Instructions For Schedule K-1-P(2) - Illinois Partner'S And Shareholder'S Page 6
ADVERTISEMENT
1
2
3
4
5
6
7
8
9
10Step-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 A - Member’s share of business and
nonbusiness amounts —
business income or loss —
Column A - Member’s share —
The amounts reported on
Lines 32 through 47 -
Lines 10 through 31 must match your federal Schedule K-1.
Enter the total of any nonbusiness
Nonbusiness amounts -
amounts from Column A, Lines 32 through 37 and 38b through 47
Column B - Illinois share —
To determine the amount to include
(do not include amounts from Line 38a).
on specific lines of your Form IL-1065 or Form IL-1120-ST, add specific
lines in Step 3, Column B, to specific lines in Step 4, Column B. The
Total of nonbusiness amounts from
A
following instructions explain what lines to add together and on what line
Column A, Lines 32 through 37.
______________
of your form or schedule these totals are to be included.
Total of nonbusiness amounts from
B
Column A, Lines 38b through 47.
______________
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
Subtract Line B from Line A.
______________
C
the Column B instructions for this step. Instead, refer to the instructions
Include the total amount from Line C in the total amount reported on
under General Information, “What if the partnership is an investment
your Schedule NB.
partnership?”
Enter the total of any business amounts
Business amounts -
Include the amounts in Step 3, Column B
Lines 10 through 31 -
from Column A, Lines 32 through 37 and 38a through 47 (excluding
in the total amount you report on your Schedule NB. Include the
Line 38b).
amounts in Step 4, Column B in the total amount you report on Step
6, Line 45, of your Forms IL-1065 or Form IL-1120-ST.
Total of business amounts from
A
Column A, Lines 32 through 37.
______________
Step 5 - Your share of Illinois additions and
Total of business amounts from Column A,
B
subtractions —
Lines 38a through 47 (excluding Line 38b). ______________
Column A - Member’s share of additions —
Subtract Line B from Line A.
______________
C
The amounts on these lines are reported in
Lines 32 through 37 -
Include the total amount from Line C in the total amount reported on
your Illinois base income by including them on Step 4, Line 19, of your
Step 6, Line 37, of your Form IL-1065 or Form IL-1120-ST.
Form IL-1065 or IL-1120-ST.
Column B - Illinois share —
Column A - Member’s share of subtractions —
If the partnership that completed the Schedule K-1-P entered “investment
The amounts on these lines
partnership” in Step 1, Line 4, Column B should be blank. Do not use
Lines 38a, 38b, and 44 through 47 -
are reported in your Illinois base income by including the total of these
the Column B instructions for this step. Instead, refer to the instructions
lines on Step 5, Line 32, of your Form IL-1065 or Form IL-1120-ST.
under General Information, “What if the partnership is an investment
partnership?”
Include the amount from Line 39 on your Schedule 1299-A,
Line 39 -
Step 1, Line 2.
Lines 32 through 47 -
Include the amount from Line 40 on your Schedule 1299-A,
Line 40 -
Enter the total of any nonbusiness
Nonbusiness amounts -
Step 1, Line 5.
amounts from Column B, Lines 32 through 37 and 38b through 47
(do not include amounts from Line 38a).
Include the amount from Line 41 on your Schedule 1299-A,
Line 41 -
Step 1, Line 8.*
Total of nonbusiness amounts from
A
Column B, Lines 32 through 37.
______________
Include the amount from Line 42 on your Schedule 1299-A,
Line 42 -
Total of nonbusiness amounts from
B
Step 1, Line 11.*
Column B, Lines 38b through 47.
______________
Include the amount from Line 43 on your Schedule 1299-A,
Line 43 -
Subtract Line B from Line A.
______________
C
Step 1, Line 14.*
Include the total amount from Line C in the total amount reported on
*Partnerships filing Form IL-1065 are not eligible for these subtractions.
your Schedule NB.
In addition, report the business and nonbusiness amounts in Column A,
Lines 32 through 47 as indicated in the following instructions.
Schedule K-1-P(2) (R-12/14)
Page 6 of 10
ADVERTISEMENT
0 votes
Related Articles
Related forms
Instructions For Schedule K-1-p(2) - Partner's And Shareholder's - Illinois Department Of Revenue
Financial
Partner's And Shareholder's Instructions For Schedule K-1-p(2)/instructions For Individuals Filing Form Il-1040
Financial
Partner's Instructions For Schedule K-1 (form 1065-b) - Partner's Share Of Income (loss) From An Electing Large Partnership (for Partner's Use Only) - 2016
Financial
Partner's Instructions For Schedule K-1 (form 1065-b) - Partner's Share Of Income (loss) From An Electing Large Partnership (for Partner's Use Only) - 2001
Financial
Partner's Instructions For Schedule K-1 (form 1065-b) - Partner's Share Of Income (loss) From An Electing Large Partnership (for Partner's Use Only) - 2009
Financial
Partner's Instructions For Schedule K-1 (form 1065-b) - Partner's Share Of Income (loss) From An Electing Large Partnership (for Partner's Use Only) - 2007
Financial
Partner's Instructions For Schedule K-1 (form 1065-b) - Partner's Share Of Income (loss) From An Electing Large Partnership (for Partner's Use Only) - 2011
Financial
Partner's Instructions For Schedule K-1 (form 1065-b) - Partner's Share Of Income (loss) From An Electing Large Partnership (for Partner's Use Only) - 2004
Financial
Related Categories
Parent category: Financial