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) in Illinois?
A: Schedule K-1-P(3) is a form used to calculate pass-through withholding for nonresident members in Illinois.

Q: Who needs to complete Schedule K-1-P(3)?
A: Schedule K-1-P(3) needs to be completed by nonresident members who have pass-through income in Illinois.

Q: What is pass-through withholding?
A: Pass-through withholding is a mechanism used to collect income tax from nonresident members on their share of pass-through income.

Q: Why is pass-through withholding important?
A: Pass-through withholding ensures that nonresident members pay their share of income tax on their pass-through income in Illinois.

Q: How do I calculate pass-through withholding on Schedule K-1-P(3)?
A: The calculation of pass-through withholding on Schedule K-1-P(3) depends on various factors including the nonresident member's distributive share and the applicable tax rates.

Q: When is Schedule K-1-P(3) due?
A: Schedule K-1-P(3) is generally due on the same date as the related income tax return or extension.