Instructions for Form IL-1065 Partnership Replacement Tax Return - Illinois

Form IL-1065 Schedule F Gains From Sales or Exchanges of Property Acquired Before August 1, 1969 - Illinois

This document contains official instructions for Form IL-1065 , Partnership Replacement Tax Return - a form released and collected by the Illinois Department of Revenue. An up-to-date fillable Form IL-1065 Schedule F is available for download through this link.

FAQ

Q: What is Form IL-1065?
A: Form IL-1065 is a tax form used for filing Partnership Replacement Tax Return in the state of Illinois.

Q: Who needs to file Form IL-1065?
A: Partnerships operating in Illinois need to file Form IL-1065.

Q: What is the purpose of Form IL-1065?
A: Form IL-1065 is used to report the partnership's income, deductions, credits, and tax liability in Illinois.

Q: What are the filing requirements for Form IL-1065?
A: Partnerships with a federal taxable income of $1,000 or more are required to file Form IL-1065.

Q: When is the due date for filing Form IL-1065?
A: Form IL-1065 is due on the 15th day of the 3rd month following the close of the partnership's taxable year.

Q: What are the penalties for late filing of Form IL-1065?
A: Late filing of Form IL-1065 may result in penalties and interest charges, including a late filing penalty of $100 per month or part of a month.

Q: Are there any additional schedules or forms that need to be filed with Form IL-1065?
A: Yes, partnerships may be required to file additional schedules, such as Schedule B or Schedule 1299-D.

Q: Can Form IL-1065 be filed electronically?
A: Yes, Form IL-1065 can be filed electronically through the Illinois Department of Revenue's eFile system.

Q: Is there a possibility for an extension to file Form IL-1065?
A: Yes, partnerships can request an extension to file Form IL-1065 using Form IL-505-B.