I received dividend income from Abbvie, how do I indicate that on my Illinois return as it's exempt from state tax?

[Anonymous]

use form 1299-c.  the high impact business section

https://investors.abbvie.com/static-files/c827a5bb-9523-4cb3-a3ed-5a42d38d40e1

[ab148236]

This link is outside TurboTax and only explains what we are trying to do, not how to do it.

[ab148236]

This article on 1299-C states there is a section on High Impact Business Investment.

What is the IL 1299-C form? 

However, when we try to subtract dividends it is a property question instead of a dividends question.

 Are we missing something?

[AmyC]

Using IMPORTANT TAX INFORMATION PLEASE RETAIN ... - AbbVie

Follow these steps:

1. In the state program, go to the business section 
2. Scroll down and select High Impact Business
3. Yes
4. Enter the information required, Zone is Chicago. Sub zone 22S
5. Continue

@ab148236

[billyp8]

yeah that option not there in 2023

[AmyC]

@billyp8  Yes, it is but it has moved and changed names. Follow these steps:

1. Open your return
2. Open your state of IL return
3. Go to the summary screen
4. Select Income
5. Select River Edge redevelopment zone dividend subtraction
6. Enter the information

[lfvc2000]

I don't see this option in 2023 IL tax return, please help.  Thanks.

[AmyC]

The credit goes through 2026. To enter it for the 2023 tax return:

Online:

1. Go through until you reach the screen Take a look at Illinois credits and taxes
2. Select the drop down arrow
3. Select River Edge, start
4. Enter the information

Desktop:

1. Switch to Forms mode
2. Open form 1299
3. Enter the information under River Edge
4. There are no overrides so this does not affect your accuracy guarantee

@lfvc2000 

Online:

Dekstop:

[jriker1]

Do you do both the Rivers Edge Redevelopment and High Impact Business areas?  See both in the post.

Also is there a place to go back X number of years since I just found out about this after having the stock for 18 years?