Schedule 1299-B: River Edge Redevelopment Zone or Foreign Trade Zone (or sub-zone) Subtractions (for corporations and fiduciaries) (2024)
Illinois · Illinois DOR · Used for tax years 2024
Illinois Schedule 1299-B is attached to Form IL-1120 or IL-1041 to calculate River Edge Redevelopment Zone and High Impact Business within a Foreign Trade Zone (or sub-zone) dividend subtractions. It also calculates contribution subtractions for Form IL-1120 filers and interest s
Who files this form
Schedule 1299-B is for corporations and fiduciaries reporting the River Edge Redevelopment Zone or Foreign Trade Zone (or sub-zone) subtractions listed on the form.
- Form IL-1041 filers: Use Step 1 for the River Edge Redevelopment Zone and High Impact Business dividend subtractions.
- Form IL-1120 filers: Use Step 2. This step lists federal Forms 1120, 1120-F, 1120-L, and 1120-PC.
- Interest subtraction sections: These are for Form IL-1120 financial organizations only.
What you'll need
Have your Form IL-1120 or IL-1041 available, along with the information for the subtractions you report:
- Your name as shown on your return, federal employer identification number (FEIN), and year-ending month and year.
- For dividend subtractions: corporation names, zone names, and dividend amounts. Step 2 also asks for dividend deduction amounts.
- For contribution subtractions: zone names, zone organizations, and contribution amounts.
- For interest subtractions: borrower, property securing the loan, year of investment credit, zone of the secured property, property basis, loan amount, and total interest.
Attach Schedule(s) K-1-P or K-1-T for dividend subtraction shares from partnerships, S corporations, trusts, and estates. Attach Schedule(s) K-1-P for contribution or interest subtraction shares from S corporations.
How to file
Attach Schedule 1299-B to your Form IL-1120 or IL-1041.
For Form IL-1041, report the beneficiaries’ share and your share of the dividend subtractions on:
- River Edge Redevelopment Zone: Lines 17a and 17b, respectively.
- High Impact Business: Lines 18a and 18b, respectively.
For Form IL-1120, transfer the Schedule 1299-B totals as follows:
- Line 11 to Form IL-1120, Line 11.
- Line 14 to Form IL-1120, Line 13.
- Line 17 to Form IL-1120, Line 15.
- Line 20 to Form IL-1120, Line 12.
- Line 23 to Form IL-1120, Line 14.
The supplied form does not give a mailing address or e-filing instructions.
Common mistakes
- Leaving out required information: The form warns that failure to provide information could result in a penalty.
- Forgetting attachments: Attach Schedule 1299-B to your return and include the Schedule(s) K-1-P or K-1-T requested for your distributive shares.
- Exceeding the interest calculation limit: On Lines 18 and 21, the result of Column E divided by Column F cannot exceed 1 before it is multiplied by Column G.
Questions people ask
Which step do I complete?
Step 1 is for Form IL-1041 filers. Step 2 is for Form IL-1120 filers.
How do corporations calculate the dividend limitation ratio?
Divide Line 7a by Line 7b, carry the result to six decimal places, and enter it on Line 8.
How is the contribution subtraction calculated?
On Line 15, multiply each contribution amount in Column C by 2 and enter the result in Column D. Add Column D, Lines 15a through 15c, and the distributive share on Line 16. Enter the total on Line 17 and Form IL-1120, Line 15.
Who can use the interest subtraction sections?
The form labels both interest subtraction sections for Form IL-1120 financial organizations only.