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Illinois NonResident and Part Year Taxable Capital Gains and Losses

Use the following worksheet to calculate the Illinois portion of capital gains and losses. Income Apportionment Formula (IAF) Worksheet: ________________________ / __________________________ = ________________________ Total Sales Inside

How do I report gambling winnings and gambling losses?

on gambling income and losses: Reporting winnings: The full amount of your gambling winnings for the year must be reported on line 21, Form 1040. You may not use Form 1040A or 1040EZ. This rule applies regardless of the amount

Illinois NonResident and Part Year Taxable Other Gains or Losses

Use the following worksheet to calculate the Illinois portion of Other Gains/Losses from business. Illinois Apportioned Income Worksheet: ________________________ / __________________________ = ________________________ Total Sales Inside

Please explain all of the deductions and credits that are available related to my job.

. Moving Expenses: If you moved to a new home during the year, you may be able to deduct many of the moving costs. To be deductible, the move must meet three of the following requirements: Your move is closely related to the start of work You

Please explain all of the deductions that are available related to my home.

deduct any qualifying real estate taxes that you paid to state, foreign, or local government agencies (such as your town office, county, parish, or other tax assessor). Mortgage Insurance Paid: Another common deduction related to your home

Illinois NonResident and Part Year Taxable Business Income or Losses

Use the worksheet below to calculate the portion of Illinois Business income or losses that needs to be included on your Illinois return. If there is more than one business, you will calculate each business separately and then add

Please explain all of the credits that are available related to me and my family.

Child and Dependent Care Costs: If you paid someone to care for your child who is under age 13 (such as daycare), you may be able to reduce your tax by claiming the Credit for Child and Dependent Care Expenses. You can also claim this credit if you paid for someone to care for a disabled spouse or dependent who lived with you more than half of the year. Please review this link for more information: Publication 503 . Earned Income Credit: The Earned Income Credit (EIC) is a tax credit for certain people who work and have low wages. We will automatically calculate the amount of your EIC if you are eligible. However, if you have previously been disallowed from receiving EIC, but want to claim it on your return this year, you are required to fill out Form 8862 . If you would like more information in regards to the Earned Income Credit, please review Publication 596 . Adoption Expenses: If you adopted, or attempted to adopt, an eligible child (including any disabled person or a foreign child) you may be able to take a tax credit for any qualifying expenses that you paid. An eligible child is any child under age 18. If the child turned 18 during the year, the child is an eligible child for the part of the year he or she was under age 18. Qualifying Adoption Expenses include: Adoption Fees Attorney Fees Court Costs Travel expenses (including meals and lodging) while away from home, and Re-adoption expenses relating to the adoption of a foreign child Qualifying Adoption Expenses do not include expenses: For which you received funds under any state, local, or federal program That violate state or federal law, For carrying out a surrogate parenting arrangement, Paid or reimbursed by your employer or any other person or organization, or Allowed as a credit or deduction under any other provision of federal income tax law To claim this credit, the adoption generally must have become final. There are a few exceptions dependent on the type of adoption (Domestic or Foreign). For more information, please review the 8839 Instructions .

Please explain all of the credits and deductions that are available related to retirement and investment.

IRA Deductions Generally, any contributions that you (or your spouse, if applicable) made to a Traditional IRA qualify as a deduction on your return. Roth IRA contributions are not deductible. Sometimes this deduction may be limited. By entering the amount of your contributions and some other basic information, TaxSlayer will determine if you are entitled to this deduction. Retirement Savings Contribution Credit If you made any of the following retirement savings contributions, you may be eligible for an additional tax credit. Qualifying contributions include: Traditional IRA Contributions Roth IRA Contributions Elective deferrals to a 401(k), 403(b), governmental 457, SEP, or SIMPLE plan Voluntary employee contributions to a qualified retirement plan (including a Thrift Savings Plan) Contributions to a 501(c)(18)(D) plan Investment Interest Investment interest is interest that was paid on money that you borrowed to buy property that is held for investment. If you paid this type of interest, you may be eligible for a deduction. Examples of this type of interest include: Interest that you paid on securities in a margin account Interest you paid on a loan that you took out to invest in a business with someone else Interest you paid on a loan that you used to buy stocks Hint: If you received any of the following K-1s, you can file for this deduction if you have an amount in the corresponding box: Schedule K-1, Form 1065: Box 13, Code G; Box 20, Code A; Box 20, Code B Schedule K-1, Form 1120S: Box 12, code G; Box 17, Code A; Box 17, Code B Schedule K-1, Form 1041: Box 14, Code E SEP, Simple, Qualified Plan Contributions If you were self-employed or a partner, you can generally deduct any contributions you made to a SEP, SIMPLE IRA, SIMPLE 401(k), or Qualified Plan for your employees.

Please explain all of the deductions and credits that are available related to my auto and my other personal property.

Car Registration Fees If you own a car, you probably pay a yearly fee for car registration. All or part of this registration fee may be an additional deduction for you on your return. The IRS will allow you to deduct any taxes included in your registration fee that you are charged based on your vehicle's value. This does not include the yearly tag fees but only the Ad Valorem Tax which is in addition to the tag fee. Example: Your state charges a yearly motor vehicle registration tax of 1% of value plus 50 cents per hundredweight. You paid $32 based on the value ($1,500) and weight (3,400 lbs.) of your car. You can deduct $15 (1% × $1,500) as a personal property tax because it is based on the value. The remaining $17 ($.50 × 34), based on the weight, is not deductible. Property Taxes on Personal Property (motor homes, boats, etc.) Personal property tax is deductible if it is a state or local tax that is: Charged on personal property, Based only on the value of the personal property, and Charged on a yearly basis, even if it is collected more or less than once a year. A tax that meets the above requirements can be considered charged on personal property even if it is for the exercise of a privilege. For example, a yearly tax based on value qualifies as a personal property tax even if it is called a registration fee and is for the privilege of registering motor vehicles or using them on the highways. If the tax is partly based on value and partly based on other criteria, it may qualify in part. Common examples of property that are taxed like this include mobile homes, boats, motor homes, airplanes, and other recreational vehicles.

Wisconsin Credits

treated as interest. Contributions and interest allocated to you by a tax-option (S) corporation if you treated the amount as a subtraction. All casualty and theft losses except casualty losses that are directly related to a federally-declared