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    Excess business interest expense deduction

    By: William Eftax , 3 days ago
    Posted in: All member Forum

    My client has several K-1's from partnerships with an amount on line 13K, excess business interest expense. ProSeries does not handle this in their program. I have manually completed Form 8990 to calculate the current year business interest expense deduction ...

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    RE: Illinois subtraction for annuity payments

    By: Phillip Hearne , 4 days ago
    Posted in: All member Forum

    Yeah, So the subtraction only applies to distributions from qualified retirement plans. Non-Qualified investments like purchasing an annuuity are not eligible for the subtraction. Distributions from such annuities are reported similar ...

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    RE: Illinois subtraction for annuity payments

    By: Brian Daly , 4 days ago
    Posted in: All member Forum

    Hi Andrea...I will confirm William's post and expand a bit.  Illinois only allows a subtraction for "eligible" retirement income, not all retirement income.  Eligible retirement income is listed in Pub 120.  The confusion lies due to IDOR not specifically ...

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  • Illinois Tax Amnesty Programs

    By: Paige McLeod Paige McLeod , 13 days ago
    During the Spring Legislative Session, legislation was passed and signed into law for two tax amnesty programs.   Specifically, Illinois taxpayers that owe outstanding eligible tax liabilities can participate in both the Illinois Department of Revenue's ... More

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