Illinois DOR Releases Schedule K-1-P, Instructions for Partner’s, Shareholder’s Share of Income, Deductions, Credits, Recapture

The Illinois Department of Revenue Feb. 1 released Schedule K-1-P, Partner’s or Shareholder’s Share of Income, Deductions, Credits, and Recapture, with instructions for corporate income, individual income, and trust income tax purposes. The form is 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 it to their Illinois tax return. The instructions: 1) provide definitions; 2) explain new credits, when pass-through entity income is earned, and tax treatment of investment partnerships; 3) provide guidance for persons engaged in a unitary business with a partnership; 4) provide guidance ...