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Individual Illinois Shareholder Credits Recapture and Payments in ProConnect Tax

SOLVEDby IntuitUpdated June 20, 2023
  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

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