OK, On my schedule K-1-P line 33 says "Illinois replacement tax deducted" and has the same amount in column A and B.
What the F do I have to do with this for my Illinois taxes? Does it go on schedule M somewhere? If so, where? If not, where does it go? Can I just ignore it?
Its the only thing I have left to do and have never had an amount here before so I have NO clue!!!.
Nope, no instructions on what to do with it.
tro
Favorite Answer
your K(1) should have instructions with it to indicate where to claim it
fennessey
i think of what you propose is you gained a ok-a million (you do no longer might desire to report it) and which you have been disbursed a loss on the ok-a million. in spite of if it truly is an basic loss, you likely can deduct it out of your earnings. If what you truly gained replaced into some variety of cost allocation, which would be venture to dissimilar barriers. in case you gained a capital loss it truly is deductible as much as $3,000/3 hundred and sixty 5 days, after which you will choose capital features to deduct extra of the loss, or you will carry it over to years to come. according to hazard you will possibly desire to coach me the ok-a million this weekend.