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Illinois Department of Revenue Schedule 1299C Income Tax Subtractions and Credits (for individuals) / Tax year ending Attach to your Form IL1040. Write your Social Security number Write your name
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How to fill out il1040 schedule m
How to fill out il1040 schedule m
01
Fill in your personal information such as name, address, and Social Security number at the top of the form.
02
Enter the total amount from your federal Schedule M onto Line 1 of the IL-1040 Schedule M.
03
Include any applicable Illinois additions on Lines 2 to 7 of the form.
04
Calculate and enter the total additions on Line 8.
05
Subtract line 8 from line 1 and enter the result on line 9.
06
Include any applicable Illinois subtractions on Lines 10 to 19 of the form.
07
Calculate and enter the total subtractions on Line 20.
08
Subtract line 20 from line 9 and enter the result on line 21.
09
Determine your Illinois base income by referring to the IL-1040 instructions.
10
Multiply your Illinois base income by the Illinois percentage (found in the IL-1040 instructions) and enter the result on line 22.
11
Calculate any nonrefundable credits and enter the total on line 23.
12
Multiply line 22 by line 23 and enter the result on line 24.
13
Calculate and enter any additional subtractions on line 25.
14
Subtract line 25 from line 24 and enter the result on line 26.
15
Determine your Illinois excess wages by referring to the IL-1040 instructions.
16
Multiply your Illinois excess wages by the Illinois percentage (found in the IL-1040 instructions) and enter the result on line 27.
17
Multiply line 26 by line 27 and enter the result on line 28.
18
Calculate any Illinois Property Tax Credit and enter the amount on line 29.
19
Add lines 28 and 29, and enter the total on line 30.
20
If you have an overpayment from your IL-1040, enter the amount on line 31.
21
Subtract line 31 from line 30 to determine the amount of tax you owe or the refund due.
22
If you owe tax, follow the payment instructions provided in the IL-1040 instructions. If you are due a refund, follow the refund instructions.
Who needs il1040 schedule m?
01
IL-1040 Schedule M is needed by individuals who claimed the Making Work Pay Credit or the Illinois Property Tax Credit on their federal tax return.
02
It is also needed by individuals who received trust income that is taxable to Illinois.
03
If you are not eligible for any of these credits or if you have no Illinois taxable income, you may not need to file IL-1040 Schedule M.
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What is il1040 schedule m?
IL1040 Schedule M is a form used by Illinois residents to calculate and claim their property tax credit.
Who is required to file il1040 schedule m?
Illinois residents who own or rent property and meet certain income requirements are required to file IL1040 Schedule M.
How to fill out il1040 schedule m?
To fill out IL1040 Schedule M, taxpayers must follow the instructions provided on the form and provide accurate information about their property taxes and income.
What is the purpose of il1040 schedule m?
The purpose of IL1040 Schedule M is to calculate the property tax credit that eligible Illinois residents can claim on their state income tax return.
What information must be reported on il1040 schedule m?
Taxpayers must report information about their property taxes paid or rent constituting property taxes, as well as their total income for the year.
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