IL Schedule SA Specific Accounting Method of Computing Net Income for Individuals in Lacerte

Does Lacertesupport Illinois (IL-1040) Schedule SA - Specific Accounting Method of Computing Net Income for Individuals?

Solution:

Illinois Schedule SA has been included in the Illinois form set in the following tax types starting with the 2017 program:

• Individual
• Fiduciary
• Corporate
• Exempt

This form can be accessed on the IL Department of Revenue website: https://www2.illinois.gov/rev/individuals/Pages/default.aspx

If you are using the specific accounting method to calculate the tax, and the Schedule SA has been manually prepared outside of Lacerte;

1. Go to Screen 54.071, Illinois Taxes.
2. Enter the calculated amount in the field Schedule SA tax [O] (code 3).
   • This entry overrides Illinois tax before recapture of investments credits on IL-1040, line 13.

The instructions for this schedule indicate it must be included with the filing of the return.  At this time IL does not support PDF attachments with e-field returns. This return must be paper filed.