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Springfield Missouri Form 1120-S (Schedule M-3): What You Should Know

Enter the total of your Illinois portion and your total Illinois income on line 1. You may have to multiply Line 1 by a multiple of 12 to do this and to make sure it all adds up. Illinois portion: Enter your total Illinois net income from line 5 of Form MO-3. IL-1040, Individual Income Tax Return: Line 1 – 0 Line 2- Subtract Line 1 from line 6 of Form MO-3. Illinois Subtract Line 3 from Line 4 of Form MO-3. Illinois Subtract Line 5 from Line 6 of Form MO-3. IL-1040, Individual Income Tax Return: Subtract from line 1 the amount of gross income that is from Illinois. IL-1040, Individual Income Tax Return: Enter on line 1 your total Illinois gross income from line 5 of Form MO-3. Federal Income Tax Calculation If you do not qualify for the Illinois state or local tax deduction, use the Internal Revenue Service (IRS) gross income limit from Schedule M-9,  Illinois Schedule M -9 IR-4500, Tax on Net Income for Self-Employed Individuals — Illinois Sales and Use Tax Deduction In determining your Illinois tax, you must reduce state and federal income taxes to make sure you deduct all Illinois income taxes. It does not matter whether you also deduct Illinois and other taxes. Use IRS Gross Income Limitations, table 1 to see what portion of your Illinois income tax is used to reduce the federal income tax. Table 1 shows a federal gross income of 150,000. If you have less than 150,000 in Illinois income, it is zero. If you have more than 150,000, it is 75,000. Your total Illinois income is 175,000. If your income is 175,000, your federal gross income is less than, or zero, for tax purposes under section 6401 of the Internal Revenue Code. This is called a carry-back amount. To get this tax break, you must carry back your 75,000 to the previous year. You do this by deducting it from your tax return as a business expense. When it is deducted from your gross income, your carry-back amount is 75,000. This is your Illinois carry-back amount minus the federal carry-back amount. Your carry-back amount is rounded off to the nearest tenth of a cent.

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