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 form used for pass-through withholding calculation for nonresident members in Illinois.

Q: Who needs to file Schedule K-1-P(3)?
A: Nonresident members of a pass-through entity in Illinois need to file Schedule K-1-P(3).

Q: What is pass-through withholding?
A: Pass-through withholding is the process of withholding taxes on income distributed by a pass-through entity to its nonresident members.

Q: How is pass-through withholding calculated?
A: Pass-through withholding is calculated based on the nonresident member's distributive share of Illinois income.

Q: What information is needed to complete Schedule K-1-P(3)?
A: To complete Schedule K-1-P(3), you will need information such as the nonresident member's share of income, deductions, and Illinois withholding.

Q: When is Schedule K-1-P(3) due?
A: Schedule K-1-P(3) is typically due on the same date as the pass-through entity's tax return, which is generally the 15th day of the 3rd month after the close of the tax year.

Q: Are there any penalties for not filing Schedule K-1-P(3)?
A: Yes, there can be penalties for not filing Schedule K-1-P(3) or for underpayment of pass-through withholding taxes.