topic I have a form ST-556 which is the "Sales Tax Transaction Return," where do i put this on my taxes in Get your taxes done using TurboTax

I have a form ST-556 which is the "Sales Tax Transaction Return," where do i put this on my taxes

Meytor — Sat, 01 Jun 2019 00:08:32 GMT

If you are the buyer of a large item( vehicles, watercraf...

IsabellaG — Sat, 01 Jun 2019 00:08:34 GMT

If you are the buyer of a large item( vehicles, watercraft, aircraft, trailers, and mobile homes) you can add that sales tax to your sales tax table amount to see if your sales tax paid is higher than your state income tax. Turbo Tax will compute which expense results in the higher deduction. The ST-556 should show the amount of sales tax paid on that purchase.

Go to Federal Taxes> Deductions and Credits>Taxes and choose Sales Tax. When you see the screen How do you want to enter your sales tax info? choose Easy Guide. After you enter your state's sales tax rate, you'll see the screen Major Purchases. You will answer YES, you did make major purchases, and then you will be able to enter the information from your ST 556

If you are the seller, there is no place on your Federal Tax return to enter this. Sales tax is collected at the time of the sale and remitted to the state, but it is not part of your income and there is no deduction for it.

Re: I have a form ST-556 which is the "Sales Tax Transaction Return," where do i put this on my taxes

Taylatham — Mon, 15 Feb 2021 01:26:14 GMT

How do i file form ST-556 on turbotax?

Re: I have a form ST-556 which is the "Sales Tax Transaction Return," where do i put this on my t...

Irene2805 — Mon, 15 Feb 2021 15:34:00 GMT

Illinois Form ST-556 is not an income tax form and is not included in your state tax return. TurboTax does not support this form.

According to the Instructions for Form ST-556:

Form ST-556 can be filed electronically using MyTax Illinois at mytax.illinois.gov. The Illinois Department of Revenue also issues preprinted paper forms in limited quantities. You can request preprinted returns by calling our Central Registration Division at 217 785-3707. You can also request preprinted returns using MyTax Illinois. Note that preprinted forms display information for each of your business locations. Related sales and use tax forms are available on our website at tax.illinois.gov