Why is Illinois schedule M missing?

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

Why is schedule M not included in the Illinois state form

TurboTax Online

mglauner

Illinois Schedule M is used to report Other Additions/Subtractions. As you proceed through the Illinois State Interview in TurboTax, the schedule will be prepared in the background and included in your return, if needed.

You will come to a section in the Illinois interview, 'Here's the Income that Illinois Handles Differently' .

IL subtracts certain federal government interest on the state return and it shows on IL Schedule M, the form where IL additions and subtractions due to the state tax code varying from the federal tax code occur.

johneinbinderAuthor

I am aware of the section "Here's the Income that Illinois Handles Differently" However there is not a category for interest that is tax exempt by states - only a category for Retirement income.

Perhaps there is a section in the Federal 1040 that would identify federal interest and EE Bonds and prompt the creation of a section in the state return - but I do not see anything.

I am able to force such a category by locating a Schedule M Form and manually entering the interest - need to override the line 22 amount in Schedule M in order to enter the total interest for EE Bonds and Treasury Bill interest.

However this seems very strange because all federal interest is exempt in all states. Do not know why Turbo tax does not explicitly handle the category. Perhaps I am missing something.