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

by Intuit Updated 8 months ago

You can use the Illinois Schedule K-1-P (EF only) (IL) section under 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 Check Return 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.

To generate IL Schedule K-1-P for an individual return for a K-1 from a partnership:

  1. Go to Input Return Income Passthrough K-1's Partnership Info (1065 K-1)
  2. Make sure you are in the correct partnership activity by clicking the tab with the name of the applicable partnership along the top of this screen
  3. Select the State & Local tab
  4. Scroll down to the Illinois Schedule K-1-P (EF only) {IL} input section
  5. Enter the Share percentage (XX.XXX) (MANDATORY) 
    • This input is mandatory to generate the K-1-P
  6. Enter any other applicable information in the other sections on this screen:
    • Illinois Shareholder Share of Nonbusiness Income (EF only) {IL}- only flows to the K-1-P
    • Illinois Shareholder Share of Business Income (Loss) (EF only) {IL}- only flows to the K-1-P
    • Illinois Shareholder Share of IL Additions/Subtractions {IL}- flows to the K-1-P and to the Illinois return
    • Illinois Shareholder Share Of August 1, 1969 Appreciation (EF only) {IL}- only flows to the K-1-P
    • Illinois Shareholder Share of IL Credits, Recapture and Payments {IL}- flows to the K-1-P and to the Illinois return

To generate IL Schedule K-1-P for an individual return for a K-1 from a s corporation:

  1. Go to Input Return Income Passthrough K-1's S-Corp Info (1120S K-1)
  2. Make sure you are in the correct S-Corp K-1 by clicking the tab with the name of the applicable S-Corp along the top of this screen
  3. Select the State & Local tab
  4. Scroll down to the Illinois Schedule K-1-P (EF only) {IL} input section
  5. Enter the Share percentage (XX.XXX) (MANDATORY) 
    • This input is mandatory to generate the K-1-P
  6. Enter any other applicable information in the other sections on this screen:
    • Illinois Shareholder Share of Nonbusiness Income (EF only) {IL}- only flows to the K-1-P
    • Illinois Shareholder Share of Business Income (Loss) (EF only) {IL}- only flows to the K-1-P
    • Illinois Shareholder Share of IL Additions/Subtractions {IL}- flows to the K-1-P and to the Illinois return
    • Illinois Shareholder Share Of August 1, 1969 Appreciation (EF only) {IL}- only flows to the K-1-P
    • Illinois Shareholder Share of IL Credits, Recapture and Payments {IL}- flows to the K-1-P and to the Illinois return

Note: If inputs are not made in the Illinois Shareholder Share of IL Additions/Subtractions, this suggestion will generate, and the K-1-P will not be generated in the return: The IL Department of Revenue does not want a Sch K-1-P to be submitted electronically if there are no addition or subtraction entries on Step 5 of the Sch K-1-P or passthrough entity payments. This Sch K-1-P will be excluded from the e-file.

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