Enlarge image | Use your mouse or Tab key to move through the fields. Use your mouse or space bar to enable check boxes. *33712231W* Illinois Department of Revenue Year ending ____ ____ Schedule J Foreign Dividends Attach to your Form IL-1120 Month Year IL Attachment No. 10 Enter your name as shown on your Form IL-1120. Enter your federal employer identification number (FEIN). Step 1: Figure your subtraction The line references in each item refer to U.S. 1120, Schedule C, and must be used to complete Columns A and B. If you did not file a U.S. 1120, Schedule C, **use the corresponding lines from the federal schedule you filed (see the list under “What must I attach to Schedule J?”). If you had an IRC limitation, complete Column A, then refer to Step 2 on Page 3 for the correct amounts to enter in Column B, Lines 1 through 3. Do not include any dividends received from a domestic corporation. A B C D E Enter the following amounts Foreign dividends received Federal special deduction Net amount Illinois Foreign dividend from **Federal Schedule C: (U.S. Schedule C, Column (a)) (U.S. Schedule C, Column (c)) (Col. A minus Col. B) percentage subtraction 1 Line 6. X 50% (.50) = 1 2 the portion of Line 7 that is from 80% or greater owned foreign corporations. X 100% (1.00) = 2 3 the portion of Line 7 that is from less than 80% owned foreign corporations. X 65% (.65) = 3 4 the portion of Line 13 that is from 80% or greater owned foreign corporations. X 100% (1.00) = 4 5 the portion of Line 13 that is from 20% or more but less than 80% owned foreign corporations. X 65% (.65) = 5 6 the portion of Line 13 that is from less than 20% owned foreign corporations. X 50% (.50) = 6 7 the portion of Line 14 that is from 80% or greater owned foreign corporations. X 100% (1.00) = 7 8 the portion of Line 14 that is from 20% or more but less than 80% owned foreign corporations. X 65% (.65) = 8 9 the portion of Line 14 that is from less than 20% owned foreign corporations. X 50% (.50) = 9 10 RESERVED X 100% (1.00) = 10 11 RESERVED X 65% (.65) = 11 12 RESERVED X 50% (.50) = 12 This form is authorized as outlined by the Illinois Income Tax Act. Disclosure of this information is REQUIRED. Failure to provide information could result in a penalty. Schedule J (R-12/23) Page 1 of 3 |
Enlarge image | *33712232W* A B C D E Enter the following amounts Foreign dividends received Federal special deduction Net amount Illinois Foreign dividend from **Federal Schedule C: (U.S. Schedule C, Column (a)) (U.S. Schedule C, Column (c)) (Col. A minus Col. B) percentage subtraction 13 the portion of Line 16a, 16b, and 16c that is from 80% or greater owned foreign corporations. X 100% (1.00) = 13 14 the portion of Line 16a, 16b, and 16c that is from 20% or more but less than 80% owned foreign corporations. X 65% (.65) = 14 15 the portion of Line 16a, 16b, and 16c that is from less than 20% owned foreign corporations. X 50% (.50) = 15 16 the portion of Line 17 that is from 80% or greater owned foreign corporations. X 100% (1.00) = 16 17 the portion of Line 17 that is from 20% or more but less than 80% owned foreign corporations. X 65% (.65) = 17 18 the portion of Line 17 that is from less than 20% owned foreign corporations. X 50% (.50) = 18 19 the portion of Line 20 that is from 80% or greater owned foreign corporations or captive REITs. X 100% (1.00) = 19 20 the portion of Line 20 that is from 20% or more but less than 80% owned foreign corporations or captive REITs. X 65% (.65) = 20 21 the portion of Line 20 that is from less than 20% owned foreign corporations or captive REITs. X 50% (.50) = 21 22 Add the amounts in Column E. 22 23 Enter the amount of IRC Section 78, foreign dividend gross-up from your U.S. Schedule C, Line 18. 23 24 Add Lines 22 and 23. Enter the result here and on Form IL-1120, Step 3, Line 17. This is your total foreign dividend subtraction. 24 Schedule J (R-12/23) Page 2 of 3 |
Enlarge image | *33712233W* Step 2: Complete this step only if you had an IRC limitation You must complete Step 2 if the amount on U.S. Schedule C, Line 9, is less than the total of the amounts on U.S. Schedule C, Column (c), Lines 1 through 8, due to the IRC limitation (see U.S. Schedule C, Line 9, Column (c) instructions). 1 Enter the amount from U. S. Schedule C, Line 9. 1 2 Add the amounts on U.S. Schedule C, Column (c), Lines 1 through 8. Enter the total here. 2 3 Divide Line 1 by Line 2 (carry to six decimal places). Enter the result here and on Column B, Lines 4 through 6, below. 3 A B C Limited federal Federal special Decimal from special deduction deduction Line 3 above (Col. A X Col. B) 4 Enter the amount from U.S. Schedule C, Column (c), Line 6. X = 4 5 Enter the portion of U.S. Schedule C, Column (c), Line 7, that is from 80% or greater owned foreign corporations. X = 5 6 Enter the portion of U.S. Schedule C, Column (c), Line 7, that is from less than 80% owned foreign corporations. X = 6 7 Enter the amounts on Column C, Lines 4 through 6, on Step 1, Column B, Lines 1 through 3, respectively, and complete Step 1. Schedule J (R-12/23) Printed by the authority of the state of Illinois - electronic only - one copy. Page 3 of 3 Reset Print |