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What is the purpose of Schedule K-1-P?
Similar to the federal Schedule K-1, the purpose of Schedule K-1-P, Partner's or Shareholder's Share of Income, Deductions, Credits, and Recapture, is for partnerships and S corporations to supply each individual or entity who was a partner or shareholder at any time during the tax year with that individual's or entity's share of the amounts reported on the partnership's or S corporation's federal income tax return and Illinois business income tax return.
For Illinois income tax purposes, partners and shareholders must be given a completed Schedule K-1-P and a copy of Schedule K-1-P(2), Partner's and Shareholder's Instructions, no later than the due date, including any extended due date, of Form IL-1065, Partnership Replacement Tax Return, or Form IL-1120-ST, Small Business Corporation Replacement Tax Return. If you are the partnership or S corporation that completes Schedule K-1-P, do not include copies of any Schedule(s) K-1-P you issued to your partners or shareholders when you submit your partnership or S corporation return to the Illinois Department of Revenue. The partners or shareholders will report this information when they file their Illinois income tax returns.
If you receive a Schedule K-1-P from a partnership or an S corporation, then you must attach a copy of the Schedule K-1-P you received to your Illinois income tax return to report and claim any amounts you received. Please keep a copy of the Schedule K-1-P you received for your files.