Schedule K-1-P Partner's or Shareholder's Share of Income, Deductions, Credits, and Recapture - Illinois

What Is Schedule K-1-P?

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?
A: Schedule K-1-P is a tax form that reports a partner or shareholder's share of income, deductions, credits, and recapture.

Q: Who needs to file Schedule K-1-P?
A: Partners or shareholders of a partnership or S corporation need to file Schedule K-1-P.

Q: What information does Schedule K-1-P report?
A: Schedule K-1-P reports the partner or shareholder's share of income, deductions, credits, and recapture from the partnership or S corporation.

Q: Do I need to file Schedule K-1-P in Illinois?
A: Yes, if you are a partner or shareholder of a partnership or S corporation that operates in Illinois, you need to file Schedule K-1-P with your Illinois tax return.

Q: Is Schedule K-1-P the same as Schedule K-1?
A: No, Schedule K-1-P is specific to Illinois, while Schedule K-1 is used for federal tax purposes.

Q: When is the deadline to file Schedule K-1-P?
A: The deadline to file Schedule K-1-P is the same as the deadline to file your Illinois tax return, which is usually April 15th.

Q: What should I do if I don't receive a Schedule K-1-P?
A: If you are expecting a Schedule K-1-P but don't receive one, you should contact the partnership or S corporation that you are a part of to request a copy.

Q: Can I e-file Schedule K-1-P?
A: Yes, you can e-file Schedule K-1-P along with your Illinois tax return.

Q: Do I need to include Schedule K-1-P with my federal tax return?
A: No, Schedule K-1-P is specific to Illinois and should only be included with your Illinois tax return.