Welcome Guest. Register Now!  



Reply
 
LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 03-03-2008, 12:01 AM
Junior Member
 
Join Date: Jan 2007
Posts: 7
Question Am I required to report tax-exempt dividends on my state income tax return?

I was concerned whether or not to report my federally tax-exempt dividends on my Illinois State Income Tax Return?

Eagerly awaiting your answer..! Tks..


Last edited by InTheWindyCity : 03-04-2008 at 10:40 AM.


Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
  #2 (permalink)  
Old 03-14-2008, 09:57 AM
TaxGuru's Avatar
Tax Guru
 
Join Date: Jan 2007
Location: New Jersey, USA
Posts: 2,417
Blog Entries: 3
Am I required to report tax-exempt dividends on Illinois 1040 Individual Tax Return?

What is Illinois Income?
According to Illinois Individual Tax Law, "your Illinois income includes the adjusted gross income amount figured on your federal return, plus any federally tax-exempt income".

Therefore, despite, this amount being non-taxable on the Federal tax return, on the Illinois 1040 Individual Income tax return, it is added back into income as an addition to the Federally Adjusted Income.

__________________
Find a CPA near you!

Ask TaxGuru Please refer to the legal disclaimer.


Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
Ads
Reply



Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
1099M Income and what tax year to report Stevec1951 Income 1 02-29-2008 06:04 PM
What is the penalty for failure to file Tax-Exempt Organization tax return? TaxGuru Non-Profit Organisation 0 01-09-2008 06:37 PM
Is a Corporation required to a file a tax return even though it had no income? bookkeeping C-Corporation 1 09-16-2007 10:42 AM
Am I required to file an Individual Texas State tax return? Roberto Miscellaneous 1 06-14-2007 11:57 AM
Is my State Tax Refund taxable on my federal and state tax return? Amir Income 1 02-11-2007 01:01 AM

Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 
Individual
 » Income
 » IRA/Sep
 » Medical
 
Corporations
 » Payroll
 
Forum for CPAs
 
Financial Planning
 
 
 

» Recent Tax Q&A
No Threads to Display.