RaifH
Expert Alumni

Investors & landlords

Are there other credits on your tax return that could be impacted by the increase in income? Many credits start to be phased out or eliminated once your income reaches a certain threshold. The same with certain deductions that are tied to your AGI, like medical expenses. You can check to see if any other numbers may be affected by previewing your 1040.

 

I am also not certain why Illinois should not tax the dividends. Are they from a state-sourced bond or mutual fund or a high impact business

 

To preview Form 1040:

  1. Open or continue your return.
  2. Select Tax Tools in the left menu (if you don't see this, select the menu icon in the upper-left corner).
  3. With the Tax Tools menu open, you can then view your 1040 form: Select Tools. Next, select View Tax Summary in the pop-up, then Preview my 1040 in the left menu