Skip to main content

Legal

Tax & Accounting

Trade & Supply

Risk & Fraud

News & Media

Books

Developers

Screens

Screen ILTPWS - Illinois Tax Projection (1120)

Income

Enter information you expect to be different in the next year. The application uses this data to calculate the Illinois Tax Projection Worksheet. This worksheet is based on current law and next year tax law differences (when known.) Enter only the items you expect to be different for the coming year. If you don’t expect the amounts to be different for the coming year, the current-year amounts transfer to next year automatically. Any amounts marked with an asterisk (*) in Screen ILTPWS don’t transfer automatically to the next-year column.

Taxes, Credits, and Payments

The application automatically calculates the replacement tax for next year by applying the current year tax rate to the projected taxable income. Use this field to override this calculated amount, if needed.
Enter the number of current year overpayments that will be credited to next year. If this field is blank, the application defaults to the amount to be credited forward from the current year return.
Enter the total number of tax prepayments that are projected for next year. If this field is blank, the application defaults to the sum of any prepayments reported on Form IL-1120-ST-V - Payment Voucher, plus any additional amounts paid that are reported under the Next year prepayments already paid fields of Screen ILEstS.
Chat now

error-icon

Triva isn't available right now.

Check out the support page for our phone number and hours

error-close