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.

FAQ

Q: What is Schedule K-1-P?A: Schedule K-1-P is a tax form used to report a partner's or shareholder's share of income, deductions, credits, and recapture for a specific state, in this case, Illinois.

Q: Who needs to file Schedule K-1-P?A: Partners or shareholders of a partnership or S corporation that operates in Illinois may need to file Schedule K-1-P.

Q: What information is reported on Schedule K-1-P?A: Schedule K-1-P reports the partner's or shareholder's share of the partnership's or S corporation's income, deductions, credits, and recapture for Illinois.

Q: When is the due date for filing Schedule K-1-P?A: The due date for filing Schedule K-1-P generally aligns with the due date for filing your individual income tax return, which is usually April 15th.

Q: Are there any penalties for not filing Schedule K-1-P?A: Penalties may apply for failing to file Schedule K-1-P or for filing it late. It is important to meet the tax filing requirements and deadlines set by the IRS and Illinois Department of Revenue.

Q: Do I need to attach Schedule K-1-P to my tax return?A: Yes, you will need to attach Schedule K-1-P to your Illinois state tax return if you received income from a partnership or S corporation.

Q: Can I file Schedule K-1-P electronically?A: Yes, Schedule K-1-P can be filed electronically using tax software or through a tax professional.