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Highlights for the 2014 Electronic IL-1040

 
 
More than 4.9 MILLION chose an electronic method to file their IL-1040. If you, as a tax professional, do not currently offer the electronic filing option to your clients – start today and expand your client database. Electronic filing is the #1 choice for Illinois taxpayers. Call us at 1 866 440-8680, and we will provide you with one - on - one attention to get you set up and filing your clients’ IL-1040s electronically.

IL-1040 Changes

  • A checkbox for Veterans’ Affairs has been added and the Civil Union checkbox has been removed under Personal Information.
  • The personal exemption amount for taxpayers and their dependents has increased to $2,125.00.
  • A new line to report Compassionate Use of Medical Cannabis Pilot Program Act Surcharge has been added.
  • The Third Party Designee checkbox has been expanded to allow discussion of current return and any previous return that affects the liability reported on the return.
  • First time filers will not be allowed direct deposit or debit card refunds and will be issued a paper check.

Schedule CU, Civil Union Income Report
Schedule CU has been eliminated. Taxpayers in a civil union that is not treated as a marriage for federal income tax purposes will no longer be allowed to file an IL-1040 as married (jointly or separately).

Schedule NR, Nonresident and Part-year resident Computation of Illinois Tax
Two lines in the Adjustments to Income section have been marked “Reserved.” The Internal Revenue Service has not decided what will be on the lines. When they do, we will issue an announcement regarding the use of the lines.

Schedule CR, Credit for Tax Paid to Other States
Two lines in the Adjustments to Income section have been marked “Reserved.” The Internal Revenue Service has not decided what will be on the lines. When they do, we will issue an announcement regarding the use of the lines.

Schedule ICR, Illinois Credits

  • K-12 education expense credit is now allowed for kindergarten at a school that does not have 1st grade.

Schedule M, Other Additions and Subtractions for Individuals

  • The Export Development Act of 1983 bonds has been replaced by Tri-County River Valley Development Authority bonds.
  • Instructions have been updated to clarify where to claim the distributive share of subtractions from a K-1-P or K-1-T.

Schedule K-1-P, Partner’s or Shareholder’s Share of Income, Deductions, Credits, and Recapture
Various Step 7 lines have been enabled for electronic filing.

Schedule IL-2210, Other Additions and Subtractions for Individuals

  • Any credit carry forward from a prior year will no longer be claimed in Step 2 and will instead be included as a payment in Step 4.
  • Lines for the Medical Cannabis Surcharge have been added to Steps 5 and 6.
 
 
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