Form Instructions 1023 online Naperville Illinois 2024-2025

Form Instructions 1023 online Naperville Illinois: What You Should Know

If you have completed a return for the current year (a “processable Form”) you must also file and support the form for the preceding year. How to File Form IL-1023-C-X You should fill out the form using its instructions and instructions for filing Form IL-1023 if this is your first time completing Form 1023 for the current year. On the form, you can enter your organization's current and tax year-ending net income. For details about your current income, see Income (or Loss) from Business, later. If the organization's tax year-end net income total is 1,000 or more, enter “x” for that amount, and write the appropriate dollar amount of the net annual income tax due (see Table 1 below). For that amount to be a valid amount of tax, the organization's total income tax was 300 or more for the tax year, the organization's annual income tax should remain constant in the remainder of the return. For tax years other than the current tax year, your tax year-end income tax total is the sum of the organization's income tax (including self/employer), property and excise tax (SAT, VAT, etc.) for the most recent tax year and any non-tax income (such as charitable contributions, business income, etc., ) for the most recent tax year less the amount of any net investment income for the most recent tax year. If the organization's tax year-end net income total is 1,000 or more, and for the remainder of the form, enter “c” for capital gains. Income Tax Due (or Penalty) If the organization's income tax has an amount due, and you have not already deducted it, enter that amount on the line entitled “Income” in column (c). If the organization's income tax has no amount due, or it is 15 or less, write “0”. Form IL-1023-C-X — Tax Return and Tax Penalties You must file: Form IL-1023, Application for Recognition of Exemption Under Section 501(c) of the U.S. Internal Revenue Code; OR Form 1023EZ — Exchange of Information Under Section 512(l) of the National Tax Code. Please refer to the instructions for Form 1023 (Rev. January 2021) below.

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