Schedule UB/NLD: Unitary Illinois Net Loss Deduction (2024)
Illinois · Illinois DOR · Used for tax years 2024
Illinois Schedule UB/NLD calculates the Illinois net loss deduction for unitary members carrying losses to another tax year. It reports each member’s losses, unused losses, the total deduction, and taxable income after the deduction, and is attached to Form IL-1120 or Form IL-112
Who files this form
Schedule UB/NLD is used to figure the Illinois net loss deduction for unitary members carrying losses. Attach it to Form IL-1120 or Form IL-1120-X.
The 2024 schedule is for tax years ending on or after December 31, 2024. It covers Illinois net losses arising in tax years ending on or after December 31, 1986. For other carry years, use the schedule or worksheet for that year.
What you'll need
Have these tax return details and loss amounts available:
- Your name as shown on your tax return and your federal employer identification number (FEIN).
- The name and FEIN of each unitary member carrying a loss.
- Each member’s loss amounts by year, ordered by which losses expire first.
- Combined net income before the net loss deduction.
- Form IL-1120, Step 5, Line 37, for the combined net income entered on Line 27.
How to file
Attach Schedule UB/NLD to your Form IL-1120 or Form IL-1120-X. The schedule identifies itself as Illinois Attachment No. 6.
The supplied form does not give a mailing address or e-filing instructions.
Common mistakes
- Using the wrong year’s schedule. This version is for tax years ending on or after December 31, 2024. Use the schedule or worksheet for the applicable year otherwise.
- Exceeding the deduction limit. Line 30 may not exceed $500,000.
- Completing Step 3 without the specific instructions. The form tells you to read those instructions before completing that step. They are not included in the supplied text.
- Leaving out required information. The form warns that failure to provide required information could result in a penalty.
Questions people ask
What does “carry year” mean?
It is the year to which the loss is being carried.
Which loss year goes first?
Enter the year of the loss that expires first on Line 3. Later loss-year entries ask for the loss that expires next.
What amount goes on Line 4?
Enter the lesser of $500,000 or the combined net income before the net loss deduction.
How is the final deduction calculated?
Subtract Line 29, the deduction claimed but not used, from Line 28, the deduction claimed on this schedule. Enter the result on Line 30. It may not exceed $500,000.
How is taxable income after the deduction calculated?
Subtract Line 30 from Line 27 and enter the result on Line 31.