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Form Instruction 1040 Line 20a & 20b Renton Washington: What You Should Know

Then complete the following 1040. X line (or 1040. X instructions): 1040 SS Number, X Form 1040, line 22, and line 14, Form 1040, line 46 20. What is a Qualified Dividend? A qualified dividend is a dividend received from, or a gain on, a qualifying small company stock that you were legally required to pay income tax on. The cost basis of your qualifying small company stock is its fair market value on the date you received it. 20. What is a Qualifying Small Company Stock? You must be a U.S. resident corporation (sole proprietorship) in order to have at least one class of non-federal company stock. Your qualifying small company stock must meet the following requirements: Be traded as of the close of the calendar year immediately before its filing. Be of the same class of stock as all non-federal companies which were trading on the NASDAQ Exchange, NYSE Area Market (or the applicable NYSE Global Market), or a member of the National Market System (NHS) or an approved exchange on which NHS members traded, during the calendar year of its creation. The cost basis of the qualifying small company stock you own (or acquire with borrowed money), and any non-qualifying stock issued by a corporation on which you purchased the stock, must not be more than the fair market value of your qualifying small company stock on the date of its sale. 20. Are lines 18 and 19 both zero or blank? Yes. Do not complete line 18. 20a 20b Form IL-1040 Instructions — Illinois.gov Line 36 is a manual entry of the deduction in the Form 1040. If you received a refund or allowance from the IRS, fill in the appropriate blank. 40. Is line 35 filled in and line 42 a manual entry? Yes. Line 35 is a manual entry of the maximum individual credit for the amount of income tax that is paid by the owner of the qualifying small company stock. Line 42 is a manual entry of the percentage of the amount claimed for tax on the non-federal minimum tax that is paid by the owner of the qualifying small company stock. 40a 40b Forms IL-1040 and IL-1040-ES Instructions — Illinois.

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