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The purpose of Schedule K-1-P(3), Pass-through Withholding Calculation for Nonresident Members, is to calculate the required tax you must report and pay on behalf of your nonresident partners or shareholders that receive business or nonbusiness income from your partnership or S corporation.
The partnership files a copy of Schedule K-1 (Form 1065) with the IRS. For your protection, Schedule K-1 may show only the last four digits of your identifying number (social security number (SSN), etc.). However, the partnership has reported your complete identifying number to the IRS.
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What is the purpose of Schedule K-1-P? The partnership or the S corporation listed on the front of Schedule K-1-P has completed and provided you with the schedule to reflect your specific share of the partnership’s or the S corporation’s income, modifications, and credits.
Partner’s or Shareholder’s Share of Income, Deductions, Credits, and Recapture. To be completed by partnerships filing Form IL-1065 or S corporations filing Form IL-1120-ST. IL Attachment No. 12 Partners and Shareholders receiving Schedule K-1-P should attach this to their Illinois tax return.
Schedule K-1 reports your share of the partnership's income, deductions, credits, etc. for tax purposes. Learn about the changes, codes, and limitations for 2019 and how to file Form 8082 if needed.
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Jul 27, 2023 · by Intuit•1•Updated almost 2 years 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.Bef.
Download or print the 2023 Illinois Schedule K-1-P (Partner's or Shareholder's Share of Income, Deductions, Credits, and Recapture) for FREE from the Illinois Department of Revenue.
