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This version of the form is not currently in use and is provided for reference only. Download this version of
Schedule K-1-P(3)
for the current year.
Schedule K-1-P(3) Pass-Through Withholding Calculation for Nonresident Members - Illinois
What Is Schedule K-1-P(3)?
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(3)?
A: Schedule K-1-P(3) is a tax form used to calculate pass-through withholding for nonresident members in Illinois.
Q: Who needs to file Schedule K-1-P(3)?
A: Nonresident members of an Illinois pass-through entity who are subject to withholding need to file Schedule K-1-P(3).
Q: What is pass-through withholding?
A: Pass-through withholding is the amount of income tax that is withheld from payments made to nonresident partners or members of a pass-through entity.
Q: How is pass-through withholding calculated?
A: Pass-through withholding is calculated based on the nonresident member's distributive share of the pass-through entity's income subject to Illinois withholding.
Q: Why is pass-through withholding necessary?
A: Pass-through withholding ensures that nonresident partners or members pay their share of income taxes on income earned from Illinois sources.
Q: When is the deadline for filing Schedule K-1-P(3)?
A: The deadline for filing Schedule K-1-P(3) is generally the same as the deadline for filing the pass-through entity's income tax return, which is typically March 15th.
Q: Are there any penalties for not filing Schedule K-1-P(3)?
A: Yes, failure to file Schedule K-1-P(3) or to pay pass-through withholding can result in penalties and interest.
Q: Is pass-through withholding the same as income tax?
A: No, pass-through withholding is a type of income tax that is specifically withheld from payments made to nonresident partners or members of a pass-through entity.
Q: Can I claim a refund for pass-through withholding?
A: Yes, if the pass-through withholding amount exceeds the nonresident member's actual tax liability, they can claim a refund on their individual income tax return.
Form Details:
- Released on December 1, 2019;
- The latest edition provided by the Illinois Department of Revenue;
- Easy to use and ready to print;
- Quick to customize;
- Compatible with most PDF-viewing applications;
- Fill out the form in our online filing application.
Download a fillable version of Schedule K-1-P(3) by clicking the link below or browse more documents and templates provided by the Illinois Department of Revenue.
