Illinois Dividend Subtraction for High Impact Business in a Foreign Trade Zone

Forum|Forum|2 years ago
February 4, 2024
1 reply
0 views

The interview in Illinois state 2023 TT Deluxe has NO reference to the High Impact Business in a Foreign Trade Zone dividend subtraction. Lotsa references in the step-by step to establishing and constructing a high impact business (and enterprise zones, and river's edge, etc) but nothing about the dividend subtraction. In forms, it's right there on line 4a of IL Schedule 1299-C, so I can fill it in, but why should i have to pay extra for a state tax prep that forces you to be familiar with the forms?

DaveF1006

There are many instances where information needs to be recorded on the forms that are not addressed in the interview mode of Turbo Tax. it's not a perfect system and that is why they hire professionals such as myself to bridge these gaps that sometimes occur. In your case though, you were able to address this on your own.

As far as paying for the state return, I am certain you have other income and deductions to report other than this one issue. You can always decide not to file a state return with Turbo Tax and prepare in some other manner. You re not obligated to file the state return with us if you feel the product is not worth paying for.

**Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"