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What is the purpose of Schedule K-1-T?

Answer #614 -- ( Published 10/27/2006 01:30 PM | Updated 02/21/2018 8:52 AM )

What is the purpose of Schedule K-1-T?

Similar to the federal Schedule K-1, the purpose of Schedule K-1-T, Beneficiary's Share of Income and Deductions, is for the trust or estate to supply each individual or entity who was a beneficiary at any time during the tax year with that individual’s or entity’s share of the amounts reported on the trust’s or estate’s federal income tax return and Illinois business income tax return.

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