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What is Schedule K-1-P?

 
 
Answer #687 -- ( Published 07/10/2007 09:53 AM | Updated 03/27/2013 9:26 AM )

What is Schedule K-1-P?

Similar to the federal Schedule K-1, the purpose of Schedule K-1-P, Partner's or Shareholder's Share of Income, Deductions, Credits, and Recapture, is for partnerships and S corporations to supply each individual or entity who was a partner or shareholder at any time during the tax year with the information needed by the individual or entity to properly report the pass-through income on its Illinois Income Tax return. 

For more information, please see Publication 129, Pass-through Entity Income.

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