Schedule K 1 P Form PDF Details

The Schedule K-1-P form serves as a critical document for partnerships and S corporations operating within Illinois, detailing each partner's or shareholder's share of income, deductions, credits, and recapture amounts. This form, mandated by the Illinois Department of Revenue, plays a vital role in ensuring that businesses accurately report their earnings and that individuals can correctly file their Illinois tax returns with detailed financial information. It distinguishes between various types of income, including interest, dividends, rental income, and capital gains, and specifies the allocation of these incomes to Illinois. Furthermore, it addresses additions and subtractions to income that are unique to Illinois taxation rules, such as federally tax-exempt interest income and special depreciations. The form also outlines the reporting of Illinois credits, including but not limited to the Film Production Services Tax Credit and the Research and Development Credit, as well as recapture amounts and payments through pass-through entities. By completing the Schedule K-1-P, partnerships and S corporations provide their partners and shareholders with essential information to comply with state tax obligations, illustrating the interconnectedness of business activities and individual tax responsibilities.

QuestionAnswer
Form NameSchedule K 1 P Form
Form Length2 pages
Fillable?No
Fillable fields0
Avg. time to fill out30 sec
Other namesillinois k 1, nonbusiness, IL-1065, illinois schedule k 1 p

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Illinois Department of Revenue Partner’s or Shareholder’s Share of Income, Schedule K-1-P Deductions, Credits, and Recapture

To be completed by partnerships filing Form IL-1065 or S corporations filing Form IL-1120-ST

Partners and Shareholders receiving Schedule K-1-P should attach this to their Illinois tax return.

Year ending

____ ____

Month Year

IL Attachment No. 10

Step 1: Identify your partnership or S corporation

1Check your business type

partnership

S corporation 3 ____ ____ - ____ ____ ____ ____ ____ ____ ____

Write your federal employer identification number (FEIN).

2___________________________________________________ 4 Write the apportionment factor from Form IL-1065 or Form

Write your name as shown on your Form IL-1065 or Form IL-1120-ST. IL-1120-ST, Line 42. Otherwise, write “1.” _________________

Step 2: Identify your partner or shareholder

5

___________________________________________________

7

_____________________________________________________

 

Name

 

Social Security number or FEIN

6

___________________________________________________

8

_________________________

 

Mailing address

 

Share (%)

___________________________________________________ 9a Check the appropriate box. See instructions.

City

State

ZIP

individual

corporation

 

 

 

 

 

 

partnership

S corporation

 

 

 

9b To be completed by the recipient on Line 5 only.

trust estate

I am a:

grantor trust

disregarded entity

and the amounts on this Schedule will be reported by:

Name:_______________________________________________

SSN or FEIN: ________________________________________

Step 3: Figure your partner’s or shareholder’s share of your nonbusiness income

 

 

 

A

B

 

 

 

Member’s share

Member’s share

 

 

 

(See instructions.)

allocable to Illinois

10

Interest

10

_________________________

_________________________

11

Dividends

11

_________________________

_________________________

12

Rental income

12

_________________________

_________________________

13

Patent royalties

13

_________________________

_________________________

14

Copyright royalties

14

_________________________

_________________________

15

Other royalty income

15

_________________________

_________________________

16

Capital gain or loss from real property

16

_________________________

_________________________

17

Capital gain or loss from tangible personal property

17

_________________________

_________________________

18

Capital gain or loss from intangible personal property

18

_________________________

_________________________

19

Other income and expense ____________________________

19

_________________________

_________________________

 

Specify

 

 

 

 

 

 

 

 

Step 4: Figure your partner’s or shareholder’s share of your business income (loss)

 

 

 

A

B

 

 

 

Member’s share

 

 

 

 

from U.S. Schedule K-1,

Member’s share

 

 

 

less nonbusiness income

apportioned to Illinois

20

Ordinary income (loss) from trade or business activity

20

_________________________

_________________________

21

Net income (loss) from rental real estate activities

21

_________________________

_________________________

22

Net income (loss) from other rental activities

22

_________________________

_________________________

23

Interest

23

_________________________

_________________________

24

Dividends

24

_________________________

_________________________

25

Royalties

25

_________________________

_________________________

26

Net short-term capital gain (loss)

26

_________________________

_________________________

27

Net long-term capital gain (loss). Total for year.

27

_________________________

_________________________

28

Unrecaptured Section 1250 gain

28

_________________________

_________________________

29

Guaranteed payments to partner (U.S. Form 1065 only)

29

_________________________

_________________________

30

Net Section 1231 gain (loss) (other than casualty or theft).

 

 

 

 

Total for year.

30

_________________________

_________________________

31

Other income and expense ____________________________

31

_________________________

_________________________

 

Specify

 

 

 

Schedule K-1-P Front (R-12/12)

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

 

Write the partner’s or shareholder’s identification number from Line 7.

___________________

Step 5: Figure your partner’s or shareholder’s share of Illinois additions and subtractions

 

 

 

A

B

 

 

 

Member’s share from

Member’s share

 

 

 

apportioned or

 

Additions

 

Form IL-1065 or IL-1120-ST

allocated to Illinois

32

Federally tax-exempt interest income

32

_________________________

_________________________

33

Illinois replacement tax deducted

33

_________________________

_________________________

34

Illinois Special Depreciation addition

34

_________________________

_________________________

35

Related-Party Expenses addition

35

_________________________

_________________________

36

Distributive share of additions

36

_________________________

_________________________

37

Other additions (from Illinois Schedule M for businesses)

37

_________________________

_________________________

 

Subtractions

 

 

 

38

a Interest from U.S. Treasury obligations (business income)

38a _________________________

_________________________

 

b Interest from U.S. Treasury obligations (nonbusiness income)

38b_________________________

_________________________

39

a Enterprise Zone Dividend Subtraction

39a _________________________

_________________________

 

b River Edge Redevelopment Zone Dividend Subtraction

39b_________________________

_________________________

40

High Impact Business Dividend subtraction

40

_________________________

_________________________

41

Contribution subtraction (Form IL-1120-ST filers only)

41

_________________________

_________________________

42Form IL-1120-ST financial organizations only:

 

a Enterprise Zone Interest Subtraction

42a _________________________

_________________________

 

b River Edge Redevelopment Zone Interest Subtraction

42b_________________________

_________________________

43

Interest subtraction - High Impact Business within a Foreign

 

 

 

 

Trade Zone (Form IL-1120-ST financial organizations only)

43

_________________________

_________________________

44

Illinois Special Depreciation subtraction

44

_________________________

_________________________

45

Related-Party Expenses subtraction

45

_________________________

_________________________

46

Distributive share of subtractions

46

_________________________

_________________________

47

Other subtractions (from Illinois Schedule M for businesses)

47

_________________________

_________________________

 

 

 

 

 

Step 6: Figure your partner’s or shareholder’s (except a corporate partner or shareholder) share of your Illinois August 1, 1969, appreciation amounts

 

 

 

A

B

 

 

 

Member’s share

Member’s share

 

 

 

from Illinois Schedule F

apportioned or

 

 

 

(Form IL-1065 or IL-1120-ST)

allocated to Illinois

48

Section 1245 and 1250 gain

48

_________________________

_________________________

49

Section 1231 gain

49

_________________________

_________________________

50

Section 1231 gain less casualty and theft gain. See instructions.

50

_________________________

_________________________

51

Capital gain

51

_________________________

_________________________

 

 

 

 

 

Step 7: Figure your partner’s or shareholder’s share of your Illinois credits, recapture, and pass-through entity payments

 

Member’s or nonresident

 

member’s share from

52 Illinois credits

Illinois tax return

a Film Production Services Tax Credit

52a __________________

b Enterprise Zone Investment Credit

52b __________________

cRiver Edge Redevelopment

Zone Investment Credit

52c __________________

dTax Credit for Affordable

 

Housing Donations

52d

__________________

e EDGE Tax Credit

52e

__________________

f

Research and Development Credit

52f

__________________

g

Ex-felons Jobs Credit

5 2g __________________

h

Veterans Jobs Credit

52h

__________________

iStudent-Assistance

 

Contribution Credit

52i

__________________

j

Angel Investment Credit

52j

__________________

k

New Markets Credit

52k

__________________

l

River Edge Historic

 

 

 

Preservation Credit

52l

__________________

 

 

Member’s or nonresident

 

 

member’s share from

52 Illinois credits (cont.)

 

Illinois tax return

m Live Theater Production Credit

52m

_____________________

n Hospital Credit

52n

_____________________

o Historic Preservation Credit

52o

_____________________

pReplacement Tax Investment

Credits. See instructions.

52p _____________________

53 Recapture

aEnterprise Zone or River Edge Redevelopment Zone

Investment Credit

53a _____________________

bReplacement Tax Investment

Credit recapture

53b _____________________

54Payments (See instructions.)

a Pass-through entity payment.

54a _____________________

b Composite return payment.

54b _____________________

 

Schedule K-1-P Back (R-12/12)

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