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Instructions for Idaho Form ID K-1

EFO00201p3

07-24-12v2

GENERAL INSTRUCTIONS

HEADING AND QUESTIONS

Tax Year

File the 2012 form for calendar year 2012 or a fiscal year that

Form ID K-1 is used to provide the partner, shareholder, or

begins in 2012. If the PTE’s tax year is a fiscal year, fill in the tax

beneficiary of a pass-through entity (PTE) with information

year space at the top of the form.

required to complete the pass-through owner’s (PTO’s) Idaho

income tax return. Form ID K-1 isn't intended to be a substitute

Final Return and Amended Return

for the federal Schedule K-1. The information reported on

If this is the last year the PTE is filing an Idaho income tax

the Form ID K-1 relates to Idaho law and identifies Idaho

return or if the PTE is filing an amended Idaho return, check the

adjustments, allocation and apportionment amounts, credits, and

applicable box at the top of the form.

recapture amounts. Items that are included on federal Schedule

K-1, such as the Section 179 deduction, aren't shown on the ID

Identification Numbers, Name and Address

K-1 as most amounts required on the Form ID K-1 aren't found

Write the PTE’s federal employer identification number (EIN),

on the federal Schedule K-1.

business name, and address in the spaces provided.

A copy of each PTO's federal Schedule K-1 and Form ID K-1

Write the PTO’s social security number or EIN, name, and

must be included with the PTE's Idaho tax return filed by:

address in the spaces provided.

● Every partnership or S corporation transacting business in

Check the appropriate boxes to identify the PTO.

Idaho

● Every estate or trust required to file an Idaho income tax

If the PTO is treated as a disregarded entity under the IRC,

return

check this box.

A copy of the Form ID K-1 must be provided to each PTO. If the

Owner's Ownership Percentage

PTE has withheld income tax, the PTO should include Form ID

Enter the owner's ownership percentages as shown on the

K-1 with the PTO's income tax return; otherwise, the PTO should

owner's federal Schedule 1120 K-1, 1065 K-1, or 1041 K-1.

keep it for his records.

Line a Idaho Gross Income

Reporting of Pass-Through Items by Individual PTOs

If the PTO is an individual, trust, or estate, enter the amount of

Idaho part-year resident and nonresident individuals need to

the PTO’s distributive share of the PTE’s gross income. Don't

modify the amounts reported on the Form ID K-1 before entering

multiply this by the PTE's Idaho apportionment factor.

them on their Idaho individual income tax returns. A nonresident

uses the Idaho apportionment factor to determine how much of

This amount doesn't go on the PTO's Idaho return. It's used to

his share of income and deduction from the PTE is from an Idaho

determine whether a nonresident or part-year resident individual,

source. A part-year resident is considered to have earned the

trust, or an estate has a filing requirement in Idaho.

income from a PTE ratably during the tax year. For the portion

of the year that the PTO was a nonresident, he will use the Idaho

Gross income is determined as provided in the Internal Revenue

apportionment factor to determine how much of his share of

Code (IRC) sections 61(a), 691, 702(c) and 1366(c). These

income and deductions considered earned during that time is

amounts can be reported as non-separately stated items or as

from an Idaho source. For the portion of the year he is a resident

separately stated items, and can be found on various schedules.

of Idaho, he must report all the Idaho income and deductions

Gross income won't generally tie to a specific line on the Form

considered earned during that portion of the year.

41S, Form 65, or Form 66 because many of the amounts on the

return are reported net of expenses.

A resident of Idaho will be taxed by Idaho on his entire share

of the income from the PTE even if the income is apportioned

Income from an interest in an estate or trust is included within the

between Idaho and other states.

federal definition of gross income. This constitutes gross income

from the detailed rules of IRC Subtitle A, Chapter 1, Subchapter

Qualified Investment Partnerships

J, Part I (section 641 and following). See Treas. Reg. section

Special rules apply to a PTO who is a nonresident individual

1.61-13(a).

when the PTE is a qualified investment partnership under Idaho

law. A qualified investment partnership is an entity classified as

Line b Tax Paid on Behalf of PTO

a partnership for federal income tax purposes and isn’t a publicly

If the PTE is paying the tax on behalf of the PTO, check this box.

traded partnership taxed as a corporation, with at least 90% of

The PTO won’t be required to file an Idaho individual income tax

its gross income from investments whose income wouldn’t be

return for the tax year in which the tax is paid by the PTE on a

taxed by Idaho if received directly by a nonresident individual.

composite return. The option to have the PTE pay the tax for the

Noninvestment income from an Idaho source is subject to Idaho

PTO isn’t available to the following:

tax. If the PTE is a qualified investment partnership, include a

statement on Form ID K-1, Part E, Supplemental Information

● Corporations, partnerships, or electing small business trusts,

that the PTE is a qualified investment partnership and that a

or to any other person who isn’t an individual

nonresident may not be taxed on certain investment income.

● Part-year residents who have Idaho taxable income from

SPECIFIC INSTRUCTIONS

sources other than pass-through entities

● Residents

● Nonresidents who have Idaho taxable income from sources

All amounts on the Form ID K-1 should be included before

other than pass-through entities

applying the Idaho apportionment factor of the PTE. A PTO who

is a nonresident individual will apply the Idaho apportionment

Enter the amount of tax paid for the PTO on the line provided.

factor in computing the amounts to include on his Idaho

individual income tax return.

Form Id K-1 Draft - Partner'S, Shareholder'S, Or Beneficiary'S Share Of Idaho Adjustments, Credits, Etc. - 2012 Page 3

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