Form 1120-S (Schedule M-3) Illinois 2019-2025

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

Schedule M (R-12/21) 1. Table of contents (Form 1120) 2. Schedule M-3 (Form 1120-S) 3a Payments of income tax 3b Payments attributable to a distribution (Schedule M) 4a Payments from foreign source income 4b Payments attributable to a distribution (Schedule M) 4c Nonforfeiture items 6a Nonforfeiture items 7a Information returns 8a Income tax refund or return, report (or other report) and pay (if applicable) 9a (1) Payments from the following sources: (2) For a domestic corporation, a credit for income taxes paid on undistributed income, or for income taxes paid on undistributed income, plus an amount equal to the difference between the amount reported on line 1, with respect to the taxable year, and the tax allowed in the foreign country as required by the foreign tax credit law. (3) For non-resident aliens, the sum of: (a) The income tax allowed on undistributed income (line 9c, Form 1040), plus Note: This table is not required for a corporate S corporation. See chapter 3 for information regarding the form required to determine the corporation's taxable income. The number on each line is a reference number for that line; as such, the number should be repeated for each line of the table. For more information, see the instructions for Schedule MS-3T, Special Instructions for Schedule MS-3, Tax Withholding on Foreign Income and Expatriates. (b) The amount shown for the foreign taxable income on line 11 (the amount reported on line 8), plus An amount sufficient to satisfy the tax on the undistributed income (line 9b, Form 1040). (4) For a domestic corporation not described in paragraph (a), you should also attach a statement identifying the foreign-source income on which there was a tax withheld under section 901. If the corporation elects to have this amount withheld under section 902, it must complete and attach Form 1041-S, U.S. Income Tax Return Withheld under section 902, for each separate tax year for which it elects to have section 902 not apply to its undistributed income.

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