Illinois Form 1120 Foreign Dividends

Form 1120 Foreign Dividends
Schedule J - Foreign Dividends
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Illinois Department of Revenue			

Schedule J

Foreign Dividends

____ ____
	Month	 Year
IL Attachment No. 10

Attach to your Form IL-1120

Enter your name as shown on your Form IL-1120.	

	 Year ending

Enter your federal employer identification number (FEIN).

Step 1: Figure your subtraction
The line references in each item refer to U.S. 1120, Schedule C, and must be used to complete Columns A and B. If you did not file a
U.S. 1120, Schedule C, **use the corresponding lines from the federal schedule you filed (see the list under “What must I attach to Schedule J?”). If
you had an IRC limitation, complete Column A, then refer to Step 2 on Page 3 for the correct amounts to enter in Column B, Lines 1 through 3. Do not
include any dividends received from a domestic corporation.

						

A	

B	

C		

D				

E

Enter the following amounts	 Foreign dividends received	
Federal special deduction	
Net amount		
from **Federal Schedule C:	 (U.S. Schedule C, Column (a))	 (U.S. Schedule C, Column (c))	 (Col. A minus Col. B)		

Illinois			 Foreign dividend
percentage				 subtraction

	 1	 Line 6.
	2	 the portion of Line 7

50% (.50)	 =		 1

	X

				 that is from 80% or
				 greater owned foreign
				 corporations.
	3	 the portion of Line 7
				 that is from less than
				 80% owned foreign
				 corporations.
	 4 the portion of Line 13
				 that is from 80% or
				 greater owned foreign
				 corporations.
	 5	 the portion of Line 13
				 that is from 20% or
				 more but less than
				 80% owned foreign
				 corporations.
	6	 the portion of Line 13
				 that is from less than
				 20% owned
				 foreign corporations.
		7 the portion of Line 14
				 that is from 80% or
				 greater owned foreign
				 corporations.
	 8	 the portion of Line 14
				 that is from 20% or
				 more but less than
				 80% owned foreign
				 corporations.
	9	 the portion of Line 14
				 that is from less than
				 20% owned
				 foreign corporations.

	 X 100% (1.00)	=		 2

	X

65% (.65)	 =		 3

	 X 100% (1.00)	=	 	 4 	

	X

65% (.65)	 =		 5

	X

	50% (.50)	 =		 6

	 X 100% (1.00)	=	 	 7 	

	X

X

10	 RESERVED

65% (.65)	 =		 8

	50% (.50)	 =		 9

	 X 100% (1.00) = 	 	10

11	 RESERVED

X

65% (.65) 	= 11

12 RESERVED

X

	50% (.50)	 =	 12

Schedule J (R-12/23)

This form is authorized as outlined by the Illinois Income Tax Act. Disclosure of this
information is REQUIRED. Failure to provide information could result in a penalty.

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A	

B		

C			

D							

Enter the following amounts	
Foreign dividends received	
Federal special deduction	
Net amount	
Illinois	
from **Federal Schedule C:	 (U.S. Schedule C, Column (a))	 (U.S. Schedule C, Column (c))	 (Col. A minus Col. B)	percentage	

E

Foreign dividend
subtraction

13		 the portion of Line 16a,

					16b, and 16c that is from
				 80% or greater owned
				 foreign corporations.	
		
	X 100% (1.00) 	=		13
14 the portion of Line 16a,
					16b, and 16c that is from
				 20% or more but less
				 than 80% owned
				 foreign corporations. 	
		
	 X	 65% (.65)	 =		 14
15 the portion of Line 16a,
					16b, and 16c that is from
				 less than 20% owned
				 foreign corporations.	
		
		X	 50% (.50)	 =		 15
16 the portion of Line 17
				 that is from 80% or
				 greater owned foreign
				 corporations.
			
	 X 100% (1.00)	=	 16
17 the portion of Line 17	
				 that is from 20% or
				 more but less than
				 80% owned foreign
				 corporations.
			
	 X 65% (.65)	 =	 17
18 	the portion of Line 17						
				 that is from less than
				 20% owned foreign
				 corporations.
			
	 X 50% (.50)	 =	 18
19 the portion of Line 20 						
				 that is from 80% or
				 greater owned foreign
				 corporations or captive																															
				 REITs.
			
	 X 100% (1.00)	=	 19
20 the portion of Line 20																															
				 that is from 20% or
				 more but less than
				 80% owned foreign
				 corporations or captive																															
				 REITs.
			
	 X 65% (.65)	 =	 20
21	 the portion of Line 20						
				 that is from less than
				 20% owned foreign
				 corporations or captive
				 REITs.
	 X 50% (.50)	 =	 21
			

22	Add the amounts in Column E.	
																	 	22
23 Enter the amount of IRC Section 78, foreign dividend gross-up 	from your U.S. Schedule C, Line 18.										 	23
24 Add Lines 22 and 23. Enter the result here and on Form IL-1120,		Step 3, Line 17.
				 This is your total foreign dividend subtraction. 																	24

Schedule J (R-12/23)

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Step 2:	 Complete this step only if you had an IRC limitation
You must complete Step 2 if the amount on U.S. Schedule C, Line 9, is less than the total of the amounts on U.S. Schedule C, Column (c),
Lines 1 through 8, due to the IRC limitation (see U.S. Schedule C, Line 9, Column (c) instructions).

1	 Enter the amount from U. S. Schedule C, Line 9.	

1	

2	 Add the amounts on U.S. Schedule C, Column (c), Lines 1 through 8. Enter the total here.	
3	 Divide Line 1 by Line 2 (carry to six decimal places).	

2	

	

3	

Enter the result here and on Column B, Lines 4 through 6, below.	

			
A			
B			
C						
									
Limited federal						
			
			

4	 Enter the amount from

Federal special			
deduction			

Decimal from			
Line 3 above			

special deduction
(Col. A X Col. B)

	
	

U.S. Schedule C,
Column (c), Line 6.	
	 X	
	 = 	 4		
5	 Enter the portion of
	 U.S. Schedule C,
	 Column (c), Line 7,
	 that is from 80% or
	 greater owned
	 foreign corporations.	
	 X	
	 =	 5		
6	 Enter the portion of
	 U.S. Schedule C,
	 Column (c), Line 7,
	 that is from less than
	 80% owned foreign
	corporations.	
	 X	
	=	 6 	
7	 Enter the amounts on Column C, Lines 4 through 6, on Step 1, Column B, Lines 1 through 3, respectively, and complete Step 1.

Schedule J (R-12/23)

Printed by the authority of the state of Illinois - electronic only - one copy.

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