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Instructions for Schedule 80/20
for the current year.
Instructions for Schedule 80 / 20 Related-Party Expenses - Illinois
This document contains official instructions for Schedule 80/20 , Related-Party Expenses - a form released and collected by the Illinois Department of Revenue.
FAQ
Q: What is Schedule 80/20?
A: Schedule 80/20 is a form that reports related-party expenses in Illinois.
Q: What are related-party expenses?
A: Related-party expenses are costs incurred from transactions between two parties that have a significant relationship.
Q: Who needs to file Schedule 80/20?
A: Taxpayers in Illinois who have related-party expenses exceeding $5,000 need to file Schedule 80/20.
Q: How do I complete Schedule 80/20?
A: You need to provide detailed information about the related-party transactions, including the nature of the expense, the amount, and the relationship between the parties.
Q: When is the deadline for filing Schedule 80/20?
A: Schedule 80/20 must be filed along with your Illinois income tax return.
Q: Are there any penalties for not filing Schedule 80/20?
A: Yes, failing to file Schedule 80/20 or providing inaccurate information can result in penalties and interest.
Q: Can I file Schedule 80/20 electronically?
A: Yes, you can file Schedule 80/20 electronically if you are e-filing your Illinois income tax return.
Instruction Details:
- This 3-page document is available for download in PDF;
- Might not be applicable for the current year. Choose a more recent version;
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