Highlights for the 2012 Electronic IL-1040
Over half of Illinois individual taxpayers can’t be wrong!
More than 4.5 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
- The personal exemption amount for taxpayers and their dependents has increased to $2,050.00.
- A new check box has been added to Line 32, Late-payment penalty for underpayment of estimated tax, where a taxpayer may indicate they were not required to file an Illinois Individual Income Tax return in the previous tax year.
Schedule CU, Civil Union Income Report
A same-sex civil union return is now allowed to be filed electronically. Illinois has developed a new schedule, Schedule CU, Civil Union Income Report, that allows same-sex civil union taxpayers to report the amounts from their federal returns that were filed with the IRS, along with the amounts that would have been reported on a married filing jointly or married filing separately federal return.
Schedule 1299-C, Income Tax Subtractions and Credits (for individuals)
The Schedule 1299-C will now be accepted with an electronic IL-1040.
Schedule M, Other Additions and Subtractions for Individuals
A new subtraction modification line has been added for Will-Kankakee Regional Development Authority bonds.
Schedule ICR, Illinois Credits
The Illinois Earned Income Credit has increased to 7.5% (.075) of the federal EIC amount.
Schedule G, Voluntary Charitable Donations
Five new funds have been added:
- Diabetes Research Fund,
- Hunger Relief Fund,
- Childhood Cancer Research Fund,
- Children’s Wellness Charities Fund, and
- Housing for Families Fund
Schedule K-1-P, Partner’s or Shareholder’s Share of Income, Deductions, Credit and Recapture
- Check boxes have been added in Step 2 to identify if the original recipient of the schedule is a grantor trust or disregarded entity that passed the form on to another taxpayer who will report the income or loss from Schedule K-1-P on their tax return.
- A new credit line has been added for the Hospital Credit.
Schedule K-1-T, Beneficiary's Share of Income and Deductions
Check boxes have been added in Step 2 to identify if the original recipient of the schedule is a grantor trust or disregarded entity that passed the form on to another taxpayer who will report the income or loss from Schedule K-1-T on their tax return.
1040 Modernized e-File (MeF)
Illinois no longer supports returns in the direct and federal/state “legacy” platforms. Beginning January 2013, we will only support federal/state returns that have been filed through the 1040 Modernized e-File (MeF) platform. Our MeF schemas are available on our website.
