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

Answer #517 -- ( Published 03/17/2006 02:58 PM | Updated 07/12/2017 11:45 AM )

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

If you receive a Schedule K-1-P, Partner's or Shareholder's Share of Income, Deductions, Credits, and Recapture, from a partnership or an S corporation, then you must attach a copy of the Schedule K-1-P you received to your Illinois income tax return in order to report and claim any amounts you received. Please keep a copy of the Schedule K-1-P you received for your files. If you are the partnership or S corporation that completes Schedule K-1-P you should send a copy to the partner and shareholder along with a copy of Schedule K-1-P(2), Partner's and Shareholder's Instructions, and maintain copies in your files. However, it is not necessary for you to submit to the department copies of any Schedule K-1-P you issued to your partners or shareholders. The partners or shareholders will do this when they claim the amounts on their income tax returns.

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