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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

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