Schedule NB Nonbusiness Income - Illinois

What Is Schedule NB?

This is a legal form that was released by the Illinois Department of Revenue - a government authority operating within Illinois. As of today, no separate filing guidelines for the form are provided by the issuing department.

FAQ

Q: What is Schedule NB Nonbusiness Income?A: Schedule NB Nonbusiness Income is a tax form used in Illinois to report income earned outside of a person's primary business.

Q: Who needs to file Schedule NB Nonbusiness Income?A: Individuals who have nonbusiness income earned in Illinois need to file Schedule NB Nonbusiness Income.

Q: What is considered nonbusiness income?A: Nonbusiness income includes sources of income other than a person's primary business, such as rental income or investment income.

Q: How do I fill out Schedule NB Nonbusiness Income?A: You must separately report each type of nonbusiness income you have earned in Illinois on Schedule NB. Provide the necessary details and calculations for each source of income.

Q: When is the deadline to file Schedule NB Nonbusiness Income?A: The deadline to file Schedule NB Nonbusiness Income is the same as the deadline for filing your Illinois income tax return, which is typically April 15th.

Q: Do I need to include Schedule NB Nonbusiness Income with my federal tax return?A: No, Schedule NB Nonbusiness Income is specific to the state of Illinois and should be included only with your Illinois income tax return.

Q: What happens if I fail to file Schedule NB Nonbusiness Income?A: If you fail to file Schedule NB Nonbusiness Income or report your nonbusiness income accurately, you may face penalties or fines from the Illinois Department of Revenue.