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Screen ILAdj - Illinois Additions, Subtractions, and Foreign Dividends (1120)
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Income Adjustments
Other income or loss items (S Corp) / Other expense items (S Corp)
The application uses these fields to report all other items of income or loss and expense that were not included in the computation of ordinary income or loss on Form 1120-S, Page 1. A required statement will print detailing these amounts on Form IL-1120-ST, Step 2, line 6 and Step 3, line 11.
Illinois income and replacement tax and surcharge
The application transfers amounts from the Taxes and licenses statement window in federal Screens Inc and H, as well as from taxes entered in federal Screens Farm, Rent, and 4835. The application assumes these amounts are not taxable to Illinois. Enter adjustments to state and local income taxes in the
Illinois Tax
column of the statement.Discharge of indebtedness (Force)
The application uses this field to force the adjustment for discharge of indebtedness on Form IL-1120, Step 5, line 36 or Form IL-1120-ST, Step 7, line 48. This field is only relevant if there is a net loss to adjust.
Schedule J - Foreign Dividends (C Corp)
20%-or-more owned foreign corporations and certain FSCs
The application transfers amounts from the federal Screen C to this statement. Select a code from the dropdown list to specify which amounts are to be included on Schedule J. To exclude foreign dividends from the state return, delete the amount or the entire line item from the statement. The application displays the modified column in black and won’t replace with new data with subsequent federal-to-state data transfers.
Other dividends from foreign corporations
The application transfers amounts from the federal Screen C to this statement. Select a code from the dropdown list to specify which amounts are to be included on Schedule J. To exclude foreign dividends from the state return, delete the amount or the entire line item from the statement. The application displays the modified column in black and won’t replace with new data with subsequent federal-to-state data transfers.
Income from controlled foreign corporations under subpart F
The application transfers amounts from the federal Screen C to this statement. Select a code from the dropdown list to specify which amounts are to be included on Schedule J. To exclude foreign dividends from the state return, delete the amount or the entire line item from the statement. The application displays the modified column in black and won’t replace with new data with subsequent federal-to-state data transfers.
Other dividends
The application transfers amounts from the federal Screen C to this statement. Select a code from the dropdown list to specify which amounts are to be included on Schedule J. To exclude foreign dividends from the state return, delete the amount or the entire line item from the statement. The application displays the modified column in black and won’t replace with new data with subsequent federal-to-state data transfers.
Sale or Exchange of Section 179 Property (S Corp)
Gain (loss) reported separately from federal Schedule K, line 17d (Force)
Per the Form 4797 instructions, S-corporations need to separately report to the shareholders the sale, exchange, or other disposition of assets where a section 179 expense deduction was claimed in a previous year. These asset dispositions are no longer reported on federal Forms 4797, 4684, 6252, or 8824, but instead are separately reported on federal Schedule K, line 17d and in the Schedule K-1 statements. The gain or loss on the disposition of section 179 assets is calculated from information entered in the federal Screens SalePT, 8824PT, K1Sale, and 8824 in the K1 P/T folder.
The application reduces the basis of the asset by the amount of the section 179 deduction when calculating the gain or loss. This amount will be included on Form IL-1120-ST, Step 2, line 6, and Schedule K-1-P, line 31. A not required statement will print detailing this amount. Use the Force field to override the calculated amount. If
0
(zero) is entered no adjustment will be made.