IL-1041: Fiduciary Income and Replacement Tax Return (2024)
Illinois · Illinois DOR · Used for tax years 2024
Form IL-1041 is the Illinois Fiduciary Income and Replacement Tax Return for trusts and estates. It reports income, adjustments, credits, and payments to calculate income tax for trusts and estates, replacement tax for trusts, and any refund or balance due.
Who files this form
Form IL-1041 is Illinois’s Fiduciary Income and Replacement Tax Return for trusts and estates. The form includes boxes for electing small business trusts (ESBTs), individual bankruptcy estates, grantor trusts, and complex trusts or estates without distributions.
The supplied form does not state the full requirements for who must file.
When it's due
For the 2024 Form IL-1041, the printed filing deadline is on or before the 15th day of the 4th month following the close of the tax year.
This version is for tax years ending on or after December 31, 2024, and before December 31, 2025. If the return is not for calendar year 2024, enter the fiscal tax year’s beginning and ending dates.
What you'll need
Have the fiduciary’s legal name, mailing address, federal employer identification number (FEIN), accounting method, and trust or estate type ready.
You will also need information from federal Form 1041, including taxable income, the net operating loss deduction, and the exemption claimed.
Depending on the entries you make, the form calls for these attachments:
- Illinois Schedule NR for nonresidents.
- Schedule D, with beneficiary information. Complete Schedules K-1-T and K-1-T(3) before completing Schedule D.
- Schedules K-1-P or K-1-T for distributive additions or subtractions, pass-through withholding reported to you, or pass-through entity tax credits reported to you.
- W-2, W-2G, and 1099 forms when reporting Illinois income tax withheld.
- Form IL-4562, Schedule 80/20, Schedule M, Schedule F, Schedule 1299-B, or Schedule NLD for the corresponding adjustments or deductions.
- Schedule 4255, Schedule CR, Form IL-477, or Schedule 1299-D for the corresponding credit or credit recapture entries. Schedule CR entries also require federal Form 1041, Page 1, and a Line 11 breakdown.
- Federal Form 8886, if you completed it, and federal Form 982 if making the specified discharge of indebtedness adjustment.
For a mailed payment, include Form IL-1041-V. For direct deposit of a refund, provide the routing number, account number, and account type.
How to file
Complete the identification, income, tax, and payment sections, attach the applicable schedules, and sign Step 8.
Mail without an enclosed payment to:
Illinois Department of Revenue
P.O. Box 19009
Springfield, IL 62794-9009
Mail with an enclosed payment to:
Illinois Department of Revenue
P.O. Box 19053
Springfield, IL 62794-9053
If you owe tax on Line 61, the form directs you to make an electronic payment at Tax.Illinois.gov. If you must mail payment:
- Complete Form IL-1041-V.
- Make the check or money order payable to “Illinois Department of Revenue.”
- Write your FEIN, tax year ending, and “IL-1041-V” on the payment.
- Attach the voucher and payment to the first page, and enter the payment amount at the top of Page 1.
The supplied text does not provide instructions for electronically filing the return.
Common mistakes
- Completing Schedule D out of order. Read its instructions and complete Schedules K-1-T and K-1-T(3) first. Complete Section B before Section A, providing all required beneficiary information. The form warns that not following these steps may delay processing or lead to requests for more information.
- Leaving out beneficiary pages. Attach all pages of Schedule D, Section B, behind Section A. Use additional copies of Section B if you need more space.
- Omitting required information. The form warns that failure to provide required information could result in a penalty.
- Carrying an overpayment forward to a different FEIN without an explanation. Check the box on Line 58 and attach a detailed statement.
Questions people ask
Do estates complete the replacement tax section?
No. Step 5 is for trusts only. Estates go to Step 6, the income tax section for both trusts and estates.
What do nonresidents need to complete?
Nonresidents complete Schedule NR and check the box in Step 1, Item I. Line 27 uses Schedule NR, Line 51, and Line 31 uses Schedule NR, Line 54.
Can a refund be directly deposited?
Yes. Complete Line 60 with the routing number and account number, and select checking or savings.
What if there are more beneficiaries than spaces on Schedule D?
Attach additional copies of Schedule D, Section B, as necessary.
How do I mark a final return?
Check the final return box in Step 1, Item E, and enter the date of termination.