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Illinois Beneficiary's Share of Income and Deductions
Extracted from PDF file 2023-illinois-schedule-k-1-t.pdf, last modified July 2023Beneficiary's Share of Income and Deductions
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 *32312221W* Schedule K-1-T Beneficiary’s Share of Income and Deductions Year ending ______ ______ To be completed by trusts or estates filing Form IL-1041. Beneficiaries receiving Schedule K-1-T should attach this form to their Illinois Tax Return. Month Year IL Attachment No. 13 Step 1: Identify your trust or estate 1 Check the appropriate box trust estate 3 ____ ____ - ____ ____ ____ ____ ____ ____ ____ Enter your federal employer identification number (FEIN). 2 ___________________________________________________ 4 Enter the apportionment factor from Step 6, Line 3, of Schedule NR Enter your name as shown on your Form IL-1041. Form IL-1041; otherwise, enter “1.” _________________________ Step 2: Identify your beneficiary 5 ___________________________________________________ 8a Check the appropriate box. See instructions. Name individual corporation trust estate partnership S corporation Mailing address 8b To be completed by the recipient on Line 5 only. ___________________________________________________ I am a: grantor trust disregarded entity 6 ___________________________________________________ City State ZIP 7 ___________________________________________________ Social Security number or FEIN nd the amounts on this Schedule will be reported by a Name:_____________________________________________ SSN or FEIN: ______________________________________ Step 3: Figure your beneficiary’s share of your nonbusiness income or loss A B Beneficiary’s share (see instructions) Illinois share 9 Interest 9 _________________________ _________________________ 10 Dividends 10 _________________________ _________________________ 11 Rental income 11 _________________________ _________________________ 12 Patent royalties 12 _________________________ _________________________ 13 Copyright royalties 13 _________________________ _________________________ 14 Other royalty income 14 _________________________ _________________________ 15 Capital gain or loss from real property 15 _________________________ _________________________ 16 Capital gain or loss from tangible personal property 16 _________________________ _________________________ 17 Capital gain or loss from intangible personal property 17 _________________________ _________________________ 18 Other income and expense _____________________________ 18 _________________________ _________________________ Specify Step 4: Figure your beneficiary’s share of your business income or loss (See instructions.) A Beneficiary’s share from U.S. Schedule K-1, less nonbusiness income B Illinois share 19 Interest 19 _________________________ _________________________ 20 Dividends 20 _________________________ _________________________ 21 Net short-term capital gain or loss 21 _________________________ _________________________ 22 Net long-term capital gain or loss (total for year) 22 _________________________ _________________________ 23 Annuities, royalties, and other nonpassive income or loss before directly apportioned deductions 23 _________________________ _________________________ 24 Directly apportioned deductions — Depreciation, depletion, and amortization 24 _________________________ _________________________ 25 Total annuities, royalties, and other nonpassive income or loss. Subtract Column A, Line 24 from Line 23. See Instructions. 25 _________________________ _________________________ 26 Trade or business, rental real estate, and other rental income or loss before directly apportioned deductions 26 _________________________ _________________________ 27 Directly apportioned deductions — Depreciation, depletion, and amortization 27 _________________________ _________________________ 28 Total trade or business, rental real estate, and other rental income or loss. Subtract Column A, Line 27 from Line 26. 28 _________________________ _________________________ 29 Other income and expense _____________________________ 29 _________________________ _________________________ Specify Schedule K-1-T Front (R-12/22) 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 the beneficiary’s identification number from Line 7. _______________________________ *32312222W* Step 5: Figure your beneficiary’s share of your Illinois additions and subtractions K-1-T Recipient: A B Before using the information provided in Step 5, you must read K-1-T(2) to correctly report the amounts listed in Columns A and B. Beneficiary’s share Schedule from Form IL-1041 Illinois share Additions 30 Federally tax-exempt interest income 30 _________________________ _________________________ 31 Illinois taxes and surcharge deducted. See instructions. 31 _________________________ _________________________ 32 Illinois Special Depreciation addition 32 _________________________ _________________________ 33 Related-Party Expenses addition 33 _________________________ _________________________ 34 Distributive share of additions 34 _________________________ _________________________ 35 Other additions from Illinois Schedule M (for businesses) 35 _________________________ _________________________ Subtractions 36 a Interest from U.S. Treasury obligations included as business income b Interest from U.S. Treasury obligations included as nonbusiness income 37 Payment from certain retirement plans 38 Retirement payments to retired partners 39 River Edge Redevelopment Zone Dividend subtraction 40 High Impact Business within a Foreign Trade Zone 41 42 43 44 45 36a _________________________ _________________________ 36b _________________________ _________________________ 37 _________________________ _________________________ 38 _________________________ _________________________ 39 _________________________ _________________________ Dividend subtraction Contributions to certain job training projects Illinois Special Depreciation subtraction Related-Party Expenses subtraction Distributive share of subtractions Other subtractions from Illinois Schedule M (for businesses) 40 _________________________ _________________________ 41 _________________________ _________________________ 42 _________________________ _________________________ 43 _________________________ _________________________ 44 _________________________ _________________________ 45 _________________________ _________________________ Step 6: Figure your beneficiary’s (except a corporate beneficiary) share of your Illinois August 1, 1969, appreciation amounts A B Beneficiary’s share from Illinois Schedule F (Form IL-1041) 46 Section 1245 and 1250 gain 47 Section 1231 gain 48 Capital gain Illinois share 46 _________________________ 47 _________________________ 48 _________________________ _________________________ _________________________ _________________________ Step 7: Figure your beneficiary’s share of pass-through withholding, pass-through entity tax credit, and federal income subject to surcharge 49 Pass-through withholding made on behalf of your nonresident beneficiary. See instructions before completing. 49 _________________________ 50 Pass-through entity (PTE) tax credit received. See instructions. 50 _________________________ 51 Federal income attributable to transactions subject to the Compassionate Use of Medical Cannabis Program Act surcharge. See instructions. 51 _________________________ 52 Federal income attributable to the sale or exchange of assets by a gaming licensee surcharge. See instructions. Schedule K-1-T Back (R-12/22) Printed by the authority of the state of Illinois - electronic only - one copy. Reset Print 52 _________________________
Schedule K-1-T, Beneficiary's Share of Income and Deductions
More about the Illinois Schedule K-1-T Corporate Income Tax TY 2023
We last updated the Beneficiary's Share of Income and Deductions in February 2024, so this is the latest version of Schedule K-1-T, fully updated for tax year 2023. You can download or print current or past-year PDFs of Schedule K-1-T directly from TaxFormFinder. You can print other Illinois tax forms here.
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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-T.
| Form Code | Form Name |
|---|---|
| Schedule K-1-P-3 | Pass-through Withholding Calculation for Nonresident Members |
| Schedule K-1-P | Partner's or Shareholder's Share of Income, Deductions, Credits, and Recapture |
| 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-T from the Department of Revenue in February 2024.
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-T
We have a total of ten past-year versions of Schedule K-1-T 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-T
Schedule K-1-T, Beneficiary's Share of Income and Deductions
2022 Schedule K-1-T
Schedule K-1-T, Beneficiary's Share of Income and Deductions
2021 Schedule K-1-T
Schedule K-1-T, Beneficiary's Share of Income and Deductions
2020 Schedule K-1-T
(2019) (IL-1041) Schedule K-1-T, Beneficiary's Share of Income and Deductions
2019 Schedule K-1-T
(2019) (IL-1041) Schedule K-1-T, Beneficiary's Share of Income and Deductions
2018 Schedule K-1-T
(2016) (IL-1041) Schedule K-1-T, Beneficiary's Share of Income and Deductions
2017 Schedule K-1-T
2017 IL-1041 Schedule K-1-T, Beneficiary's Share of Income and Deductions
2016 Schedule K-1-T
(2016) (IL-1041) Schedule K-1-T, Beneficiary's Share of Income and Deductions
2015 Schedule K-1-T
(2015) (IL-1041) Schedule K-1-T, Beneficiary's Share of Income and Deductions
2014 Schedule K-1-T
Schd-K-1-T
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