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Instructions for Form IL-1120 Schedule J
for the current year.
Instructions for Form IL-1120 Schedule J Foreign Dividends - Illinois
This document contains official instructions for Form IL-1120 Schedule J, Foreign Dividends - a form released and collected by the Illinois Department of Revenue.
FAQ
Q: What is Form IL-1120 Schedule J?
A: Form IL-1120 Schedule J is a tax form used by corporations in Illinois to report foreign dividends.
Q: Who needs to file Form IL-1120 Schedule J?
A: Corporations in Illinois that have received foreign dividends during the tax year need to file Form IL-1120 Schedule J.
Q: What are foreign dividends?
A: Foreign dividends are dividends paid by foreign corporations to a U.S. corporation.
Q: What information is required on Form IL-1120 Schedule J?
A: Form IL-1120 Schedule J requires information about the foreign dividends received, including the name of the foreign corporation, the country of incorporation, and the amount of dividends.
Q: When is the deadline for filing Form IL-1120 Schedule J?
A: The deadline for filing Form IL-1120 Schedule J is the same as the deadline for filing the corporate income tax return in Illinois, which is typically on or before the 15th day of the 3rd month following the close of the tax year.
Q: Are there any penalties for not filing Form IL-1120 Schedule J?
A: Yes, there can be penalties for not filing Form IL-1120 Schedule J or filing it late. It is important to comply with all tax filing requirements to avoid penalties and interest charges.
Q: Can Form IL-1120 Schedule J be filed electronically?
A: Yes, Form IL-1120 Schedule J can be filed electronically through the Illinois Department of Revenue's e-file system.
Q: Is Form IL-1120 Schedule J only for foreign dividends?
A: Yes, Form IL-1120 Schedule J is specifically for reporting foreign dividends. Other types of income or deductions should be reported on other applicable tax forms.
Q: What if I have additional questions about filling out Form IL-1120 Schedule J?
A: If you have additional questions or need further assistance, you can contact the Illinois Department of Revenue or consult with a tax professional.
Instruction Details:
- This 1-page document is available for download in PDF;
- Actual and applicable for the current year;
- Complete, printable, and free.
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