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karifrey91
New Member

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

 
11 Replies
BillM223
Expert Alumni

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

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.

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Dawn9
New Member

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

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

Dawn9
New Member

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

Never mind.  I just found it. 

salqueen
Returning Member

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

where do you find the 1299C form?

DaveF1006
Expert Alumni

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

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.
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BettyLS
New Member

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

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
New Member

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

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
Returning Member

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

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
Expert Alumni

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

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
New Member

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

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
Expert Alumni

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

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

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