Individual Illinois Shareholder Credits Recapture and Payments in Lacerte

Use the Illinois Shareholder Share of IL Credits, Recapture, and Payments {IL} section of Screen 20.2, S Corporation Information, to enter IL credits.

IL Credits - 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)(only 2021)
• High Impact Business Construction Jobs Credit (5160)(only 2021)
• Affordable Housing Donations (5260)
• EDGE Tax Credit (5300)
• New Construction EDGE Credit (5320)(2021 only)
• 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) (only 2021)
• Live Theater Production Credit (5580)
• Hospital Credit (5620)
• Invest in Kids Credit (5560)
• Data Center Construction Employment Credit (5820)
• Apprenticeship Education Credit (0160)
• Historic Preservation Credit (1030)
• Replacement Tax Investment Credits

 Recapture - 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
• Replacement Tax Investment Credits Recapture
• Angel Investment Credit recapture

Payments - 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

Related Articles:

• IL Diagnostic Ref. 13392 Form IL 1040 Line 28 Cannot Exceed Pass-Through Entity Payments