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

Answer #614 -- ( Published 10/27/2006 01:30 PM | Updated 07/12/2017 10:38 AM )

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

The purpose of Illinois Schedule K-1-T, Beneficiary's Share of Income and Deductions, is 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 amounts reported on the trust's or estate's federal income tax return and on the Illinois business income tax return.

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