Get the free IL-1120 Schedule SA

Schedule SA (IL-1120) (R-12/17). Illinois Department of Revenue. Schedule SA (IL-1120). For tax years ending on or after December 31, 2017. Step 1: Provide ...

How to fill out il-1120 schedule sa

How to fill out il-1120 schedule sa

1. To fill out IL-1120 Schedule SA, follow these steps:
2. Download the IL-1120 Schedule SA form from the official Illinois Department of Revenue website.
3. Begin by providing your corporation's name and federal identification number at the top of the form.
4. Next, go through each line item on the form and enter the requested information. The schedule is specifically designed for corporations reporting Subchapter S income.
5. Provide the details of your corporation's shareholders, including their names, addresses, and Social Security numbers or federal identification numbers.
6. Summarize the income, deductions, and other information related to your corporation's Subchapter S income in the designated sections.
7. Calculate the net income or loss for the tax year and enter it on the appropriate line of the form.
8. If applicable, complete the sections related to modifications, credits, and payments.
9. Review the completed IL-1120 Schedule SA form for accuracy and make sure all required information is provided.
10. Sign and date the form before submitting it along with your IL-1120 tax return.
11. Note: It is recommended to consult with a tax professional or refer to the instructions provided by the Illinois Department of Revenue for detailed guidance.

Who needs il-1120 schedule sa?

1. IL-1120 Schedule SA is required for corporations that elect Subchapter S status for federal tax purposes and have items of income, deduction, or credit that need to be separately stated for Illinois purposes.
2. This schedule is necessary for corporations that generate income or incur expenses that may be subject to different tax treatments in Illinois. The separate reporting allows the Illinois Department of Revenue to properly assess and calculate the corporation's Illinois tax liability.
3. It is important to determine if your corporation qualifies as a Subchapter S corporation and if it meets the criteria for filing IL-1120 Schedule SA. Consulting with a tax professional or referring to the laws and regulations provided by the Illinois Department of Revenue can help determine the applicability of IL-1120 Schedule SA to your specific situation.

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What is il-1120 schedule sa?

Il-1120 schedule sa is a supplemental schedule for the Illinois Department of Revenue that is used to report additional information related to the IL-1120 corporate income tax return.

Who is required to file il-1120 schedule sa?

Corporations that have specific items of income, deductions, or credits that need to be reported separately from the main IL-1120 form are required to file il-1120 schedule sa.

How to fill out il-1120 schedule sa?

Il-1120 schedule sa should be filled out by providing the required information in the designated fields as per the instructions provided by the Illinois Department of Revenue.

What is the purpose of il-1120 schedule sa?

The purpose of il-1120 schedule sa is to provide detailed information about certain items on the IL-1120 corporate income tax return that require additional reporting.

What information must be reported on il-1120 schedule sa?

Il-1120 schedule sa may require reporting of specific items of income, deductions, credits, or any other information that is not captured on the main IL-1120 form.