Illinois Schedule SA

[Ringers]

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!!

 

[jklcpa]

42 minutes ago, Ringers said:

What I would like to know is if ATX and Drake have the form in their programs.

 

Yes, Drake has it and will compute the IL SA form.

[Ringers]

Thanks, Judy.

Does anyone know about ATX and the IL SA?

 

[ILLMAS]

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? 

[Lion EA]

ProSystem fx has IL Sch SA.  Do I get to choose between the SA and the blended rate?  I have IL farmland, and sell my crops in the fall, usually.

[PaulH]

ATX also has the IL Sch SA form.

[TaxmannEA]

Lion,

Yes you do have the choice of using the blended rate or the SA.

[Lion EA]

Good news for me!  Thank you.

[Ringers]

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%

 

[Lion EA]

That's why I asked if I have the choice to use a blended rate and do not have to segregate my IL income by date.