Schedule M (IL-1040): Other Additions and Subtractions for Individuals (2024)
Illinois · Illinois DOR · Used for tax years 2024
2024 Illinois Schedule M is used by individuals to calculate other additions and subtractions reported on Form IL-1040, Lines 3 and 7. It attaches to Form IL-1040 and lists items such as certain income, college savings and ABLE contributions, and special depreciation adjustments.
Who files this form
Complete 2024 Schedule M if you must add certain income on Form IL-1040, Line 3, or you are entitled to claim subtractions on Form IL-1040, Line 7.
Attach Schedule M to your Form IL-1040. If you are attaching it to an amended Form IL-1040-X, check the box at the top of the schedule.
What you'll need
Have your name as shown on Form IL-1040 and your Social Security number ready. Depending on the items you report, the form requires these attachments:
- Partnership, S corporation, trust, or estate amounts: Illinois Schedule K-1-P or K-1-T for Lines 2 and 14. For Line 14, the schedule must identify you as the partner, shareholder, or beneficiary and list your Social Security number.
- Special depreciation: Form IL-4562 for Lines 5 and 19.
- Military pay: Your military W-2 for Line 21.
- U.S. government interest: A copy of federal Form 1040 or 1040-SR, Schedule B, if required federally, for Line 22.
- Valuation limitation subtraction: Schedule F and required federal forms for Line 23.
- River edge redevelopment zone and high impact business dividends: Schedule 1299-C for Line 24.
- Recovery of previously deducted items: Federal Form 1040 or 1040-SR, Page 1, Schedule 1, and any other required federal forms for Line 25.
- Railroad sick pay or unemployment income: Form 1099-G or W-2 and a copy of your federal return for Line 37.
For college savings contributions on Line 13 and qualified Illinois ABLE contributions on Line 20, you need each account number and contribution amount. Mark whether each contribution was a gift.
How to file
Attach Schedule M to your 2024 Form IL-1040. Check the amended-return box if attaching it to Form IL-1040-X. The supplied form does not give a mailing address or e-filing instructions.
To complete the schedule:
- Complete Schedule 1299-C, Schedule F, or Form IL-4562 first if you are required to use them.
- Enter your name and Social Security number in Step 1. Use whole-dollar amounts.
- Figure additions in Step 2. Add Lines 1 through 11 and enter the total on Schedule M, Line 12, and Form IL-1040, Line 3.
- Figure subtractions in Step 3. Carry the total from Line 32 to Line 33, then add Lines 33 through 41. Enter the total on Schedule M, Line 42, and Form IL-1040, Line 7.
- Attach the supporting forms required for the lines you complete.
Common mistakes
- Completing Schedule M too soon: If required, complete Schedule 1299-C, Schedule F, or Form IL-4562 first.
- Using cents: The schedule calls for whole dollars only.
- Claiming the same subtraction twice: Do not claim subtractions reported on Line 14 on any other line of Schedule M.
- Claiming Lines 21 through 31 without checking income: Enter these amounts only if included in Form IL-1040, Lines 1, 2, or 3.
- Including mutual fund interest on Line 34: Do not include interest received indirectly through owning mutual fund shares.
- Leaving required information out: The form warns that failure to provide required information could result in a penalty.
Questions people ask
What is the college savings contribution subtraction limit for 2024?
For contributions to Bright Start, Bright Directions, and College Illinois, Line 13 uses the smaller of your total contributions on Line 13a or $10,000. The limit is $20,000 if married filing a joint return.
What is the Illinois ABLE contribution subtraction limit for 2024?
Line 20 uses the smaller of your total qualified Illinois ABLE contributions on Line 20a or $10,000. The limit is $20,000 if married filing a joint return.
How do I report a contribution made as a gift?
For college savings contributions on Line 13 and Illinois ABLE contributions on Line 20, enter the account number and contribution amount, then check the box in Column C if the contribution was a gift.
Where do the Schedule M totals go?
Transfer total additions from Schedule M, Line 12, to Form IL-1040, Line 3. Transfer total subtractions from Schedule M, Line 42, to Form IL-1040, Line 7.