Partner'S And Shareholder'S Instructions For Schedule K-1-P(2)/instructions For Individuals Filing Form Il-1040 (Page 6 of 8) in pdf

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

Column B - Illinois share —

business income —

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

Column A - Member’s share —

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

The amounts reported on

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

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

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

Column B - Illinois share —

To determine the amount to include

partnership?”

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

Lines 32 through 47

(excluding Line 38a)

Add any nonbusiness

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

amounts from Column B, Lines 32 through 47. Include this total

instructions explain what lines to add together and on what line of your

amount on your Form IL-1065 or Form IL-1120-ST, Step 6, Line 44.

form or schedule these totals are to be included.

Add any business amounts from Column B, Lines 32 through 47

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

(excluding Line 38b). Include this amount on your Form IL-1065 or

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

Form IL-1120-ST, Step 6, Line 45.

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

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

Step 6 - Your share of the Illinois August 1, 1969,

partnership?”

appreciation amounts —

Lines 10 through 31 -

Include the amounts in Step 3, Column

B in the total amount you report on your Form IL-1065, or Form

Column A - Member’s share —

IL-1120-ST, Step 6, Line 44. Include the amounts in Step 4,

Include this amount on your Schedule F, Line 2, Column K.

Line 48 -

Column B in the total amount you report on your Forms IL-1065 or

Form IL-1120-ST, Step 6, Line 45.

Include this amount on your Schedule F, Line 2, Column L.

Line 49 -

Include this amount on your Schedule F, Line 2, Column M.

Line 51 -

Step 5 - Your share of Illinois additions and

subtractions

Column B - Illinois share —

Column A - Member’s share of additions —

Use the information in Column B when completing Step 6 of the

Schedule K-1-P for your partners or shareholders.

Lines 32 through 37 -

The amounts on these lines are reported in

your Illinois base income by including them on your Form IL-1065 or IL-

If the partnership that completed the Schedule K-1-P wrote

1120-ST, Step 4, Line 19.

“investment partnership” in Step 1, Line 4, Column B should be

blank. Do not use the Column B instructions for this step. Instead,

Column A - Member’s share of subtractions —

refer to the instructions under General Information, “What if the

partnership is an investment partnership?”

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

The amounts on these lines

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

Step 7 - Your share of Illinois credits and

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

recapture —

If the partnership or S corporation has passed through

Include the amount from Line 39a on your Form IL-1065,

Lines 39a -

to you any credit or recapture amounts on Lines 52 or 53, see the credit

Schedule 1299-A, Tax Subtractions and Credits, Step 1, Line 2.

information provided on Page 8 of this instruction booklet for more

information.

Include the amount from Line 39b on your Form IL-1065 or

Lines 39b -

IL-1120-ST, Schedule 1299-A, Step 1, Line 5.

Include the amount from Line 40 on your Form IL-1065 or

Lines 40 -

IL-1120-ST, Schedule 1299-A, Step 1, Line 9

Include the amount from Line 41 on your Form IL-1120-ST,

Lines 41 -

Schedule 1299-A, Step 1, Line 12.*

Include the amount from Line 42a on your Form

Lines 42a -

IL-1120-ST, Schedule 1299-A, Step 1, Line 15.*

Include the amount from Line 42b on your IL-1120-ST,

Lines 42b -

Schedule 1299-A, Step 1, Line 18.*

Include the amount from Line 43 on your IL-1120-ST,

Lines 43 -

Schedule 1299-A, Step 1, Line 22.*

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

Page 6 of 8

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

Partner'S And Shareholder'S Instructions For Schedule K-1-P(2)/instructions For Individuals Filing Form Il-1040 Page 6

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