Instructions for Schedule K-1-T Beneficiary's Share of Income and Deductions - Illinois

This document contains official instructions for Schedule K-1-T , Beneficiary's Share of Income and Deductions - a form released and collected by the Illinois Department of Revenue.

FAQ

Q: What is Schedule K-1-T?
A: Schedule K-1-T is a form used by beneficiaries to report their share of income and deductions from an Illinois Trust or Estate.

Q: Who needs to file Schedule K-1-T?
A: Beneficiaries of an Illinois Trust or Estate need to file Schedule K-1-T.

Q: What information is reported on Schedule K-1-T?
A: Schedule K-1-T reports the beneficiary's share of income, deductions, credits, and other items from the trust or estate.

Q: When is the deadline to file Schedule K-1-T?
A: The deadline to file Schedule K-1-T is the same as the deadline for filing your individual income tax return, which is typically April 15th.

Q: Do I need to include Schedule K-1-T with my federal tax return?
A: No, Schedule K-1-T is only filed with your Illinois state tax return.

Q: What if I have multiple Schedule K-1-T forms?
A: If you have multiple Schedule K-1-T forms, you will need to add up the income and deductions from each form and report the total on your tax return.

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

Q: What if I have questions about filling out Schedule K-1-T?
A: If you have questions about filling out Schedule K-1-T, you can contact the Illinois Department of Revenue or seek assistance from a tax professional.

Q: Is Schedule K-1-T used for both trusts and estates?
A: Yes, Schedule K-1-T is used for reporting income and deductions from both trusts and estates in Illinois.