Illinois Discusses Use of Schedule K-1-P

The Illinois Department of Revenue (IDOR) July 1 issued information detailing the purpose and usage of Schedule K-1-P, which is used by partnerships and S corporations to report each partner or shareholder’s share of income, deductions, credits, and recapture for both federal and Illinois business income tax returns. The information includes an explanation that partners and shareholders must receive a completed Schedule K-1-P and a copy of Schedule K-1-P(2) no later than the due date of Form IL-1065 or Form IL-1120-ST and that any received Schedule K-1-P must be attached to the individual’s Illinois income tax return. [Ill. Dep’t of ...