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Form 1040 (Schedule J) Illinois: What You Should Know
You can find the tax consequences of using the same type of basis in making both of your earnings and profits of Controlled Foreign Corporations. Forms 1040A, 1040EZ and 1040A/1040EZ-EZ (Form 1040A, 1040EZ or 1040A/1040EZ-EZ) • IRS If your foreign corporation controlled your foreign corporation, and you make both of your earnings and profits on both your foreign controlled and your foreign controlled earnings and profits, you can elect to use the same basis for both. You cannot make that election for any year if one of the following applies: Income of controlled foreign corporation. Amount of controlled foreign corporation earnings (excluding any part of the controlled foreign corporation earnings attributable to controlled foreign corporation stock). Use the same basis in making either your earnings and profits of a controlled foreign corporation or of a controlled foreign corporation owned by you. 2024 Form IL-1120, Step 3 — Illinois.gov Note : This is a foreign earned income exclusion number (VEIN), not an Illinois withholding tax number (IRA). Illinois Tax Guide — Form 1040 • Illinois.gov Form Illinois-1120-3 (2022): 2022 Form IL-1120, Step 3 — Illinois.gov Under section 2-401 (d) (8), an employer of a corporation that is a resident of Illinois is not required to withhold Illinois income tax against an employee's pay to a foreign corporation, the payment of which is exempt from Illinois tax under section 2-409 (a), (c) or (d). Illinois does not have an income tax or any withholding requirement to withhold an employee's pay to a foreign corporation and, by law, does not withhold Illinois income tax against the employee's pay to a foreign corporation, as long as such payment is subject to Form 1099-B. If the foreign corporation is a controlled foreign corporation, your foreign earnings and profits from the sale of property that you hold for sale in Illinois are exempt from Illinois income tax on a net basis. The gross amount of your non-exempt foreign earnings and profits (but not your exempt foreign earnings and profits from the sale of property) is includible in gross income for purposes of section 391 and section 4985 (other than section 4985.01), but only if you are eligible for the exclusion.
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