IL-1065-X: Amended Partnership Replacement Tax Return (2024)
Illinois · Illinois DOR · Used for tax years 2024
Form IL-1065-X is Illinois’s Amended Partnership Replacement Tax Return. It reports previously reported or adjusted amounts alongside corrected income, deductions, taxes, and withholding, and calculates a refund or balance due.
Who files this form
Form IL-1065-X is for partnerships amending an Illinois Partnership Replacement Tax Return. This 2024 version applies to tax years ending on or after December 31, 2024.
The form includes boxes for a net loss deduction (NLD) change, a state change, or a federal change. It also includes a box for returns filed only to report an increased net loss on Line 47, Column B.
Do not use this version for a tax year ending before December 31, 2024. The form directs filers to the instructions to determine the correct prior-year form.
What you'll need
Have your partnership's legal name, mailing address, FEIN, NAICS code, and the beginning and ending dates of the tax year being amended. You will also need the amounts most recently reported or adjusted and the corrected amounts.
Prepare an explanation of the changes. Attach a separate sheet if needed.
Depending on the changes and entries on your return, attachments include:
- Federal changes: Your federal finalization. The form also asks whether the change is partially agreed or finalized and provides a field for the finalization date.
- Federal reporting: Federal Form 8886 and federal Schedule M-3, Part II, Line 10, if completed and not previously attached.
- Unitary business group reporting: Schedule UB and the FEIN of the member who prepared it, if you are included on that schedule.
- Income adjustments: Form IL-4562, Schedule 80/20, Schedules K-1-P or K-1-T, Schedule B, Schedule M, Schedule F, Schedule 1299-A, or Schedule NB, as required by the lines you complete.
- Losses and credits: Schedule NLD for the Illinois net loss deduction, Schedule 4255 for recaptured investment credits, and Form IL-477 for investment credits. Attach a detailed statement for merged losses.
- Withholding: Schedule B, Schedules K-1-P or K-1-T for pass-through withholding reported to you, and Forms W-2G for Illinois income tax withholding.
- Annualized PTE income: Form IL-2220 if you are paying PTE tax and annualized your income on that form.
Investment partnerships should attach documentation supporting their status.
How to file
- Identify the partnership and the tax year being amended. Check the applicable change boxes and explain your changes.
- Enter amounts most recently reported or adjusted in Column A and corrected amounts in Column B. Use whole dollars where directed.
- Complete the applicable calculations and attach the required schedules and statements.
- Have a partner sign the return and complete the signature information.
- If making a payment, enter the payment amount at the top of Page 1 and attach the payment and Form IL-1065-X-V where indicated.
Mail the return to:
Illinois Department of Revenue
P.O. Box 19016
Springfield, IL 62794-9016
Common mistakes
- Using the wrong year's form: This version cannot be used for tax years ending before December 31, 2024.
- Completing Step 6 incorrectly: If Line 35 is derived only inside Illinois and you are not a unitary filer, check box A and leave Lines 36 through 46 blank. If any portion is derived outside Illinois, or you are a unitary filer, check box B and complete all of Step 6. Do not leave Lines 40 through 42 blank.
- Entering invalid calculation amounts: Sales on Lines 40 and 41 cannot be negative. Round Lines 42 and 51 to six decimal places. Line 51 cannot exceed one.
- Completing Schedule B out of order: Read its instructions and complete the required K-1 schedules first. Complete Schedule B, Section B before Section A, and attach all Section B pages behind Section A. The form warns that not following these instructions may delay processing or lead to requests for more information.
- Omitting required information: The form warns that failure to provide required information could result in a penalty.
Questions people ask
Can I file only to report an increased net loss?
Yes. Check Step 1, box C if you are filing only to report an increased net loss on Line 47, Column B.
Do investment partnerships complete the replacement tax calculation?
The form directs investment partnerships to skip Step 8. It separately provides Line 59b for investment partnership withholding.
Can I apply an overpayment to a future year instead of receiving it all as a refund?
Line 70 lets you enter the amount of the Line 69 overpayment to credit forward. Line 71 is the remaining refund. If the carryforward is going to a different FEIN, check the box on Line 70 and attach a detailed statement.
How are additional penalties and interest handled?
The form states that you will be sent a bill for any additional penalty and interest.