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 tax form used to report a beneficiary's share of income and deductions from an Illinois trust.

Q: Who should file Schedule K-1-T?
A: The beneficiaries of an Illinois trust should 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 the trust's income, deductions, and credits.

Q: Do I need to include Schedule K-1-T with my federal tax return?
A: No, Schedule K-1-T is only used for Illinois state tax purposes and should not be included with your federal tax return.

Q: When is the deadline to file Schedule K-1-T?
A: Schedule K-1-T is generally due on the same day as your Illinois state income tax return, which is usually April 15th.

Q: Is Schedule K-1-T required for all types of trusts?
A: No, Schedule K-1-T is specifically for Illinois trusts. Other types of trusts may have different reporting requirements.

Q: What should I do if I am unsure how tofill out Schedule K-1-T?
A: If you are unsure how to fill out Schedule K-1-T, it is recommended to seek assistance from a tax professional or the Illinois Department of Revenue.