Illinois Other Additions and Subtractions - For businesses
Extracted from PDF file 2022-illinois-schedule-m.pdf, last modified August 2022
Other Additions and Subtractions - For businessesUse your mouse or Tab key to move through the fields. Use your mouse or space bar to enable check boxes. *60412221W* Illinois Department of Revenue 2022 Schedule M Other Additions and Subtractions for Individuals Attach to your Form IL-1040 IL Attachment No. 15 Read this information first Complete this schedule if you are required to add certain income on Form IL-1040, Line 3, or if you are entitled to take subtractions on Form IL-1040, Line 7. 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 information Your name as shown on Form IL-1040 – – Your Social Security number Step 2: Figure your additions for Form IL-1040, Line 3 Enter the amount of 1 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 ______________ 00 Attach 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 ______________ 00 4 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 ______________ 00 5 Illinois special depreciation addition amount from Form IL-4562, Step 2, Line 4. Attach Form IL-4562. 5 ______________ 00 6 Business expense recapture (nonresidents only). 6 ______________ 00 7 Recapture of deductions for contributions to Illinois college savings plans and ABLE plans transferred to an out-of-state plan. 7 ______________ 00 8 Student-Assistance Contribution Credit taken on Schedule 1299-C. 8 ______________ 00 9 Recapture of deductions for contributions to college savings plans and ABLE plans withdrawn for nonqualified expenses or refunded. 9 ______________ 00 10 RESERVED 10 ______________ 00 11 Other income - Identify each item. _______________________________________________ 11 ______________ 00 12 Total Additions. Add Lines 1 through 11. Enter the amount here and on Form IL-1040, Line 3. 12 ______________ 00 Step 3: Figure your subtractions for Form IL-1040, Line 7 Enter the amount of 13 Contributions 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 Number Column B: Contribution Amount Column C: Gift 1 2 3 4 5 6 7 8 9 10 Total - Add Column B, Lines 1-10 and enter here. Continue Line 13 calculation on Page 2. 13a ______________ 00 This form is authorized as outlined under the Illinois Income Tax Act. Disclosure of IL-1040 Schedule M - Page 1 (R-12/22) 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. *60412222W* Step 3: Continued 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 these same subtractions on any other line of this schedule. See instructions.) Attach Illinois Schedule K-1-P or K-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. 15 Restoration of amounts held under claim of right under IRC Section 1341. 16 Contributions to a job training project. 17 Expenses related to federal credits or federally tax-exempt income. 18 RESERVED 13 ______________ 00 14 ______________ 00 15 ______________ 00 16 ______________ 00 17 ______________ 00 18 ______________ 00 19 Illinois special depreciation subtraction amount from Form IL-4562, Step 3, Line 11. Attach Form IL-4562. 19 ______________ 00 20 Contributions made to a qualified Illinois ABLE account - Enter the account number and amount contributed for each Illinois ABLE account. Check the box in Column C if your contribution was a gift. See Instructions. Column A: Account Number Column B: Contribution Amount Column C: Gift 1 2 3 4 Total - Add Column B, Lines 1-4 and enter here. 20a ______________ 00 Enter the lesser amount of Line 20a or $10,000 ($20,000 if married filing a joint return). 20 ______________ 00 Enter the following only if included in Form IL-1040, Lines 1, 2, or 3: 21 Military pay earned. Attach military W-2. 21 ______________ 00 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 ______________ 00 23 August 1, 1969, valuation limitation amount from your Schedule F, Line 17. Attach Schedule F and required federal forms. 23 ______________ 00 24 River edge redevelopment zone and high impact business dividend subtraction amount from your Schedule 1299-C, Step 1, Line 7. Attach Schedule 1299-C. 24 ______________ 00 25 Recovery of items previously deducted on federal Form 1040 or 1040-SR, Schedule A (including refunds of 26 27 28 29 30 31 32 any 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 ______________ 00 Ridesharing money and other benefits. See instructions. 26 ______________ 00 Payment of life insurance, endowment, or annuity benefits received. 27 ______________ 00 Lloyd’s plan of operation income if reported on your behalf on Form IL-1065. 28 ______________ 00 Income from Illinois pre-need funeral, burial, and cemetery trusts. 29 ______________ 00 Education loan repayments made for primary care physicians who agree to practice in designated shortage areas under the Family Practice Residency Act. 30 ______________ 00 Reparations or other amounts received as a victim of persecution by Nazi Germany. 31 ______________ 00 Add Lines 13 through 31 and enter the amount here and on Page 3, Line 33. 32 ______________ 00 IL-1040 Schedule M - Page 2 (R-12/22) Step 3: Continued *60412223W* 33 Enter the amount from Page 2, Line 32. 33 ______________ 00 34 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 ______________ 00 b Tri-County River Valley Development Authority bonds 34b ______________ 00 c Illinois Development Finance Authority bonds, notes, and other obligations (venture fund and infrastructure bonds only) 34c ______________ 00 d Quad Cities Regional Economic Development Authority bonds and notes (if declared to be exempt from taxation by the Authority) 34d ______________ 00 e College savings bonds issued under the General Obligation Bond Act in accordance with the Baccalaureate Savings Act 34e ______________ 00 f Illinois Sports Facilities Authority bonds 34f ______________ 00 g Higher Education Student Assistance Act bonds 34g ______________ 00 h Illinois Development Finance Authority bonds issued under the Illinois Development Finance Authority Act, Sections 7.80 through 7.87 34h ______________ 00 i Rural Bond Bank Act bonds and notes 34i ______________ 00 j Illinois Development Finance Authority bonds issued under the Asbestos Abatement Finance Act 34j ______________ 00 k Quad Cities Interstate Metropolitan Authority bonds 34k ______________ 00 l Southwestern Illinois Development Authority bonds 34l ______________ 00 m Illinois Finance Authority bonds issued under the Illinois Finance Authority Act, Sections 820.60 and 825.55, or the Asbestos Abatement Finance Act 34m ______________ 00 n Illinois Power Agency bonds issued by the Illinois Finance Authority 34n ______________ 00 o Central Illinois Economic Development Authority bonds 34o ______________ 00 p Eastern Illinois Economic Development Authority bonds 34p ______________ 00 q Southeastern Illinois Economic Development Authority bonds 34q ______________ 00 r Southern Illinois Economic Development Authority bonds 34r ______________ 00 s Illinois Urban Development Authority bonds 34s ______________ 00 t Downstate Illinois Sports Facilities Authority bonds 34t ______________ 00 u Western Illinois Economic Development Authority bonds 34u ______________ 00 v Upper Illinois River Valley Development Authority Act bonds 34v ______________ 00 w Will-Kankakee Regional Development Authority bonds 34w ______________ 00 x Export Development Act of 1983 bonds 34x ______________ 00 y New Harmony Bridge Authority bonds 34y ______________ 00 z New Harmony Bridge Bi-State Commission bonds 34z ______________ 00 35 Interest on the following non-U.S. government bonds. a Bonds issued by the government of Guam 35a ______________ 00 b Bonds issued by the government of Puerto Rico 35b ______________ 00 c Bonds issued by the government of the Virgin Islands 35c ______________ 00 d Bonds issued by the government of American Samoa 35d ______________ 00 e Bonds issued by the government of the Northern Mariana Islands 35e ______________ 00 f Mutual mortgage insurance fund bonds 35f ______________ 00 36 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 ______________ 00 37 Railroad sick pay and railroad unemployment income. Attach Form 1099-G or W-2 and a copy 37 ______________ 00 of your federal return. 38 Unjust imprisonment compensation awarded by Illinois Court of Claims. 38 ______________ 00 39 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 ______________ 00 40 Total Subtractions. Add Lines 33 through 39. Enter the amount here and on Form IL-1040, Line 7. 40 ______________ 00 IL-1040 Schedule M - Page 3 (R-12/22) Reset Print
2022 Schedule M - Other Additions and Subtractions for Individuals
More about the Illinois Schedule M Corporate Income Tax TY 2022
We last updated the Other Additions and Subtractions - For businesses in January 2023, so this is the latest version of Schedule M, fully updated for tax year 2022. You can download or print current or past-year PDFs of Schedule M directly from TaxFormFinder. You can print other Illinois tax forms here.
Related Illinois Corporate Income Tax Forms:
|Form Code||Form Name|
|Schedule M-1040||Other Additions and Subtractions for Individuals|
Illinois usually releases forms for the current tax year between January and April. We last updated Illinois Schedule M from the Department of Revenue in January 2023.
About the Corporate Income Tax
The IRS and most states require corporations to file an income tax return, with the exact filing requirements depending on the type of company.
Sole proprietorships or disregarded entities like LLCs are filed on Schedule C (or the state equivalent) of the owner's personal income tax return, flow-through entities like S Corporations or Partnerships are generally required to file an informational return equivilent to the IRS Form 1120S or Form 1065, and full corporations must file the equivalent of federal Form 1120 (and, unlike flow-through corporations, are often subject to a corporate tax liability).
Additional forms are available for a wide variety of specific entities and transactions including fiduciaries, nonprofits, and companies involved in other specific types of business.
Historical Past-Year Versions of Illinois Schedule M
We have a total of eight past-year versions of Schedule M in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:
2022 Schedule M - Other Additions and Subtractions for Individuals
2021 Schedule M - Other Additions and Subtractions for Individuals
2020 Schedule M - Other Additions and Subtractions for Individuals
2019 Schedule M, Other Additions and Subtractions for Individuals
2016 Schedule M, Other Additions and Subtractions (for businesses)
2016 Schedule M, Other Additions and Subtractions (for businesses)
2015 Schedule M, Other Additions and Subtractions (for businesses)
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