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I
IRV681
Level 3
January 19, 2022
Question

Reporting Illinois Pass Through Entity Tax

  • January 19, 2022
  • 3 replies
  • 10 views

How do you enter this type of payment on the K-1 for 2021 that will be provided to the shareholder?

This topic has been closed for replies.

3 replies

G
garman22Intuit Community Champion
Intuit Community Champion
January 19, 2022

It'll show up on Il K-1-P ln 53a. 

I dont know re: PS 1120 and how it will transfer over from federal (assuming it does)?

    I
    IRV681Author
    Level 3
    January 19, 2022

    Thanks for a reply.  I see where it should be on the state return.  The interesting part would be how to get it there.  There is no separate line on Federal Return that is used for this purpose.

    G
    garman22Intuit Community Champion
    Intuit Community Champion
    January 19, 2022

    I see where that could be an issue. 

    My guess would be 1120S under "taxes and licenses" and then Im guessing an entry would have to be made on the IL-1120st to add back that amount just like we do with replacement tax. I use UT for my corporate needs and thats where I add back the replacement tax on state. Im not sure if PS handles same way?

     

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