Screen ILTPW - Illinois Tax Projection (1040)

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Overview

Use this screen to enter information you expect to be different in the next year. UltraTax CS uses this data to create the Illinois Tax Projection Worksheet. The worksheet is based on current law and next year’s tax law differences available at the time UltraTax CS was released. Enter only the items you expect to be different for the coming year. If you do not expect the amounts to be different for the coming year, the current-year amounts transfer to next year automatically. Any items marked with an asterisk in the ILTPW Screen do
not
transfer automatically to the next year column.
  • UltraTax CS allows you to enter
    0
    (preparer zero) in the amount fields in this input screen, if applicable.
  • There is no need to enter additional data in this input screen if the information has been entered in the federal TPW Screen. The field contains the notation (Default = Federal Tax Projection Worksheet), and there have been no changes to make to that information. If you would like to alter the information from the federal TPW Screen, or if you have not completed that screen, enter amounts in the ILTPW Screen.

General Information

Generate Tax Projection Worksheet
Enter
X
to force printing of the Illinois Tax Projection Worksheet with this tax return. The Illinois Tax Projection Worksheet prints if any information is entered in this input screen.

Income and Adjustments

Use this section to enter federal AGI additions and subtractions for the next year. You may force the exemption amount you expect to have for the next year if the amount cannot be calculated based on the information entered in UltraTax CS. When applicable, the calculated exemption amount includes, for additional exemption amounts, the blind and those age 65 or older.

Tax

Use this section to enter the Illinois income tax and other tax liabilities. UltraTax/1040-IL calculates your next-year tax liability based on the information currently in UltraTax CS.

Credits and Payments

Use this section to enter withholding amounts, estimated tax, or extension payments you expect to have in the next year. While the credits for Illinois property tax and qualified education expenses calculate based on information currently in UltraTax CS, you may force a different amount here. All other credits
must
be entered in this section if they are to be included in the Illinois Tax Projection Worksheet calculation.

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