Schedule 1299-A: Tax Subtractions and Credits (for partnerships and S corporations) (2024)
Illinois · Illinois DOR · Used for tax years 2024
Illinois Schedule 1299-A is used by partnerships and S corporations to figure tax subtractions and credits. It reports dividend, contribution, and interest subtractions, as well as credits earned, received through Schedule K-1-P, or transferred. Attach it to Form IL-1065 or IL-11
Who files this form
Schedule 1299-A is for partnerships and S corporations reporting the tax subtractions and credits listed on the schedule. Attach it to Form IL-1065 or Form IL-1120-ST.
The 2024 version applies to tax years ending on or after December 31, 2024.
Some parts are limited to specific filers:
- The Contribution Subtraction is for Form IL-1120-ST filers only.
- The two Interest Subtraction sections are for Form IL-1120-ST financial organizations only.
What you'll need
- Your Form IL-1065 or Form IL-1120-ST, including the name shown on the return and your federal employer identification number (FEIN).
- Schedule 1299-I, Income Tax Credits Information and Worksheets, and the Schedule 1299-A Instructions. The form directs you to these for completion guidance.
- Schedule(s) K-1-P or K-1-T if reporting distributive shares of the dividend subtractions.
- Schedule(s) K-1-P if reporting distributive shares of the contribution or interest subtractions.
- The details requested for each subtraction or credit, such as corporation and zone names, dividend or contribution amounts, loan information, credit codes, and certificate numbers.
If you need more lines, attach a separate schedule in the same format with all required information.
How to file
Attach Schedule 1299-A to your Form IL-1065 or Form IL-1120-ST.
- Enter your name as shown on your return, FEIN, and tax year ending month and year.
- Complete the applicable subtractions in Step 1. Transfer each total to the return line specified on the schedule.
- Complete the Research and Development worksheet in Step 2 only if you earned that credit during the current tax year.
- List your credits in Step 3. Use Schedule 1299-A Instructions and Schedule 1299-I for guidance on the columns and reporting each owner's share on Schedule K-1-P.
The supplied form text does not give a mailing address or e-file directions.
Common mistakes
- Not rounding amounts: All figures should be rounded to whole dollars.
- Leaving out overflow details: If you have more subtractions or credits than available lines, attach a separate schedule in the same format with all required information.
- Omitting required information or claiming a credit that does not exist: The form warns that this may lead to correspondence from the Department, disallowed credits, and delayed processing.
- Failing to provide required information: The form states that this could result in a penalty.
Questions people ask
How is the Research and Development credit calculated on this schedule?
Enter the base-period average expenses and current-year expenses from Line 6 of the Schedule 1299-I Research and Development Worksheet. Subtract the base-period average from current-year expenses. If negative, enter zero. Multiply the result by 6.5% and enter the credit in Step 3, Column E, using credit code 5340.
How do I total the credits in Step 3?
For each line, add Column E, Credit Amount Earned; Column F, Distributive Share Credit from K-1-P; and Column G, Transferred Credit Amount. Enter the total in Column H.
Where does the Contribution Subtraction total go?
Enter the total on Schedule 1299-A, Line 9, and Form IL-1120-ST, Line 29. This subtraction is for Form IL-1120-ST filers only.