Form Id K-1 - Idaho Partner'S, Shareholder'S, Or Beneficiary'S Share Of Idaho Adjustments, Credits, Etc. - 2014 Page 3
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5Instructions for Idaho Form ID K-1
EFO00201p3
08-27-14
GENERAL INSTRUCTIONS
HEADING AND QUESTIONS
Tax Year
File the 2014 form for calendar year 2014 or a fiscal year that
Form ID K-1 is used to provide the partner, shareholder, or
begins in 2014. If the entity’s tax year is a fiscal year, fill in the
beneficiary of a pass-through entity (entity) with information
tax year space at the top of the form.
required to complete the pass-through owner’s (owner'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 entity is filing an Idaho income tax
the Form ID K-1 relates to Idaho law and identifies Idaho
return or if the entity 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 entity’s federal employer identification number (EIN),
on the federal Schedule K-1.
business name, and address in the spaces provided.
A copy of each owner's federal Schedule K-1 and Form ID K-1
Write the owner's social security number or EIN, name, and
must be included with the entity'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 owner.
Idaho
● Every estate or trust required to file an Idaho income tax
If the owner is treated as a disregarded entity under the Internal
return
Revenue Code (IRC), check this box.
A copy of the Form ID K-1 must be provided to each owner. If
Owner's Ownership Percentages
the entity has withheld income tax, the owner should include
Enter the owner's ownership percentages as shown on the
Form ID K-1 with his income tax return; otherwise, the owner
owner's federal Schedule 1120 K-1, 1065 K-1, or 1041 K-1.
should keep it for his records.
Line d Idaho Gross Income
Reporting of Pass-Through Items by Individual Owners
Determine the owner's distributive share of the entity's gross
Idaho part-year resident and nonresident individuals need to
income and check the appropriate box. If the owner's distributive
modify the amounts reported on the Form ID K-1 before entering
share of gross income is equal to or greater than $2,500, the
them on their Idaho individual income tax returns. A nonresident
owner has a filing requirement in Idaho.
uses the Idaho apportionment factor to determine how much
of his share of income and deduction from the entity is from an
Gross income is determined as provided in IRC sections 61(a),
Idaho source. A part-year resident is considered to have earned
691, 702(c) and 1366(c). These amounts can be reported
the income from an entity ratably during the tax year. For the
as non-separately stated items or as separately stated items,
portion of the year that the owner was a nonresident, he will
and can be found on various schedules. Gross income won't
use the Idaho apportionment factor to determine how much of
generally tie to a specific line on the Form 41S, Form 65, or Form
his share of income and deductions considered earned during
66 because many of the amounts on the return are reported net
that time is from an Idaho source. For the portion of the year he
of expenses.
is a resident of Idaho, he must report all the Idaho income and
deductions considered earned during that portion of the year.
Income from an interest in an estate or trust is included within the
federal definition of gross income. This constitutes gross income
A resident of Idaho will be taxed by Idaho on his entire share
from the detailed rules of IRC Subtitle A, Chapter 1, Subchapter
of the income from the entity even if the income is apportioned
J, Part I (section 641 and following). See Treas. Reg. section
between Idaho and other states.
1.61-13(a).
Qualified Investment Partnerships
Line e Tax Paid on Behalf of Owner
Special rules apply to an owner who is a nonresident individual
If the entity is paying the tax on behalf of the owner, check this
when the entity is a qualified investment partnership under
box. The owner won’t be required to file an Idaho individual
Idaho law. A qualified investment partnership is an entity that
income tax return for the tax year in which the tax is paid by the
is classified as a partnership for federal income tax purposes
entity on a composite return. The option to have the entity pay
and isn’t a publicly traded partnership taxed as a corporation,
the tax for the owner isn’t available to the following:
and has at least 90% of its gross income from investments
whose income wouldn’t be taxed by Idaho if received directly
● Corporations, partnerships, or electing small business trusts,
by a nonresident individual. Noninvestment income from an
or to any other person who isn’t an individual
Idaho source is subject to Idaho tax. If the entity is a qualified
● Part-year residents who have Idaho taxable income from
investment partnership, include a statement on Form ID K-1,
sources other than pass-through entities
Part E, Supplemental Information that the entity is a qualified
● Residents
investment partnership and that a nonresident may not be taxed
● Nonresidents who have Idaho taxable income from sources
on certain investment income.
other than pass-through entities
SPECIFIC INSTRUCTIONS
Enter the amount of tax paid for the owner on the line provided.
All amounts on the Form ID K-1 should be included before
The entity must either complete Sections A through E for an
applying the Idaho apportionment factor of the entity. An
electing owner or include a schedule that identifies how the tax
owner who is a nonresident individual will apply the Idaho
for the owner was computed, including any credits that are used
apportionment factor in computing the amounts to include on his
to offset tax.
Idaho individual income tax return.
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