What is the IL 1299-C Income Tax Subtraction and Credits form?

[BillM223]

This is an Illinois state tax form that is for "Income Tax Subtractions and Credits (for individuals)". It applies only to some taxpayers.

Subtractions (from income):

• River Edge Redevelopment Zone Dividend Subtraction
• High Impact Business within a Foreign Trade Zone (or sub-zone) Dividend Subtraction

Credits (against tax):

• Research and Development credit
• Instructional Materials and Supplies credit
• Adoption credit

If any of the items above apply to you, TurboTax will generate this form automatically.

[Dawn9]

How do I get TurboTax to do this form?  There seems to be nowhere to select it.

[Dawn9]

Never mind.  I just found it. 

[salqueen]

where do you find the 1299C form?

[DaveF1006]

The 1299C form is generated in your Illinois Income Tax return if you claim certain credits or subtractions in your Illinois return. As you navigate through your Illinois state return you will arrive at a page that says Take a look at Illinois Credits and Taxes:

1. At the bottom of that page is a section that says Business and Investment Credits. 
2. If you claim any of those credits, you will generate a Ill 1299C in your Illinois State return.

[BettyLS]

Hi DaveF1006,
I followed your instructions.
At the bottom of the page Take a look at Illinois Credits and Taxes, I cannot find Business and Investment Credits. 

[paylesstax]

Illinois based Corporations are:

Abbvie Inc

Abbott Laboratories

Caterpillar

Walgreens Boots Alliance

Illinois residents who receive dividends from these corporations, can subtract these dividends from their Illinois Taxable Income by using Form 1299-C for IL-1040 state return.

[friesfam]

Turbo Tax asked for the "TP Certificate Number" then stated if you don't know it mark NA.  I researched that term and found nothing so I inserted NA.  then my son told me that he has a license number so he gave it to me and I went back to insert it and cannot find a place to insert it.  Not even on the Form itself.  I can find my NA answer on the form but it will not allow me to override it on the form.

[FangxiaL]

Follow these steps to update the TP Certificate number:

1. Click Edit or Continue to open your IL state return
2. Answer the questions on the screens that follow 
3. Continue till you reach the screen that says Take a look at Illinois credits and taxes
4. Click Revisit next to the program that generated Schedule 1299-C and update the information as needed.

@friesfam

[Ldurbin525]

Why was this form not auto-generated for my adoption credit? I just received a letter from the state of Illinois. How do I fix my 2021 taxes?

[AmyC]

TurboTax has a special phone number for help with tax letters. Click on the blue button that says "Get help from TurboTax support" after you click here. They will be able to guide you through the next steps needed based on what your letter says. 

I can't address why the form was not generated without knowing more.

@Ldurbin525

[maddockjim]

@paylesstax Do Caterpillar and Abbvie still qualify for River Edge Development Zone Dividend subtractions on Illinois state income tax form 1299-C in 2022? I used Peoria as the zone for Caterpillar but wasn't aware Abbvie qualified.  What zone are they in?  How many years can I go back and submit an amended return for Illinois? 

[AmyC]

1. Caterpillar and Abbvie qualify.

2. According to Caterpillar Inc.:

Caterpillar Inc. is located in a federally designated Foreign Trade. Sub-Zone (Peoria/Sub Zone 114A). 

According to Abbvie:

AbbVie Inc. is located in a federally designated Foreign Trade Sub-Zone. (Chicago/Sub Zone 22S). 

3. Yes. You can amend 3 years back, 2021, 2020, and 2019. The 2019 must be filed by April 15 of this year.

[maddockjim]

Thank you Amy!

How do you find what companies qualify for these credits/subtractions and what zone they are in? I'm wondering if I have dividends from any other companies that qualify for this.

Jim