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Form 1125-A Illinois: What You Should Know
IRC Section 475 Payments — Illinois.gov Enter your IRC Section 475 income on one of two forms. If you would like your payments to be processed electronically, the Forms 1120-S and 1120-E, are available now. You will need to print up the forms to be mailed after you submit your Forms 1120-S and 1120-E. Tax Information and Other Documents for Settlement Fund Payments Additional information, FAQs, and Forms, including the form that must be filed to receive and pay the settlement funds, are below: Payments of Settlement Funds to Public and Private Trusts Taxpayer Information If you want to make a settlement fund payment to a settlement fund for a charitable purpose, you will need to give notice using one of the following forms. Filing a Notice of Federal Tax Lien for Settlement Funds for Charity Section 501(c)(3) nonprofit organization — Notice of Federal Tax Lien for Settlement Funds for Charity The following tax credit and deduction schedules are available for taxpayers claiming such a credit. The amounts paid in settlement fund donations need to be reported on Schedule N, Settlement Fund Contributions. Schedule 3 N — Relief from Federal Income Tax for Settlement Fund Donations For additional guidance, the following sections provide additional tax rules and information on settlement funds. (a) General Rules and Interpretations An amount paid to a settlement fund for a charitable purpose is not includible in the gross income (or gross adjusted gross income) of the payer. See IRC Section 170(f), IRC Section 408A, and IRC Section 471. IRC Section 170(f) excludes amounts paid to a settlement fund, except as described in IRC Section 470(a), from an itemized or deduction for charitable contributions. IRC Section 470(a) permits only the following items to be deducted in computing adjusted gross income. See section 6001 for more information on IRC Section 470(a). (b) Donations to Separate Accounts in Settlements Amounts paid to a separate account in settlements (i.e., not for the use of the settlement fund) are not tax-deductible under the IRC and generally cannot be transferred to an account for such purposes. Separate Accounts for Settlement Funds Certain individuals may establish separate accounts for settlement Fund contributions, pursuant to the following terms.
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