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IL1120-7200-4 e-file error

IL1120-7200-4: FormIL1120 Step 5 Line 38 must equal either SchIL1120NLD Step 1 Line 7 Box or SchIL1120UBNLD Step 3 Line 30.
Net operating loss (NOL) information must be entered at the subsidiary level rather than the TopCon level.

Solution

To resolve:
  1. In the TopCon locator, go to
    Organizer
    ,
    States
    ,
    Illinois
    ,
    Net Operating Losses
    , and then
    NOL - Single Company
    . Remove all entries.
  2. Next, go into each subsidiary locator.
  3. Go to
    Organizer
    ,
    States
    ,
    Illinois
    ,
    Net Operating Losses
    ,
    NOL - Parent
    , and then
    Subsidiary
    .
  4. In the
    Parent and Subsidiary Information
     section, complete the
    Loss apportionable to Illinois (enter as a negative number)
     field.
  5. Perform a full recompute for each subsidiary.
  6. Reconsolidate the TopCon, recreate and resubmit the e-file.

Solution 2

Make sure Form IL-1120, line 38 and Schedule NLD, line 7 matches:
  1. Go to Tax Forms, then
    States
     and select
    Illinois
    .
  2. Select
    IL-1120-Income and Replacement Tax
    .
  3. On IL-1120, Page 3 , note the amount on Step 5 Line 38.
  4. Go to the
    Sch NLD-Net Loss Deduction
     area, then select
    Sch NLD, Page 1
    .
  5. Make sure Step 1 line 7, matches IL-1120, Step 5, line 38.

Solution 3

If the amounts match and the error still exists:
  1. In Organizer, select
    States
    , then
    Illinois
    .
  2. In
    Return Options
    , review the
    Print Suppression
     section.
  3. Make sure Schedules NLD or UB, NLD box is unchecked.

This article applies to:

  • PRODUCT: GoSystem Tax RS
  • Return type: 1120 Corporation
  • State: Illinois
  • Subject: e-file
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