding shown on 
     the next tax year Form W-2G you expect to receive.                                                   23                               00
  24 Add Lines 21 through 23. Enter the result.                                                           24                               00
  25 Subtract Line 24 from Line 20 and enter the result.                                                  25                               00

Step 3 - Figure your Estimated Payments or Prepayments
  26 If you completed Step 1, add Lines 15 and 25. Otherwise, enter the amount from Line 25.              26                               00
  27 Divide Line 26 by 4. This is the amount of your quarterly estimated payments or prepayments.         27                               00
   You may use pass-through withholding (including any eligible investment partnership withholding) made on your behalf on any 
     Schedule K-1-P or K-1-T you received to reduce the estimated tax payment for the quarter in which the tax year shown on the 
     Schedule K-1-P or K-1-T falls and any subsequent tax payment until the entire credit is used.
    You may use Illinois gambling and sports wagering withholding shown on any Form W-2G you receive to reduce the estimated tax 
     payment for the quarter in which the gambling winnings were received and any subsequent tax payment until the entire credit is used.
   If you made the election to credit a prior year overpayment to the next tax year and
     • the election was made on or before the extended due date of that prior year return, use the credit to reduce the first estimated tax  
       payment and any subsequent tax payments until the entire credit is used. 
     •  the election was made after the extended due date of that prior year return, the credit will be treated as paid on the date you    
       submitted the election. If that payment date is on or before an estimated payment due date, you may use the credit to reduce that  
       estimated tax payment and any subsequent tax payments until the entire credit is used.

IL-1120-ST Instructions (R-12/23)                                                                                                Page 26 of 27

Appendix C - continued

Step 4 - Amended worksheet - Complete Step 4 if a change occurs in your original estimated tax.
  1  Enter the amount of PTE income expected in the next tax year.  
    If you are not electing to file and pay PTE tax, enter zero.                                               1 
  2 PTE Tax. Multiply Line 1 by 4.95 percent (.0495).                                                          2 
  3  Enter the amount of Illinois net income expected in the next tax year.                                    3 
  4  Multiply Line 3 by 1.5 percent (.015) and enter the result.                                               4 
  5  Enter the amount of recapture of investment credits expected in the next tax year.                        5 
  6  Enter the amount of surcharge expected from the Compassionate Use of Medical Cannabis 
    Program Act and the sale of assets by gaming licensee in the next tax year.                                6 
  7  Add Lines 4 through 6 and enter the result.                                                               7 
  8  Enter the amount of Illinois tax credits expected in the next tax year as calculated on the corresponding
    Form IL-477 or Schedule 1299-A.                                                                            8 
  9  Enter the amount of pass-through withholding (including any eligible investment partnership withholding)  
    expected to be made on your behalf in the next tax year on any Schedule K-1-P or Schedule K-1-T  
    you receive.                                                                                               9 
  10  Enter the amount of any Illinois gambling and sports wagering winnings withholding shown on the 
    next tax year Form(s) W-2G you expect to receive.                                                          10 
 11  Add Lines 8 through 10 and enter the result.                                                              11 
  12   Subtract Line 11 from Line 7 and enter the result.                                                      12 
13   Add Line 2 and 12.                                                                                        13 
14   Divide Line 13 by 4.                                                                                      14 
15   Multiply Line 14 by the number of previously due estimated payments.                                      15 
  16  Enter the amount of any estimated tax payments actually paid, timely prior year overpayments, timely 
    pass-through withholding (including any eligible investment partnership withholding) and pass-through  
    entity tax credit paid on your behalf, or timely Illinois gambling and sports wagering winnings  
    withholding shown on Form W-2-G you received.                                                              16 
17  Subtract Line 16 from Line 15 and enter the result. This amount may be negative.                           17 
  18  Add Lines 14 and 17 and enter the result. 
    If positive, this is the amount due on your next payment due date. 
    If zero or negative, the amount due on your next payment due date is zero.
    If Line 18 is negative, continue to Line 19. Otherwise, stop here.                                         18 
19  If Line 18 is negative, enter that amount as a positive number.                                            19 
20  Subtract Line 19 from Line 14 and enter the result. 
    This is the amount due on the following due date, if applicable.                                           20 

     Pay electronically at tax.illinois.gov or use Form IL-1120-ST-V to mail your payment. 

Failure to use the correct voucher for your estimated payments or prepayments may result in your payment being misapplied, penalties and 
interest, a delay in the processing of your return, or a delay in the generation of any overpayment. 

IL-1120-ST Instructions (R-12/23)                                                                                 Page 27 of 27