Illinois Beneficiary's Share of Income and Deductions

Beneficiary's Share of Income and Deductions
Schedule K-1-T, Beneficiary's Share of Income and Deductions
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	 Illinois Department of Revenue
			
	

*32312241W*

	

Schedule K-1-T		
	 Beneficiary’s Share of Income and Deductions

Year ending
Month

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.

Step 1:	 Identify your trust or estate
	1	 Check the appropriate box 	
trust	
estate

	3	

Step 2: Identify your beneficiary
	5	

	

	

	

	 individual	
	 corporation	
	trust
	
	 partnership	
	 S corporation	
	estate
	 8b	 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:

		 Mailing Address
ZIP

	 7	

		 Social Security number or FEIN

Step 3:	 Figure your beneficiary’s share of your nonbusiness income or loss
A

		
	 9	
	10	
	11	
	12	
	13	
	14	
	15	
	16	
	17	
	18	

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

			

Specify

	

	

	 6	

State	

	

	8a	Check the appropriate box. See instructions.

		 Name

	

	

	4	Enter the apportionment factor from Step 6, Line 3, of Schedule NR
		 Form IL-1041; otherwise, enter “1.”

		 Enter your name as shown on your Form IL-1041.

		 City	

	-	

IL Attachment No. 13

		 Enter your federal employer identification number (FEIN).

	 2	

	

	

Year

9	
10	
11	
12	
13	
14	
15	
16	
17	
	 18	

Beneficiary’s share
	
(see instructions.)

		
		
		
		
		
		
		
		
		
		

B

Illinois share

Step 4:	 Figure your beneficiary’s share of your business income or loss (See instructions.)	
A

		

	19	
	20	
	21	
	22	
	23	
		
	24	
		
	25	
		
	26	
		
	27	
		
	28	
		
	29	

Beneficiary’s share
from federal Schedule K-1,
less nonbusiness income

Interest	
Dividends	
Net short-term capital gain or loss	
Net long-term capital gain or loss (total for year)	
Annuities, royalties, and other nonpassive income or loss before
directly apportioned deductions	
Directly apportioned deductions — Depreciation, depletion,	
and amortization	
Total annuities, royalties, and other nonpassive income or loss.
Subtract Column A, Line 24 from Line 23. See Instructions.	
Trade or business, rental real estate, and other rental income or
loss before directly apportioned deductions	
Directly apportioned deductions — Depreciation, depletion,	
and amortization	
Total trade or business, rental real estate, and other rental
income or loss. Subtract Column A, Line 27 from Line 26.	
Other income and expense ____________________________	

			

Specify

Schedule K-1-T Front (R-12/24)

	

B

Illinois share

19	
20	
21	
22	

		
		
		
		

23	

		

24	

		

25	

		

26	

		

27	

		

28	
29	

		
		
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.

		

			

*32312242W*

Step 5:	 Figure your beneficiary’s share of your Illinois additions and subtractions
A

K-1-T Recipient: Before using the information provided in Step 5, you must read
Schedule K-1-T(2) to correctly report the amounts listed in Columns A and B.
	

	30	
	31	
	32	
	33	
	34	
	35	

	

Additions	

		 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

B
Illinois share

	

30	
31	
32	
33	
34	
35	

		
		
		
		
		
		

36a	

		

36b	
37	
38	
39	

		
		
		
		

40	
41	
42	
43	
44	
45	

		
		
		
		
		
		

Federally tax-exempt interest income	
Illinois taxes and surcharge deducted. See instructions.	
Illinois Special Depreciation addition	
Related-Party Expenses addition	
Distributive share of additions	
Other additions from Illinois Schedule M (for businesses) 	

				

		
	41	
	42	
	43	
	44	
	45	

Beneficiary’s share
from Form IL-1041

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)	

				

Step 6:	 Figure your beneficiary’s (except a corporate beneficiary) share of your
	
Illinois August 1, 1969, appreciation amounts
A
Beneficiary’s share
from Illinois Schedule F
(Form IL-1041)

		

	46	 Section 1245 and 1250 gain 	
	47	 Section 1231 gain	
	48	 Capital gain	

46	
47	
48	

	

B

	

Illinois share
	
		
		

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.				

52		 Federal income attributable to the sale or exchange of assets by a gaming licensee surcharge.
		 See instructions. 				

Schedule K-1-T Back (R-12/24)

Printed by the authority of the state of Illinois - electronic only - one copy.

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