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2008 IL-1040 Schedule M

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The document is the 2008 Schedule M for the Illinois Department of Revenue, which outlines the process for individuals to report other additions and subtractions on their Form IL-1040. It provides detailed instructions on how to complete the schedule, including sections for reporting federally tax-exempt income, business expense recapture, contributions to college savings plans, and various other income adjustments. The form requires personal information and specific financial details to accurately calculate taxable income.

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We have answers to the most popular questions from our customers. If you can't find an answer to your question, please contact us.

What income is not taxed in Illinois?

Illinois doesnt tax pension distributions or retirement plan income, including IRAs, 401(k) plans and government retirement plans.

What can I deduct from Illinois taxes?

Illinois tax deductions Some contributions to college savings accounts. Contributions to ABLE accounts, which are savings plans for people with disabilities. Income from tax-exempt bonds issued by the state or local Illinois governments. Illinois Revenue. 2022 Schedule M. Accessed May 15, 2023. View all sources. .

Is US government interest taxable in Illinois?

For example: Interest on U.S. Treasury notes is included in your federal gross income and is, therefore, included in your total income on your Illinois Income Tax return.

Are gambling losses deductible in Illinois?

Gambling losses - Illinois does not allow a deduction for gambling losses. Your federal itemized deductions from federal Form 1040 Schedule A, Itemized Deductions.

Is US government interest taxable to the state?

Interest income from Treasury bills, notes and bonds - This interest is subject to federal income tax, but is exempt from all state and local income taxes.

Does Illinois tax foreign interest income?

Interest income you received while you were a nonresident, other than business interest income, is not taxed by Illinois. Enter the total amount of dividend income from Column A you received as an Illinois resident.

What is Schedule M on the Illinois 1040?

Schedule M, Other Additions and Subtractions for Individuals, allows you to figure the total amount of additions you must include on Form IL-1040, Individual Income Tax Return, Line 3 and subtractions you may claim on Form IL-1040, Line 7.

Is my Illinois AGI the same as my federal AGI?

Your Illinois income includes the adjusted gross income (AGI) amount figured on your federal return, plus any additional income that must be added to your AGI.

Can you deduct losses from gambling winnings?

You may deduct gambling losses only if you itemize your deductions on Schedule A (Form 1040) and kept a record of your winnings and losses. The amount of losses you deduct cant be more than the amount of gambling income you reported on your return.

Can I use a win loss statement for taxes?

Can a win loss statement be used for tax purposes. Yes, you can use it for your tax year if you have won and lost money through gambling venues such as lotteries, raffles, horse races, and s.

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