Schedule K-1-T(2) Beneficiary'S Instructions (Page 6 of 6) in pdf

Schedule K-1-T(2) Beneficiary'S Instructions Page 6

Step-by-Step Instructions

for corporations filing Form IL-1120

Steps 3 and 4 - Your share of nonbusiness and

business income —

Column A - Beneficiary’s share —

Lines 9 through 29 -

The amounts reported on Lines 9 through 29

must match your federal Schedule K-1.

Column B - Illinois share —

Step 3 represents your share of the trust’s or estate’s nonbusiness

income allocated to Illinois. Step 4 represents your share of the trust’s or

estate’s business income apportioned to Illinois. The following information

allows you to determine the amount to include on specific lines of your

Form IL1120.

Include the amounts in Step 3, Column B in the total amount you report on

your Forms IL-1120, Step 4, Line 32.

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

your Form IL-1120, Step 4, Line 33.

Step 5 - Your share of Illinois additions and

subtractions —

Column A - Member’s share of additions —

Lines 30 through 35 -

The amounts on these lines are reported in

your Illinois base income by including them on your Form IL-1120,

Step 2, Line 7.

Lines 36a, 36b, and 41 through 46 -

The amounts on these lines

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

lines on your Form IL-1120, Step 3, Line 20.

Lines 39a -

Include the amount from Line 39a on your Form IL-1120,

Schedule 1299-B, Step 2, Line 14.

Lines 39b -

Include the amount from Line 39b on your Form IL-1120,

Schedule 1299-B, Step 2, Line 17.

Lines 40 -

Include the amount from Line 40 on your Form IL-1120,

Schedule 1299-B, Step 2, Line 21.

Column B - Illinois share —

Lines 30 through 46 (excluding Line 36a

) - Add any nonbusiness

amounts from Column B, Lines 30 through 46. Include this total amount

on your Form IL-1120, Step 4, Line 32.

Add any business amounts from Lines 30 through 46 (excluding

Line 36b), Column B. Include this amount on your Form IL-1120, Step 4,

Line 33.

Figure your beneficiary’s share of pass-through

entity payments

Line 50 - Pass-through entity payments —

Write the amount

from Line 50 on your Form IL-1120, Step 8, Line 55d.

Schedule K-1-T(2) (R-12/11)

Page 6 of 6

Schedule K-1-T(2) Beneficiary'S Instructions Page 6

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