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Step-by-Step Instructions

for partnerships filing Form IL-1065 and

S Corporations filing Form IL-1120-ST

Steps 3 and 4 - Your share of nonbusiness and

Line 43 -

Include the amount from Line 43 on your Schedule 1299-A,

business income or loss —

Step 1, Line 14.*

*Partnerships filing Form IL-1065 are not eligible for these subtractions.

Column A - Member’s share —

The amounts reported on

In addition, report the business and nonbusiness amounts in Column A,

Lines 10 through 31 must match your federal Schedule K-1.

Lines 32 through 47 as indicated in the following instructions.

Column B - Illinois share —

To determine the amount to include

Column A - Member’s share of business and

on specific lines of your Form IL-1065 or Form IL-1120-ST, add specific

nonbusiness amounts —

lines in Step 3, Column B, to specific lines in Step 4, Column B. The

following instructions explain what lines to add together and on what line

Lines 32 through 47 -

of your form or schedule these totals are to be included.

Nonbusiness amounts -

Enter the total of any nonbusiness

If the partnership that completed the Schedule K-1-P entered “investment

amounts from Column A, Lines 32 through 37 and 38b through 47

partnership” in Step 1, Line 4, Column B should be blank. Do not use

(do not include amounts from Line 38a).

the Column B instructions for this step. Instead, refer to the instructions

Total of nonbusiness amounts from

under General Information, “What if the partnership is an investment

Column A, Lines 32 through 37.

______________

partnership?”

Total of nonbusiness amounts from

Lines 10 through 31 -

Include the amounts in Step 3, Column B

Column A, Lines 38b through 47.

______________

in the total amount you report on your Schedule NB.

Subtract Line B from Line A.

______________

Do not double count items reported as both unrecaptured

Include the total amount from Line C in the total amount reported on

Section 1250 gains on Schedule K-1-P, Line 28, and as Section 1231

your Schedule NB.

gains on Schedule K-1-P, Line 30.

Business amounts -

Enter the total of any business amounts

You may include any capital loss amounts on your Schedule NB

from Column A, Lines 32 through 37 and 38a through 47 (excluding

only to the extent those loss amounts are included in your unmodified

Line 38b).

base income on Form IL-1065 or IL-1120-ST, Step 3, Line 13.

Total of business amounts from

Include the amounts in Step 4, Column B in the total amount you

Column A, Lines 32 through 37.

______________

report on Step 6, Line 45, of your Forms IL-1065 or Form IL-1120-ST.

Total of business amounts from Column A,

You may include any capital loss amounts on your

Lines 38a through 47 (excluding Line 38b). ______________

Form IL-1065 or Form IL-1120-ST, Step 6, Line 45, only to the extent

Subtract Line B from Line A.

______________

those loss amounts are included in your unmodified base income on

Form IL-1065 or Form IL-1120-ST, Step 3, Line 13.

Include the total amount from Line C in the total amount reported on

Step 6, Line 37, of your Form IL-1065 or Form IL-1120-ST.

Step 5 - Your share of Illinois additions and

subtractions —

Column B - Illinois share —

Column A - Member’s share of additions —

If the partnership that completed the Schedule K-1-P entered “investment

partnership” in Step 1, Line 4, Column B should be blank. Do not use

Lines 32 through 37 -

The amounts on these lines are reported in

the Column B instructions for this step. Instead, refer to the instructions

your Illinois base income by including them on Step 4, Line 19, of your

under General Information, “What if the partnership is an investment

Form IL-1065 or IL-1120-ST.

partnership?”

Column A - Member’s share of subtractions —

Lines 32 through 47 -

Lines 38a, 38b, and 44 through 47 -

The amounts on these lines

Nonbusiness amounts -

Enter the total of any nonbusiness

are reported in your Illinois base income by including the total of these

amounts from Column B, Lines 32 through 37 and 38b through 47

lines on Step 5, Line 32, of your Form IL-1065 or Form IL-1120-ST.

(do not include amounts from Line 38a).

Line 39 -

Include the amount from Line 39 on your Schedule 1299-A,

Total of nonbusiness amounts from

Step 1, Line 2.

Column B, Lines 32 through 37.

______________

Line 40 -

Total of nonbusiness amounts from

Include the amount from Line 40 on your Schedule 1299-A,

Step 1, Line 5.

Column B, Lines 38b through 47.

______________

Subtract Line B from Line A.

______________

Line 41 -

Include the amount from Line 41 on your Schedule 1299-A,

Step 1, Line 8.*

Include the total amount from Line C in the total amount reported on

your Schedule NB.

Line 42 -

Include the amount from Line 42 on your Schedule 1299-A,

Step 1, Line 11.*

Schedule K-1-P(2) (R-12/17)

Page 6 of 10

Instructions For Schedule K-1-P(2) - Partner'S And Shareholder'S - Illinois Department Of Revenue Page 6

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