Illinois Schedule M (Other Additions and Subtractions - For businesses) (2024)

Other Additions and Subtractions - For businesses
2023 Schedule M - Other Additions and Subtractions for Individuals
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Use your mouse or space bar to enable check boxes.*60412231W*Illinois Department of Revenue2023 Schedule M Other Additions and Subtractions for IndividualsAttach to your Form IL-1040IL Attachment No. 15Read this information firstComplete this schedule if you are required to add certain income on Form IL-1040, Line 3, or if you are entitled to take subtractions onForm IL-1040, Line 7.Note: If you are required to complete Schedule 1299-C, Schedule F, or Form IL-4562, you must do so before you complete this schedule.Step 1: Provide the following informationYour name as shown on Form IL-1040––Your Social Security numberStep 2: Figure your additions for Form IL-1040, Line 3Enter the amount of1 Your child’s federally tax-exempt interest and dividend income as reported on federal Form 8814. 2 Distributive share of additions you received from a partnership, S corporation, trust, or estate.(Whole dollars only)1 ______________ 00Attach Illinois Schedule K-1-P or Schedule K-1-T and enter the additions from Column A on this line.2 ______________ 00 3 Lloyd’s plan of operation loss, if reported on your behalf on Form IL-1065 and included in your adjusted gross income. 3 ______________ 004 Earnings distributed from IRC Section 529 college savings, tuition, and ABLE programs if not included in your adjusted gross income. (Do not include distributions from “Bright Start,” “Bright Directions,” or “College Illinois” programs, or other college savings and tuition programs that meet certain disclosure requirements, or Illinois ABLE account programs. See instructions.)4 ______________ 005 Illinois special depreciation addition amount from Form IL-4562, Step 2, Line 4. Attach Form IL-4562.5 ______________ 006 Business expense recapture (nonresidents only). 6 ______________ 007 Recapture of deductions for contributions to Illinois college savings plans and ABLE plans transferred to an out-of-state plan.7 ______________ 008 Student-Assistance Contribution Credit taken on Schedule 1299-C. 8 ______________ 009 Recapture of deductions for contributions to college savings plans and ABLE plans withdrawn for nonqualified expenses or refunded. 9 ______________ 0010RESERVED10 ______________ 00 11 Other income - Identify each item. _______________________________________________ 11 ______________ 0012 Total Additions. Add Lines 1 through 11. Enter the amount here and on Form IL-1040, Line 3.12 ______________ 00Step 3: Figure your subtractions for Form IL-1040, Line 7Enter the amount of 13Contributions made to “Bright Start” and “Bright Directions” College Savings Programs and “College Illinois” Prepaid Tuition Program - Enter the account number and amount contributed for each. Check the box in Column C if your contribution was a gift. See Instructions.Column A: Account NumberColumn B: Contribution AmountColumn C: Gift12345678910 Total - Add Column B, Lines 1-10 and enter here.Continue Line 13 calculation on Page 2.13a ______________ 00This form is authorized as outlined under the Illinois Income Tax Act. Disclosure ofIL-1040 Schedule M - Page 1 (R-12/23)this information is required. Failure to provide information could result in a penalty.Printed by authority of the state of Illinois, Electronic only, one copy. Step 3: Continued*60412232W*13 Enter the lesser amount from Page 1, Line 13a or $10,000 ($20,000 if married filing a joint return).14 Distributive share of subtractions from a partnership, S corporation, trust, or estate. (Do not claim these151617same subtractions on any other line of this schedule. See instructions.) Attach Illinois Schedule K-1-P orK-1-T identifying you as the partner, shareholder, or beneficiary and listing your Social Security number.Enter the subtractions from Column A on this line.Restoration of amounts held under claim of right under IRC Section 1341.Contributions to a job training project.Expenses related to federal credits or federally tax-exempt income.RESERVEDIllinois special depreciation subtraction amount from Form IL-4562, Step 3, Line 19. Attach Form IL-4562. 181920 Contributions made to a qualified Illinois ABLE account - Enter the account number and amount contributed13 ______________ 0014 ______________ 0015 ______________ 0016 ______________ 0017 ______________ 0018 ______________ 0019 ______________ 00for each Illinois ABLE account. Check the box in Column C if your contribution was a gift. See Instructions.Column A: Account NumberColumn B: Contribution AmountColumn C: Gift1234Total - Add Column B, Lines 1-4 and enter here.20a ______________ 00Enter the lesser amount of Line 20a or $10,000 ($20,000 if married filing a joint return).20 ______________ 00Enter the following only if included in Form IL-1040, Lines 1, 2, or 3:21 Military pay earned. Attach military W-2.21 ______________22 U.S. Treasury bonds, bills, notes, savings bonds, and U.S. agency interest from federal Form 1040 or 1040-SR.Attach a copy of federal Form 1040 or 1040-SR, Schedule B, if required federally.22 ______________23 August 1, 1969, valuation limitation amount from your Schedule F, Line 17. Attach Schedule F andrequired federal forms.23 ______________24 River edge redevelopment zone and high impact business dividend subtraction amount from yourSchedule 1299-C, Step 1, Line 7. Attach Schedule 1299-C.24 ______________25 Recovery of items previously deducted on federal Form 1040 or 1040-SR, Schedule A (including refunds of00000000any state and local income taxes, other than Illinois). Attach a copy of federal Form 1040 or 1040-SR, Page 1, Schedule 1, and any other required federal forms.25 ______________ 0026 Ridesharing money and other benefits. See instructions.26 ______________ 0027 Payment of life insurance, endowment, or annuity benefits received.27 ______________ 0028 Lloyd’s plan of operation income if reported on your behalf on Form IL-1065.28 ______________ 0029 Income from Illinois pre-need funeral, burial, and cemetery trusts. 29 ______________ 0030 Education loan repayments made for primary care physicians who agree to practice in designatedshortage areas under the Family Practice Residency Act.30 ______________ 0031 Reparations or other amounts received as a victim of persecution by Nazi Germany.31 ______________ 0032 Add Lines 13 through 31 and enter the amount here and on Page 3, Line 33.32______________ 00IL-1040 Schedule M - Page 2 (R-12/23)Step 3: Continued*60412233W*33 Enter the amount from Page 2, Line 32.33 ______________ 0034 Interest on the following tax-exempt obligations of Illinois state and local government. Do not include interest you received indirectly through owning shares in a mutual fund.a Illinois Housing Development Authority bonds and notes (except housing-related commercial facilities bonds and notes)34a ______________ 00b Tri-County River Valley Development Authority bonds34b ______________ 00c Illinois Development Finance Authority bonds, notes, and other obligations (venture fund andinfrastructure bonds only)34c ______________ 00d Quad Cities Regional Economic Development Authority bonds and notes (if declared to be exempt from taxation by the Authority)34d ______________ 00e College savings bonds issued under the General Obligation Bond Act in accordance with theBaccalaureate Savings Act34e ______________ 00f Illinois Sports Facilities Authority bonds34f ______________ 00g Higher Education Student Assistance Act bonds34g ______________ 00h Illinois Development Finance Authority bonds issued under the Illinois Development Finance Authority Act, Sections 7.80 through 7.8734h ______________ 00i Rural Bond Bank Act bonds and notes34i ______________ 00 j Illinois Development Finance Authority bonds issued under the Asbestos Abatement Finance Act34j ______________ 00k Quad Cities Interstate Metropolitan Authority bonds34k ______________ 00l Southwestern Illinois Development Authority bonds34l ______________ 00mIllinois Finance Authority bonds issued under the Illinois Finance Authority Act, Sections 820.60 and825.55, or the Asbestos Abatement Finance Act34m ______________ 00n Illinois Power Agency bonds issued by the Illinois Finance Authority34n ______________ 00o Central Illinois Economic Development Authority bonds 34o ______________ 00p Eastern Illinois Economic Development Authority bonds 34p ______________ 00q Southeastern Illinois Economic Development Authority bonds34q ______________ 00r Southern Illinois Economic Development Authority bonds34r ______________ 00s Illinois Urban Development Authority bonds34s ______________ 00t Downstate Illinois Sports Facilities Authority bonds34t ______________ 00u Western Illinois Economic Development Authority bonds34u ______________ 00v Upper Illinois River Valley Development Authority Act bonds 34v ______________ 00w Will-Kankakee Regional Development Authority bonds 34w ______________ 00x Export Development Act of 1983 bonds 34x ______________ 00y New Harmony Bridge Authority bonds 34y ______________ 00z New Harmony Bridge Bi-State Commission bonds 34z ______________ 0035 Interest on the following non-U.S. government bonds.a Bonds issued by the government of Guam 35a ______________ 00b Bonds issued by the government of Puerto Rico35b ______________ 00c Bonds issued by the government of the Virgin Islands35c ______________ 00d Bonds issued by the government of American Samoa35d ______________ 00e Bonds issued by the government of the Northern Mariana Islands35e ______________ 00f Mutual mortgage insurance fund bonds35f ______________ 0036 Amount of your child’s interest from U.S. Treasury and U.S. agency obligations or from sources in Line 22, 34, or 35 as reported on federal Form 8814. 36 ______________ 0037 Railroad sick pay and railroad unemployment income. Attach Form 1099-G or W-2 and a copy 37 ______________ 00of your federal return.38 Unjust imprisonment compensation awarded by Illinois Court of Claims.38______________ 0039 Distributions from “Bright Start,” “College Illinois,” and “Bright Directions” college savings plans if included in Line 1 because you claimed a federal American Opportunity Credit or Lifetime Learning Credit.39______________ 0040 Deductions for cannabis establishments that were disallowed under IRC Section 280E for the taxable year.40______________ 0041 Total Subtractions. Add Lines 33 through 40. Enter the amount here and on Form IL-1040, Line 7.41______________ 00IL-1040 Schedule M - Page 3 (R-12/23)ResetPrint

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