IL-4644: Gains from Sales of Employer’s Securities Received from a Qualified Employee Benefit Plan (2024)
Illinois · Illinois DOR · Used for tax years 2024
Form IL-4644 reports gains from sales of an employer’s securities received from a qualified employee benefit plan and calculates net unrealized appreciation. It also calculates an additional amount for securities received in a distribution before August 1, 1969. Attach it and a c
Who files this form
Form IL-4644 is for reporting gains from sales of an employer’s securities received from a qualified employee benefit plan. The form includes options for individuals and estates or trusts.
Attach it and a copy of your federal Schedule D to Form IL-1040 or Form IL-1041.
What you'll need
Have the following ready:
- Your Form IL-1040 or Form IL-1041 and a copy of your federal Schedule D.
- Your taxable year, name as shown on your Illinois return, and Social Security number (SSN) or federal employer identification number (FEIN).
- For each sale: the security description, distribution month and year, sale month and year, and federal gain.
- The stock’s market value and federal tax basis on the distribution date.
- For securities distributed before August 1, 1969: the August 1, 1969 value or applicable fraction, and federal tax basis as of that date.
If Line 18 is a gain, you must also complete Schedule F.
How to file
- Enter your taxable year, name, and SSN or FEIN. Check whether you are filing as an individual or an estate or trust.
- List each security sale separately in Step 2.
- Calculate net unrealized appreciation in Step 3. Enter the Line 13 total on Form IL-1040, Line 5, or Form IL-1041, Line 14.
- Use Step 4 to identify securities received in a distribution before August 1, 1969. If Line 18 is a gain, complete Schedule F and enter that amount on Schedule F, Line 3, for your return. Also enter the IL-4644 Line 13 amount on Form IL-1040, Schedule F, Line 13, or Form IL-1041, Schedule F, Line 14.
- Attach Form IL-4644 and a copy of your federal Schedule D to your Form IL-1040 or Form IL-1041.
The supplied form does not give a mailing address or e-file directions.
Common mistakes
- Do not leave out the required attachments: Form IL-4644 and a copy of federal Schedule D must accompany your Illinois return.
- Do not combine sales into one entry. The form says to list each sale separately.
- In Step 3, enter zero in Column G if Column F is greater than Column E.
- Do not skip Schedule F if Line 18 is a gain. The form requires it and gives entries for both the Line 13 and Line 18 amounts.
- Provide the required information. The form warns that failure to do so could result in a penalty.
Questions people ask
Can an estate or trust use this form?
Yes. The form has an “Estate or trust” checkbox and includes directions for entries on Form IL-1041.
Do I need to include federal Schedule D?
Yes. Attach a copy of federal Schedule D along with Form IL-4644 to your Form IL-1040 or Form IL-1041.
Where does the Line 13 total go?
Enter it on Form IL-1040, Line 5, or Form IL-1041, Line 14. If you must file Schedule F because Line 18 is a gain, also enter it on Form IL-1040, Schedule F, Line 13, or Form IL-1041, Schedule F, Line 14.
When does this form require Schedule F?
If Line 18 is a gain, you must complete Schedule F. Enter the Line 18 amount on Schedule F, Line 3, for Form IL-1040 or Form IL-1041.
What if the stock’s federal tax basis exceeds its market value on the distribution date?
In Step 3, if Column F is greater than Column E, enter zero in Column G.