Does Schedule K-1-P need to be submitted to the department?

Does Schedule K-1-P need to be submitted to the department?

If you are person or entity that receives a Schedule K-1-P from a partnership or an S corporation, then you must attach a copy of Schedule K-1-P to your Illinois income tax return in order to claim any credit or subtraction you received from a partnership or S corporation.  Please be sure to keep a copy for your files!

If you are the partnership or S corporation that completes Schedule K-1-P you should send copies to the partners and shareholders and maintain copies in your files.  However, it is not necessary for you to submit copies of Schedule K-1-P to the department.  The partners or shareholders will do this when they claim the amounts on their income tax returns.

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