Instructions for Schedule K-1-P(2) Partner's or Shareholder's Share of Income, Deductions, Credits, and Recapture - Illinois

This document contains official instructions for Schedule K-1-P(2) , Partner's or Shareholder's Share of Income, Deductions, Credits, and Recapture - a form released and collected by the Illinois Department of Revenue.

FAQ

Q: What is Schedule K-1-P(2)?
A: Schedule K-1-P(2) is a tax form used to report a partner's or shareholder's share of income, deductions, credits, and recapture for Illinois state taxes.

Q: Who needs to file Schedule K-1-P(2)?
A: Partners or shareholders in Illinois partnerships, limited liability companies (LLCs), and S corporations need to file Schedule K-1-P(2).

Q: What information is reported on Schedule K-1-P(2)?
A: Schedule K-1-P(2) reports the partner's or shareholder's share of income, deductions, credits, and recapture for Illinois state taxes.

Q: When is the deadline to file Schedule K-1-P(2)?
A: The deadline to file Schedule K-1-P(2) is the same as the deadline for your Illinois state tax return, which is typically April 15th.

Q: What happens if I don't file Schedule K-1-P(2)?
A: If you are required to file Schedule K-1-P(2) and fail to do so, you may be subject to penalties and interest on any unpaid taxes owed.

Q: Can I e-file Schedule K-1-P(2)?
A: Yes, you can e-file Schedule K-1-P(2) along with your Illinois state tax return.

Q: Do I need to include a copy of Schedule K-1-P(2) with my federal tax return?
A: No, Schedule K-1-P(2) is specific to Illinois state taxes and does not need to be included with your federal tax return.

Q: Can I request an extension to file Schedule K-1-P(2)?
A: Yes, you can request an extension to file Schedule K-1-P(2) by filing Form IL-505-I, Automatic Extension Payment for Individuals.

Q: How do I report the information from Schedule K-1-P(2) on my Illinois state tax return?
A: You will report the information from Schedule K-1-P(2) on the appropriate lines of your Illinois state tax return, following the instructions provided by the Illinois Department of Revenue.