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

This document contains official instructions for Schedule K-1-P , 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?
A: Schedule K-1-P is a form used to report a partner's or shareholder's share of income, deductions, credits, and recapture in Illinois.

Q: Who needs to file Schedule K-1-P?
A: Partners in Illinois partnerships and shareholders in Illinois S corporations need to file Schedule K-1-P.

Q: What information is included in Schedule K-1-P?
A: Schedule K-1-P includes information about a partner's or shareholder's share of income, deductions, credits, and recapture in Illinois.

Q: When is the deadline to file Schedule K-1-P?
A: The deadline to file Schedule K-1-P is generally April 15th, or the same date as your federal tax returnfiling deadline.

Q: Are there any penalties for not filing Schedule K-1-P?
A: Yes, there may be penalties for not filing Schedule K-1-P or for filing it late. It's important to file on time to avoid any penalties.