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Illinois Schedule SA


Ringers

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I use Pro Series and the users in their forum are having a hard time convincing the "powers that be" that the IL SA (Specific Accounting) form is a necessity for this year.  IL raised its tax on 7/1/17, and the SA form lets you do a calculation at the old rate and new rate for half of the year and then combine the two instead of using the "blended" rate that the form uses to calculate the taxes.  For tax preparers especially the form is an absolute necessity, as much of the income comes in during the first half of the year.

What I would like to know is if ATX and Drake have the form in their programs.  Perhaps we Pro Series users could parlay that knowledge and create a fire under Intuit programmers.

Thanks much!!

 

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12 hours ago, Ringers said:

I use Pro Series and the users in their forum are having a hard time convincing the "powers that be" that the IL SA (Specific Accounting) form is a necessity for this year.  IL raised its tax on 7/1/17, and the SA form lets you do a calculation at the old rate and new rate for half of the year and then combine the two instead of using the "blended" rate that the form uses to calculate the taxes.  For tax preparers especially the form is an absolute necessity, as much of the income comes in during the first half of the year.

What I would like to know is if ATX and Drake have the form in their programs.  Perhaps we Pro Series users could parlay that knowledge and create a fire under Intuit programmers.

Thanks much!!

 

Are your clients (non w-2) giving you a break down of earnings between periods?

Now I have a question, if the TP is a W-2 employee all year this form would not apply correct? 

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ILLMAS:

 

Anyone can use the SA, even a W-2 employee if he received a large bonus during the first half of the year, or he may have sold stocks for a gain during the first half of the year.  Any aberration that would have had h8im receive more income in the period 1/1 through 6/30 than in 7/1 through year end would make filing the SA beneficial.

 

LION:

If you had more income after 7/31, the SA form would tax that at the higher rate.  Income prior to July 1 would be taxed at the old rate of 3.75%; income after June 30 would be taxed at the new rate of 4.95%.  Not using the SA form taxes all income at the blended rate of 4.3549%

 

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