Highlights for the 2016 Electronic Form IL-1040
More than 5.2 MILLION taxpayers chose an electronic method to file their 2015 Form 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 to file your clients’ IL-1040 forms electronically.
Form IL-1040 Changes
- The military veteran check box has been removed from the Personal Information section.
- The personal exemption amount for taxpayers and their dependents has increased to $2,175.
- Paid preparers must enter their preparer tax identification number (PTIN). FEIN and SSN are no longer allowed as entries.
- The check box to receive a paper Form 1099-G has been removed. For tax years 2017 and after, 1099-G information must be obtained from our website.
Schedule M, Other Additions and Subtractions for individuals
- Export Development Act of 1983 bonds has been added as a subtraction.
- Three funds have been removed from the Schedule G.
Schedule 1299-C, Income Tax Subtractions and Credits (for individuals)
- The Research and Development Credit and the Historic Preservation Credit have expired. You may no longer claim a credit for these on the Schedule 1299-C.
Schedule K-1-P, Partner’s or Shareholder’s Share of Income, Deductions, Credits, and Recapture
- The Research and Development Credit and the Historic Preservation Credit have been removed.
Form 1099-K, Payment Card and Third Party Network Transactions
- The Form 1099-K will now be accepted with an electronic IL-1040.