Get Illinois Schedule K 1 P Form

This guide provides clear instructions on filling out the Illinois Schedule K-1-P Form online, ensuring an accurate submission. Whether you are a partner or shareholder, this comprehensive overview will walk you through each section of the form.

Follow the steps to complete the Illinois Schedule K-1-P Form online.

1. Click ‘Get Form’ button to obtain the form and open it in an editor.
2. Identify your partnership or S corporation. Check the appropriate box to identify yourself as a partnership or S corporation. Write the name of your partnership or S corporation, your federal employer identification number (FEIN), and the apportionment factor from your previous tax forms.
3. Identify your partner or shareholder by providing their name, mailing address, and Social Security number or FEIN. Complete Columns A and B to determine the member’s and Illinois shares for each item.
4. Figure your partner’s or shareholder’s share of nonbusiness income by filling out the relevant lines for their share of nonbusiness income. Note any items not included and provide explanations where necessary.
5. Figure your partner’s or shareholder’s share of business income, excluding nonbusiness income reported previously. Carefully follow the guidelines provided in the K-1-P to ensure accurate reporting.
6. Assess Illinois additions and subtractions for your partner or shareholder, ensuring to multiply reported amounts by the correct percentages, and complete the necessary lines.
7. Determine your partner’s or shareholder’s share of Illinois credits and recapture by properly completing the respective lines associated with the Illinois credits they are eligible for.
8. Once all steps are complete, save changes, download, print, or share your completed Schedule K-1-P Form according to your needs.

Now that you have the guidelines, complete your Illinois Schedule K-1-P Form online with confidence.