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What form do I use to document an Illinois Net Loss Deduction?

Answer #608 -- ( Published 10/27/2006 12:51 PM | Updated 07/12/2017 10:38 AM )

What form(s) do I use to document an Illinois Net Loss Deduction (NLD)?

You must use Schedule NLD, Net Loss Deduction, to calculate and document the amount of loss you are using in a tax year if you file the following forms. You must attach Schedule NLD to your annual income or replacement tax return.

  • Form IL-1120, Corporation Income and Replacement Tax Return, and you are not a member of a unitary business group;
  • Form IL-1120-X, Amended Corporation Income and Replacement Tax Return, and you are not a member of a unitary business group;
  • Form IL-1120-ST, Small Business Corporation Replacement Tax Return;
  • Form IL-1120-ST-X, Amended Small Business Corporation Replacement Tax Return;
  • Form IL-1065, Partnership Replacement Tax Return;
  • Form IL-1065-X, Amended Partnership Replacement Tax Return;
  • Form IL-1041, Fiduciary Income and Replacement Tax Return;
  • Form IL-1041-X, Amended Fiduciary Income and Replacement Tax Return; or
  • Form IL-843, Amended Return or Notice of Change in Income.

If you file Form IL-1120 or Form IL-1120-X and you are a member of a unitary business group, the unitary business group must file a combined return and use Schedule UB/NLD, Unitary Illinois Net Loss Deduction, to calculate and document the amount of loss you are using in the tax year. You must attach Schedule UB/NLD to your annual income and replacement tax return.

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