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Illinois Partner's or Shareholder's Share of Income, Deductions, Credits, and Recapture
Extracted from PDF file 2023-illinois-schedule-k-1-p.pdf, last modified November 2022Partner's or Shareholder's Share of Income, Deductions, Credits, and Recapture
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 Year ending _____ _____ Partner’s or Shareholder’s Share of Income, Deductions, Credits, and Recapture Month Year *33012221W* Schedule K-1-P 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 Check your business type partnership S corporation 3 ____ ____ - ____ ____ ____ ____ ____ ____ ____ 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 6 ___________________________________________________ Mailing address individual partnership corporation S corporation trust estate ___________________________________________________ 9b To be completed by the recipient on Line 5 only. State ZIP City I am a: grantor trust disregarded entity 7 ___________________________________________________ and the amounts on this schedule will be reported by: Social Security number or FEIN Name:_______________________________________________ SSN or FEIN: ________________________________________ 8 _________________________ Share (%) Step 3: Figure your partner’s or shareholder’s share of your nonbusiness income or loss A Member’s share (See instructions.) 10 Interest 11 Dividends 12 Rental income 13 Patent royalties 14 Copyright royalties 15 Other royalty income 16 Capital gain or loss from real property 17 Capital gain or loss from tangible personal property 18 Capital gain or loss from intangible personal property 19 Other income and expense ____________________________ Specify B Member’s share allocable to Illinois 10 _________________________ _________________________ 11 _________________________ _________________________ 12 _________________________ _________________________ 13 _________________________ _________________________ 14 _________________________ _________________________ 15 _________________________ _________________________ 16 _________________________ _________________________ 17 _________________________ _________________________ 18 _________________________ _________________________ 19 _________________________ _________________________ Step 4: Figure your partner’s or shareholder’s share of your business income or loss 20 Ordinary income or loss from trade or business activity 21 Net income or loss from rental real estate activities 22 Net income or loss from other rental activities 23 Interest 24 Dividends 25 Royalties 26 Net short-term capital gain or loss 27 Net long-term capital gain or loss. Total for year. 28 Unrecaptured Section 1250 gain 29 Guaranteed payments to partner (U.S. Form 1065 only) 30 Net Section 1231 gain or loss (other than casualty or theft). Total for year. 31 Other income and expense ____________________________ Specify Schedule K-1-P Front (R-12/22) A B Member’s share from U.S. Schedule K-1, less nonbusiness income Member’s share apportioned to Illinois 20 _________________________ _________________________ 21 _________________________ _________________________ 22 _________________________ _________________________ 23 _________________________ _________________________ 24 _________________________ _________________________ 25 _________________________ _________________________ 26 _________________________ _________________________ 27 _________________________ _________________________ 28 _________________________ _________________________ 29 _________________________ _________________________ 30 _________________________ _________________________ 31 _________________________ _________________________ 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. Enter identification number from Line 7. *33012222W* _______________________________ 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 Schedule K-1-P(2) to correctly report the amounts listed in Columns A and B. 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 taxes and surcharge deducted. See instructions. 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 River Edge Redevelopment Zone Interest subtraction (Form IL-1120-ST financial organizations only) 42 _________________________ _________________________ 43 High Impact Business within a Foreign Trade Zone Interest subtraction (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 from Illinois Schedule F (Form IL-1065 or IL-1120-ST) 48 49 50 51 Section 1245 and 1250 gain 48 _________________________ Section 1231 gain 49 _________________________ Section 1231 gain less casualty and theft gain. See instructions. 50 _________________________ Capital gain 51 _________________________ Member’s share apportioned or allocated to Illinois _________________________ _________________________ _________________________ _________________________ Step 7: Figure your partner’s or shareholder’s share of your Illinois credits, recapture, pass-through withholding, pass-through entity tax credit, and federal income subject to surcharge Member’s Member’s share share Credit 52 Illinois Income Tax Credits Code a Film Production Services 5000 b Enterprise Zone Investment 5080 c Enterprise Zone Construction Jobs 5120 d High Impact Business Construction Jobs 5160 e Affordable Housing Donations 5260 f EDGE 5300 g New Construction EDGE 5320 h Research and Development 5340 i Wages Paid to Ex-Felons 5380 j Student-Assistance Contributions 5420 k Angel Investment 5460 l New Markets Development 5500 m River Edge Historic Preservation 5540 n River Edge Construction Jobs 5560 o Live Theater Production 5580 p Hospital 5620 q Invest in Kids 5660 r Data Center Construction Employment 5820 s Apprenticeship Education Expense 0160 t Historic Preservation 1030 u REV Illinois Investment 5230 v Agritourism Liability Insurance 5440 w Recovery and Mental Health 0180 x Other income tax credits __________________ from Illinois tax from Illinois tax return return 52a _____________ 53 Other credits 52b _____________ a Pass-through Entity (PTE) Tax Credit 52c _____________ See instructions. 53a _____________ b Replacement Tax Investment Credits 52d _____________ See instructions. 53b _____________ 52e ____________ 52f _____________ 54 Recapture 52g _____________ a Enterprise Zone or River Edge Redevelopment Zone 52h _____________ Investment Credit recapture 54a _____________ 52i _____________ b REV Illinois Investment Credit 52j _____________ recapture 54b _____________ 52k _____________ c Replacement Tax Investment Credit 54c _____________ 52l _____________ recapture 52m _____________ d Additional income tax credit 54d _____________ 52n _____________ recapture 52o _____________ 55 Pass-through withholding See instructions. 55 _____________ 52p _____________ 56 Federal income attributable to 52q _____________ transactions subject to the 52r _____________ Compassionate Use of Medical 52s _____________ Cannabis Program Act surcharge. 56 _____________ 52t _____________ See instructions. 52u _____________ 57 Federal income attributable to the 52v _____________ sale or exchange of assets by a 52w _____________ gaming licensee surcharge. See instructions. 57 _____________ 52x _____________ Schedule K-1-P Back (R-12/22) Printed by the authority of the State of Illinois - web only - one copy. Reset Print
Schedule K-1-P, Partner's or Shareholder's Share of Income, Deductions, Credits, and Recapture
More about the Illinois Schedule K-1-P Corporate Income Tax Tax Credit TY 2023
We last updated the Partner's or Shareholder's Share of Income, Deductions, Credits, and Recapture in January 2024, so this is the latest version of Schedule K-1-P, fully updated for tax year 2023. You can download or print current or past-year PDFs of Schedule K-1-P directly from TaxFormFinder. You can print other Illinois tax forms here.
Related Illinois Corporate Income Tax Forms:
TaxFormFinder has an additional 75 Illinois income tax forms that you may need, plus all federal income tax forms. These related forms may also be needed with the Illinois Schedule K-1-P.
| Form Code | Form Name |
|---|---|
| Schedule K-1-P-3 | Pass-through Withholding Calculation for Nonresident Members |
| Schedule K-1-T | Beneficiary's Share of Income and Deductions |
| Schedule K-1-T-2 | Beneficiary's Instructions |
| Schedule K-1-T-3 | Pass-through Withholding Calculation for Nonresident Members |
| Schedule K-1-T-1 | Instructions for Trusts and Estates Completing Schedule K-1-T and Schedule K-1-T-3) |
View all 76 Illinois Income Tax Forms
Form Sources:
Illinois usually releases forms for the current tax year between January and April. We last updated Illinois Schedule K-1-P from the Department of Revenue in January 2024.
Schedule K-1-P is an Illinois Corporate Income Tax form. States often have dozens of even hundreds of various tax credits, which, unlike deductions, provide a dollar-for-dollar reduction of tax liability. Some common tax credits apply to many taxpayers, while others only apply to extremely specific situations. In most cases, you will have to provide evidence to show that you are eligible for the tax credit, and calculate the amount of the credit to which you are entitled.
About the Corporate Income Tax
The IRS and most states require corporations to file an income tax return, with the exact filing requirements depending on the type of company.
Sole proprietorships or disregarded entities like LLCs are filed on Schedule C (or the state equivalent) of the owner's personal income tax return, flow-through entities like S Corporations or Partnerships are generally required to file an informational return equivilent to the IRS Form 1120S or Form 1065, and full corporations must file the equivalent of federal Form 1120 (and, unlike flow-through corporations, are often subject to a corporate tax liability).
Additional forms are available for a wide variety of specific entities and transactions including fiduciaries, nonprofits, and companies involved in other specific types of business.
Historical Past-Year Versions of Illinois Schedule K-1-P
We have a total of ten past-year versions of Schedule K-1-P in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:
2023 Schedule K-1-P
Schedule K-1-P, Partner's or Shareholder's Share of Income, Deductions, Credits, and Recapture
2022 Schedule K-1-P
Schedule K-1-P, Partner's or Shareholder's Share of Income, Deductions, Credits, and Recapture
2021 Schedule K-1-P
Schedule K-1-P, Partner's or Shareholder's Share of Income, Deductions, Credits, and Recapture
2020 Schedule K-1-P
(2016) Schedule K-1-P, Partner's or Shareholder's Share of Income, Deductions, Credits, and Recapture
2019 Schedule K-1-P
(2019) Schedule K-1-P, Partner's or Shareholder's Share of Income, Deductions, Credits, and Recapture
2018 Schedule K-1-P
(2016) Schedule K-1-P, Partner's or Shareholder's Share of Income, Deductions, Credits, and Recapture
2017 Schedule K-1-P
(2016) Schedule K-1-P, Partner's or Shareholder's Share of Income, Deductions, Credits, and Recapture
2016 Schedule K-1-P
(2016) Schedule K-1-P, Partner's or Shareholder's Share of Income, Deductions, Credits, and Recapture
2015 Schedule K-1-P
(2015) Schedule K-1-P, Partner's or Shareholder's Share of Income, Deductions, Credits, and Recapture
2014 Schedule K-1-P
Schd-K-1-P
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