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:
- In the TopCon locator, go toOrganizer,States,Illinois,Net Operating Losses, and thenNOL - Single Company. Remove all entries.
- Next, go into each subsidiary locator.
- Go toOrganizer,States,Illinois,Net Operating Losses,NOL - Parent, and thenSubsidiary.
- In theParent and Subsidiary Informationsection, complete theLoss apportionable to Illinois (enter as a negative number)field.
- Perform a full recompute for each subsidiary.
- Reconsolidate the TopCon, recreate and resubmit the e-file.
tip
If these steps don't resolve the error, delete previously transferred state data by going to
Organizer
, States
, State Combined Returns
, and then State Consolidation Steps
, Step 6
. Reconsolidate, recreate and resubmit the e-file. Solution 2
Make sure Form IL-1120, line 38 and Schedule NLD, line 7 matches:
- Go to Tax Forms, thenStatesand selectIllinois.
- SelectIL-1120-Income and Replacement Tax.
- On IL-1120, Page 3 , note the amount on Step 5 Line 38.
- Go to theSch NLD-Net Loss Deductionarea, then selectSch NLD, Page 1.
- Make sure Step 1 line 7, matches IL-1120, Step 5, line 38.
Solution 3
If the amounts match and the error still exists:
- In Organizer, selectStates, thenIllinois.
- InReturn Options, review thePrint Suppressionsection.
- Make sure Schedules NLD or UB, NLD box is unchecked.
