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Screen ILCredit - Illinois Credits (1040)

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Overview

Use this screen to prepare Schedule ICR (Illinois Property Tax Credit and Education Expense Credit) and Schedule EIC.

Property Tax Credit

UltraTax CS uses information you enter in this section with other information calculated by UltraTax/1040-IL to prepare Schedule ICR.
Property taxes paid on principal residence (Force)
UltraTax/1040-IL automatically calculates the property tax amount based on information entered in the
Real estate taxes
 field in the federal A Screen, Form 8829, and Schedule E rental amounts transferring to Schedule A for
resident
 and
part-year
 resident status. Enter an amount in this field to override the calculated amount.
note
If the client
does not
 meet the qualifications described in the state instructions, you
must
 enter
0
 (zero) to stop the credit from calculating.
Business portion (Force)
UltraTax/1040-IL automatically calculates the portion of your tax bill that is deductible as a business expense on federal Schedule C, E, or F, or other federal income tax forms or schedules transferring to Schedule A for
resident
 and
part-year
 resident status. Enter an amount in this field to override the calculated amount.

Qualified Education Expense Credit

UltraTax CS uses information you enter in this section with other information calculated by UltraTax/1040-IL to prepare Schedule ICR.
Qualifying student information
UltraTax CS transfers dependent information from UltraTax/1040 to these statement dialogs. Enter the student’s grade, school name, the city where the school is located, school type, and the tuition / books / lab fees for each dependent listed. UltraTax/1040-IL uses this information to calculate the allowable credit on Schedule ICR.

Earned Income Credit

UltraTax CS uses information you enter in this section with other information calculated by UltraTax/1040-IL to prepare Schedule EIC.
The fields listed under the Married Filing Separate return with federal Form 1040 filed jointly section are only available when the filing status of the return is Married Filing Separately. For MFS returns, data entry is required in the fields called Adjusted Gross Income from Jointly filed federal Form 1040, Qualifying children and Earned income credit.
Professional license, registration, or certification required
When business income or loss is included on Schedule EIC, enter
1
 to indicate
Yes
 if the taxpayer or spouse’s occupation related to the business requires a city, state, or county issued professional license, registration or certification; or
2
 to indicate
No
 a professional license, registration or certification is not required by a city, state, or county.
Name of agency and professional license, registration, or certification number
Information is required in this field when the taxpayer or spouse’s occupation related to the business, requires a city, state, or county issued professional license, registration or certification. In the statement dialog, enter the name of the issuing agency and the required license, registration, or certification.
Wages and Business Income (Force)
UltraTax/1040-IL automatically uses the amounts in the federal total column of the AGI worksheet for wages and business income. Enter an amount in these fields to override the calculated amounts.
Adjusted Gross Income from jointly filed federal Form 1040
When the IL filing status is Married Filing Separately and the federal return was filed jointly, enter the AGI from the jointly filed federal Form 1040 only if the MFS IL return is calculating an earned income credit. UltraTax CS will automatically include the spouse SSN on Schedule EIC if the number is entered on the federal 1040 Screen. If the spouse SSN is not present a diagnostic will print as a reminder.
Qualifying children
Enter
X
 in the
Qualifies For EIC
 column for the child that should be included on Schedule EIC (Qualifying child information). If the child is already listed as a dependent, do not enter an
X
 for that child. Only the first three children marked as qualifies for EIC will be included on Schedule EIC.
Earned income credit
UltraTax/1040-IL automatically uses the federal calculated EIC for all filing statuses except Married Filing Separate. This field will be available when the IL filing status is Married Filing Separately and data exists in the
Adjusted Gross Income from jointly filed federal Form 1040
 field. Enter the taxpayer’s apportioned federal EIC from the jointly filed federal 1040 return.

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