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Does Schedule K-1-P need to be submitted to the Department?

Answer #517 -- ( Published 03/17/2006 02:58 PM | Updated 02/20/2018 2:51 PM )

Does Schedule K-1-P need to be submitted to the Department?

If you receive a Schedule K-1-P, Partner's or Shareholder's Share of Income, Deductions, Credits, and Recapture, 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.

If you are the partnership or S corporation that completes Schedule K-1-P you should send the appropriate Schedule K-1-P to each partner or shareholder along with a copy of Schedule K-1-P(2), Partner's and Shareholder's Instructions. You should maintain copies of these issued Schedule(s) K-1-P in your files. When you submit your partnership or S corporation return to the department, do not include copies of any Schedule(s) K-1-P you issued to your partners or shareholders. The partners or shareholders will report this information when they file their Illinois income tax returns.

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