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Screen ILAdj4 - Illinois Other Subtractions (1120)

Subtractions

Enter interest and expenses related to federally exempt income in the statement. These amounts transfer to Schedule M, line 15b. The application transfers items from the federal return to this statement. To exclude the expense items from the state return, delete the amount or the entire line item from the statement. The application displays the modified column in black and will not overwrite with new data with subsequent federal-to-state data transfers.
Enter the amount of any IRC 280(C) expenses that are to be subtracted from Illinois taxable income in the statement. The application transfers amounts related to these credits to Schedule M, line 15d. To exclude the employment credit wages from the state return, delete the amount or the entire line item from the statement. The application displays the modified column in black and will not overwrite with new data with subsequent federal-to-state data transfers.
Enter the amount of last year’s tax refund to the extent that it is included in your federal ordinary income. The application will pro-forma the amount of last year’s refund to the Prior Year Refund column. The application transfers the total amount in column Current Year Subtraction column to Schedule M, line 23.
Enter other subtractions in the statement. The application uses information in this section to complete Schedule M.
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