Individual Illinois Shareholder Credits Recapture and Payments in ProConnect Tax

1. From the Input Return tab, go to Income ⮕ Passthrough K-1's ⮕ S Corp Info (1120S K-1).
2. Make sure you are in the correct K-1 activity by selecting the tab with the name of the S Corp this information applies to along the top of this screen.
3. Go to the State & Local tab.
4. Scroll down to the Illinois Shareholder Share of IL Credits, Recapture and Payments {IL} section

Under the IL Income Tax Credits section:

This input screen is used to create an electronic copy of the IL Schedule K-1-P. Please enter the corresponding information from the Schedule K-1-P, Partner’s Share of Credits. Entries in these input fields will be totaled and included on the IL-1299 Credit Form Column F ‘Distributive Share’ with the corresponding Credit Code.

• Film Production Services Tax Credit (5000)
• Enterprise Zone Credit (5080)
• Enterprise Zone Construction Jobs Credit (5120)
• High Impact Business Construction Jobs Credit (5160)
• Affordable Housing Donations Credit (5260)
• EDGE Tax Credit (5300)
• New Construction EDGE Credit (5320)
• Research and Development Tax Credit (5340)
• Wages paid Ex-Felons Jobs Credit (5380)
• Student-Assistance Contribution Credit (5420)
• Angel Credit (5460)
• New Markets Credit (5500)
• River Edge Historic Preservation Credit (5540)
• River Edge Construction Jobs Credit (5560)
• Live Theater Production Credit (5580)
• Hospital Credit (5620)
• Invest In Kids Credit (5660)
• Data Center Construction Employment Credit (5820)
• Apprenticeship Education Credit (0160)
• Historic Preservation Credit (1030)
• REV Illinois Investment (5230)
• Agritourism Liability Insurance Credit (5440)
• Recovery an Mental Health Credit (0180)

Under Other Credits:

• Pass-through Entity Tax Credit
• Replacement Tax Investment Credits

Under the Recapture section:

This input screen is used to create an electronic copy of the IL Schedule K-1-P. Please enter the corresponding information from the Schedule K-1-P, Shareholder’s Share of Income, Deductions, Credits, and Recapture. Entries in these input fields do not impact the amounts reported on the Illinois income tax return.

• Enterprise Zone/River Edge Zone Investment credit recapture
• REV Illinois Investment Credit recapture
• Replacement Tax Investment Credits recapture
• Additional Income Tax Credit recapture

Under the Payments section:

This input screen is used to create an electronic copy of the IL Schedule K-1-P. Please enter the corresponding information from the Schedule K-1-P, Shareholder’s Share of Income, Deductions, Credits, and Recapture. Entries in these input fields do not impact the amounts reported on the Illinois income tax return.

• Pass-through entity payment
• Medical Cannabis Program Act Surcharge
• Assets by a gaming licensee surcharge