ProConnect HelpIntuit HelpIntuit

Common questions for Individual Illinois Partner Schedule K-1-P in Lacerte

by Intuit• Updated 1 year ago

You can use the Illinois Schedule K-1-P (EF only) (IL) section in Screen 20.1, Partnership Information to create an electronic copy of the IL Schedule K-1-P.

Before you start:

  • Entries in the (EF Only) sections are used to complete the IL K-1-P, which you can view on the Forms tab and is included with the e-filing of the tax return.
    • The purpose of this is for you to recreate the K-1-P you received from the partnership or S corporation, like how you'd attach a paper copy to your mailed IL-1040 if you were paper filing.
  • EF only entries don't affect the IL-1040 or IL-1040NR and may need to be entered elsewhere in order to reflect correctly on the tax return.
  • Entries in IL Partner Share of Additions/Subtractions {IL} and Illinois Partner Share of IL Credits, Recapture and Payments {IL}—or any other sections that don't say (EF only) in the title—do flow to the tax return, as well as the e-file copy of the K-1-P. You don't need to re-enter these anywhere else on the return.

Follow these steps to generate IL Schedule K-1-P for an individual return:

  1. Go to Screen 20, Passthrough K-1's.
  2. Select Partnership Information or S Corporation Information in the Passthrough K-1's box on the left side of the screen.
  3. Select the appropriate K-1 in the Partnership or S Corporation box on the left side of the screen.
  4. Select Illinois Schedule K-1-P (EF only) (IL) from the left Sections box.
  5. Enter the Share percentage (XX.XXX) (MANDATORY) field.
    • You must enter this field to generate IL Schedule K-1-P.
  6. Enter any other applicable information.
  7. Enter all applicable information in the following sections: 
    • Illinois Partner Share of IL Additions/Subtractions {IL}
    • Illinois Partner Share of IL Credits, Recapture and Payments {IL}

Examples

Using (EF Only) sections:

The information you enter shows on the K-1-P. However, it doesn’t flow anywhere else:

EF only entries that flow to K-1-P but not return.png

K-1-P output:

K-1-P showing EF only amounts.png

If you want these amounts to affect the tax return, you'd also enter them here:

normal tax return entries that will flow to the Sch NR.png

In this example, the K-1 belongs to an Illinois nonresident, so these entries flow to the Sch NR:

Amounts shown on Sch NR (actual return).png

Using sections that aren't (E-File Only):

The information you enter here results in output both on the (E-File Only) K-1-P and the Schedule NR:

Non-EF only entries that will flow to K-1-P AND return.png

K-1-P output:

additions and subtractions flowing to K-1-P.png

Schedule NR output:

additions and subtractions flowing to Sch NR actual return.png

Related topics

Lacerte Tax 2023

Sign in now for personalized help

Ask questions, get answers, and join our large community of Intuit Accountants users.

Dynamic AdsDynamic Ads