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Illinois Partner's or Shareholder's Share of Income, Deductions, Credits, and Recapture
Extracted from PDF file 2024-illinois-schedule-k-1-p.pdf, last modified June 2024Partner'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 *33012241W* 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 2 5 Name 6 Mailing Address State ZIP 7 Social Security number or FEIN 8 Share (%) Step 2: Identify your partner or shareholder City - 4 Enter the apportionment factor from Form IL-1065 or Form IL-1120-ST, Line 42. Otherwise, enter “1.” Enter your name as shown on your Form IL-1065 or Form IL-1120-ST. Enter your federal employer identification number (FEIN). 9a Check the appropriate box. See instructions. individual corporation trust partnership S corporation estate 9b To be completed by the recipient on Line 5 only. I am a: grantor trust disregarded entity and the amounts on this schedule will be reported by: Name: SSN or FEIN: Step 3: Figure your partner’s or shareholder’s share of your nonbusiness income or loss A 10 11 12 13 14 15 16 17 18 19 Interest Dividends Rental income Patent royalties Copyright royalties Other royalty income Capital gain or loss from real property Capital gain or loss from tangible personal property Capital gain or loss from intangible personal property Other income and expense B Member’s share (See instructions.) Specify 10 11 12 13 14 15 16 17 18 19 Member’s share allocable to Illinois Step 4: Figure your partner’s or shareholder’s share of your business income or loss A 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 (federal 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 (R-12/24) 20 21 22 23 24 25 26 27 28 29 Member’s share from federal Schedule K-1, less nonbusiness income 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. B Member’s share apportioned to Illinois Page 1 of 3 Enter identification number from Line 7. *33012242W* 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. Additions A Member’s share from Form IL-1065 or IL-1120-ST B Member’s share apportioned or allocated to Illinois 32 Federally tax-exempt interest income 3 2 33 Illinois taxes and surcharge deducted. See instructions. 3 3 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 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 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 Subtractions 38 a Interest from U.S. Treasury obligations (business income) 42 River Edge Redevelopment Zone Interest subtraction (Form IL-1120-ST financial organizations only) 43 High Impact Business within a Foreign Trade Zone Interest 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 Member’s share from Illinois Schedule F (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 B Member’s share apportioned or allocated to Illinois Step 7: Figure your partner’s or shareholder’s share of your Illinois credits, recapture, withholding, pass-through entity tax credit, and federal income subject to surcharge Member’s share 52 Illinois Income Tax Credits Credit from Illinois tax return Code a Film Production Services 5000 52a b Enterprise Zone Investment 5080 52b c Enterprise Zone Construction Jobs 5120 52c d High Impact Business Construction Jobs 5160 52d 5260 52e e Affordable Housing Donations f EDGE 5300 52f g New Construction EDGE 5320 52g h Research and Development 5340 52h i Wages Paid to Returning Citizens 5380 52i j Student-Assistance Contributions 5420 52j k Angel Investment 5460 52k l New Markets Development 5500 52l m River Edge Historic Preservation 5540 52m Schedule K-1-P (R-12/24) Printed by the authority of the state of Illinois - electronic only - one copy. Page 2 of 3 Enter identification number from Line 7. *33012243W* Step 7, cont.: Figure your partner’s or shareholder’s share of your Illinois credits, recapture, withholding, pass-through entity tax credit, and federal income subject to surcharge, continued. Member’s share 52 Illinois Income Tax Credits, cont. Credit from Illinois tax return Code n River Edge Construction Jobs 5560 52n o Live Theater Production 5580 52o p Hospital 5620 52p q Invest in Kids 5660 52q r Data Center Construction Employment 5820 52r s Apprenticeship Education Expense 0160 52s t Historic Preservation 1030 52t 5230 52u v Agritourism Liability Insurance 5440 52v w Recovery and Mental Health 0180 52w u REV Illinois Investment x 5240 52x y REV Construction Jobs 5250 52y 5830 52z aa MICRO Illinois 5840 52aa bb MICRO Construction Jobs 5850 52bb cc Quantum Computing Campuses 5480 52cc 5680 52dd REV Illinois z MICRO Investment dd Music and Musicians ee Other income tax credits 52ee 53 Other credits a Pass-through Entity (PTE) Tax Credit. See instructions. b Replacement Tax Investment Credits. See instructions. 53a 53b 54 Recapture a Enterprise Zone or River Edge Redevelopment Zone Investment Credit recapture 54a b REV Illinois Investment Credit recapture 54b c Replacement Tax Investment Credit recapture 54c d MICRO Investment Credit recapture 54d e Additional income tax credit recapture 54e 55 Pass-through withholding or investment partnership withholding. See instructions. 55 56 Federal income attributable to transactions subject to the Compassionate Use of Medical Cannabis Program Act surcharge. See instructions. 56 57 Federal income attributable to the sale or exchange of assets by a gaming licensee surcharge. See instructions. 57 Reset Schedule K-1-P (R-12/24) Print Page 3 of 3
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 2024
We last updated the Partner's or Shareholder's Share of Income, Deductions, Credits, and Recapture in January 2025, so this is the latest version of Schedule K-1-P, fully updated for tax year 2024. 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.
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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-P.
| Form Code | Form Name |
|---|---|
| Schedule K-1-T-1 | Instructions for Trusts and Estates Completing Schedule K-1-T and Schedule K-1-T-3) |
| 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 |
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 2025.
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 eleven 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:
2024 Schedule K-1-P
Schedule K-1-P, Partner's or Shareholder's Share of Income, Deductions, Credits, and Recapture
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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