I have owned Abbott and Abbvie stock for many many many years. Recently got more into investing in general and started digging into each stock and their tax implications. Came across Abbott/Abbvie "High Impact Business (“HIB”) Schedule 1299-C".
Just been paying fed/state taxes for many years on these stocks. Not sure I understand about foreign trade zone and is designated a “High Impact Business” concept and the 1299-C form. Can anyone explain to me what this is, how it works, what the impact is to my taxes (assuming positive)? Not a lot out there about it and struggling to understand short of opening like TurboTax and doing a mock walk thru of what it does.
One other item, is there a path to deal with taxes I paid that I probably shouldn't have for let's say the last 18 years around this Illinois specific item?
in short Illinois allows a deduction for these dividends by filing form 1299-C each year if included in federal taxable income
abbott letter
https://www.abbottinvestor.com/static-files/3899893c-6874-4824-89ae-7e137419618b
abbvie
Https://investors.abbvie.com/static-files/35fb1849-bc14-44fe-9a3b-740bb1dc81a8 \
for your information generally these letters are posted on the company's website under shareholder/investor relations
two other publicly traded companies in a HIB zone are Caterpillar and Walgreens
you may even be able to file online
https://tax.illinois.gov/programs/mytax/il-1040-x.html
if you extended your Illinois 2020 return you have until about 10/15/2024 to file an amended return to claim a refund.prior years - it's too late
you are correct. the 1040/1299-C Illinois instructions contain no details about companies whose dividends qualify for a subtraction being either a River Edge Redevelopment Zone or High Impact Business within a Foreign Trade Zone.
as to river edge qualified companies even less info is available
see this website
Yes and thanks. I read that thread but it didn't answer my questions. Well answered some of them but didn't post those other ones as read it first. 🙂
in short Illinois allows a deduction for these dividends by filing form 1299-C each year if included in federal taxable income
abbott letter
https://www.abbottinvestor.com/static-files/3899893c-6874-4824-89ae-7e137419618b
abbvie
Https://investors.abbvie.com/static-files/35fb1849-bc14-44fe-9a3b-740bb1dc81a8 \
for your information generally these letters are posted on the company's website under shareholder/investor relations
two other publicly traded companies in a HIB zone are Caterpillar and Walgreens
you may even be able to file online
https://tax.illinois.gov/programs/mytax/il-1040-x.html
if you extended your Illinois 2020 return you have until about 10/15/2024 to file an amended return to claim a refund.prior years - it's too late
you are correct. the 1040/1299-C Illinois instructions contain no details about companies whose dividends qualify for a subtraction being either a River Edge Redevelopment Zone or High Impact Business within a Foreign Trade Zone.
as to river edge qualified companies even less info is available
see this website
Thanks for the information. So is it fair to say it doesn't effect my Federal return but does my State? Little I found on this sounded like it would make it state free?