Schedule K-1-P "Partner's or Shareholder's Share of Income, Deductions, Credits, and Recapture" - Illinois

What Is Schedule K-1-P?

This is a legal form that was released by the Illinois Department of Revenue - a government authority operating within Illinois. As of today, no separate filing guidelines for the form are provided by the issuing department.

Form Details:

  • Released on December 1, 2020;
  • The latest edition provided by the Illinois Department of Revenue;
  • Easy to use and ready to print;
  • Quick to customize;
  • Compatible with most PDF-viewing applications;
  • Fill out the form in our online filing application.

Download a fillable version of Schedule K-1-P by clicking the link below or browse more documents and templates provided by the Illinois Department of Revenue.

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Illinois Department of Revenue
*33012201W*
Year ending
Schedule K-1-P
_____ _____
Partner’s or Shareholder’s Share of Income, Deductions, Credits, and Recapture
Month
Year
IL Attachment No. 12
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.
Step 1: Identify your partnership or S corporation
1
3
Check your business type
partnership
S corporation
____ ____ - ____ ____ ____ ____ ____ ____ ____
Enter your federal employer identification number (FEIN).
2
___________________________________________________
4 Enter the apportionment factor from Form IL-1065 or Form
Enter your name as shown on your Form IL-1065 or Form IL-1120-ST.
IL-1120-ST, Line 42. Otherwise, enter “1.” _________________
Step 2: Identify your partner or shareholder
5
9a
___________________________________________________
Check the appropriate box. See instructions.
Name
individual
corporation
trust
6
estate
___________________________________________________
partnership
S corporation
Mailing address
9b
___________________________________________________
To be completed by the recipient on Line 5 only.
City
State
ZIP
I am a:
grantor trust
disregarded entity
7
___________________________________________________
and the amounts on this schedule will be reported by:
Social Security number or FEIN
Name:_______________________________________________
8
SSN or FEIN: ________________________________________
_________________________
Share (%)
Step 3: Figure your partner’s or shareholder’s share of your nonbusiness income or loss
A
B
Member’s share
Member’s share
(See instructions.)
allocable to Illinois
10
10
Interest
_________________________
_________________________
11
11
Dividends
_________________________
_________________________
12
12
Rental income
_________________________
_________________________
13
13
Patent royalties
_________________________
_________________________
14
14
Copyright royalties
_________________________
_________________________
15
15
Other royalty income
_________________________
_________________________
16
16
Capital gain or loss from real property
_________________________
_________________________
17
17
Capital gain or loss from tangible personal property
_________________________
_________________________
18
18
Capital gain or loss from intangible personal property
_________________________
_________________________
19
19
Other income and expense ____________________________
_________________________
_________________________
Specify
Step 4:
Figure your partner’s or shareholder’s share of your business income or loss
A
B
Member’s share
from U.S. Schedule K-1,
Member’s share
less nonbusiness income
apportioned to Illinois
20
20
Ordinary income or loss from trade or business activity
_________________________
_________________________
21
21
Net income or loss from rental real estate activities
_________________________
_________________________
22
22
Net income or loss from other rental activities
_________________________
_________________________
23
23
Interest
_________________________
_________________________
24
24
Dividends
_________________________
_________________________
25
25
Royalties
_________________________
_________________________
26
26
Net short-term capital gain or loss
_________________________
_________________________
27
27
Net long-term capital gain or loss. Total for year.
_________________________
_________________________
28
28
Unrecaptured Section 1250 gain
_________________________
_________________________
29
29
Guaranteed payments to partner (U.S. Form 1065 only)
_________________________
_________________________
30
Net Section 1231 gain or loss (other than casualty or theft).
30
Total for year.
_________________________
_________________________
31
31
Other income and expense ____________________________
_________________________
_________________________
Specify
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.
Schedule K-1-P Back (R-12/20)
Use your mouse or Tab key to move through the fields. Use your mouse or space bar to enable check boxes.
Illinois Department of Revenue
*33012201W*
Year ending
Schedule K-1-P
_____ _____
Partner’s or Shareholder’s Share of Income, Deductions, Credits, and Recapture
Month
Year
IL Attachment No. 12
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.
Step 1: Identify your partnership or S corporation
1
3
Check your business type
partnership
S corporation
____ ____ - ____ ____ ____ ____ ____ ____ ____
Enter your federal employer identification number (FEIN).
2
___________________________________________________
4 Enter the apportionment factor from Form IL-1065 or Form
Enter your name as shown on your Form IL-1065 or Form IL-1120-ST.
IL-1120-ST, Line 42. Otherwise, enter “1.” _________________
Step 2: Identify your partner or shareholder
5
9a
___________________________________________________
Check the appropriate box. See instructions.
Name
individual
corporation
trust
6
estate
___________________________________________________
partnership
S corporation
Mailing address
9b
___________________________________________________
To be completed by the recipient on Line 5 only.
City
State
ZIP
I am a:
grantor trust
disregarded entity
7
___________________________________________________
and the amounts on this schedule will be reported by:
Social Security number or FEIN
Name:_______________________________________________
8
SSN or FEIN: ________________________________________
_________________________
Share (%)
Step 3: Figure your partner’s or shareholder’s share of your nonbusiness income or loss
A
B
Member’s share
Member’s share
(See instructions.)
allocable to Illinois
10
10
Interest
_________________________
_________________________
11
11
Dividends
_________________________
_________________________
12
12
Rental income
_________________________
_________________________
13
13
Patent royalties
_________________________
_________________________
14
14
Copyright royalties
_________________________
_________________________
15
15
Other royalty income
_________________________
_________________________
16
16
Capital gain or loss from real property
_________________________
_________________________
17
17
Capital gain or loss from tangible personal property
_________________________
_________________________
18
18
Capital gain or loss from intangible personal property
_________________________
_________________________
19
19
Other income and expense ____________________________
_________________________
_________________________
Specify
Step 4:
Figure your partner’s or shareholder’s share of your business income or loss
A
B
Member’s share
from U.S. Schedule K-1,
Member’s share
less nonbusiness income
apportioned to Illinois
20
20
Ordinary income or loss from trade or business activity
_________________________
_________________________
21
21
Net income or loss from rental real estate activities
_________________________
_________________________
22
22
Net income or loss from other rental activities
_________________________
_________________________
23
23
Interest
_________________________
_________________________
24
24
Dividends
_________________________
_________________________
25
25
Royalties
_________________________
_________________________
26
26
Net short-term capital gain or loss
_________________________
_________________________
27
27
Net long-term capital gain or loss. Total for year.
_________________________
_________________________
28
28
Unrecaptured Section 1250 gain
_________________________
_________________________
29
29
Guaranteed payments to partner (U.S. Form 1065 only)
_________________________
_________________________
30
Net Section 1231 gain or loss (other than casualty or theft).
30
Total for year.
_________________________
_________________________
31
31
Other income and expense ____________________________
_________________________
_________________________
Specify
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.
Schedule K-1-P Back (R-12/20)
Enter identification number from Line 7.
*33012202W*
_______________________________
Step 5: Figure your partner’s or shareholder’s share of Illinois additions and subtractions
K-1-P Recipient:
Before using the information provided in Step 5, you must read
A
B
Schedule K-1-P(2) to correctly report the amounts listed in Columns A and 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 and surcharge 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 River Edge Redevelopment Zone Dividend subtraction
39 _________________________
_________________________
40 High Impact Business Dividend subtraction
40 _________________________
_________________________
41 Contribution subtraction (Form IL-1120-ST filers only)
41 _________________________
_________________________
42 Interest subtraction - River Edge Redevelopment Zone
(Form IL-1120-ST financial organizations only)
42 _________________________
_________________________
43 Interest subtraction - High Impact Business within a Foreign
43 _________________________
Trade Zone (Form IL-1120-ST financial organizations only)
_________________________
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 from Illinois
Member’s share apportioned or
Schedule F
allocated to Illinois
(Form IL-1065 or IL-1120-ST)
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 _________________________
_________________________
Figure your
Step 7:
partner’s or shareholder’s share of your Illinois credits, recapture,
pass-through withholding and federal income subject to surcharge
Member’s share
Member’s Share
Credit
from Illinois
from Illinois
52 Illinois Income Tax Credits
Code
tax return
tax return
a Film Production Services
5000
52a _____________
52u Other credits ________________
52u _____________
b Enterprise Zone Investment
5080
52b _____________
v Replacement Tax Investment Credits
c Enterprise Zone Construction Jobs
52c _____________
52v _____________
5120
See instructions.
d High Impact Business Construction
53
Recapture
Jobs
5160
52d _____________
a Enterprise Zone or River
e Affordable Housing Donations
52e _____________
5260
Edge Redevelopment Zone
f EDGE
52f
5300
_____________
Investment Credit recapture
53a _____________
g New Construction EDGE
5320
52g _____________
b Replacement Tax Investment
h Research and Development
5340
52h _____________
53b _____________
Credit recapture
i Wages paid to Ex-Felons
52i
5380
_____________
c Angel Investment Credit recapture 53c _____________
j Student-Assistance Contribution
52j
5420
_____________
54 Pass-through withholding
k Angel Investment
5460
52k _____________
See instructions.
54 _____________
l New Markets Development
5500
52l
_____________
55 Federal income attributable to
m River Edge Historic Preservation
5540
52m _____________
transactions subject to the
n River Edge Construction Jobs
52n _____________
5560
Compassionate Use of Medical
o Live Theater Production
5580
52o _____________
Cannabis Program Act surcharge.
p Hospital
5620
52p _____________
See instructions.
55 _____________
q Invest in Kids
5660
52q _____________
56 Federal income attributable to the
r Data Center Construction Employment 5820
52r
_____________
sale or exchange of assets by a
s Apprenticeship Education Expense
52s _____________
0160
gaming licensee surcharge.
t Historic Preservation
1030
52t
_____________
56 _____________
See instructions.
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Schedule K-1-P Front
(R-12/20)
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