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What is Schedule K-1-P?

Answer #687 -- ( Published 07/10/2007 09:53 AM | Updated 07/12/2017 10:38 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 that individual's or entity's share of the amounts reported on the partnership's or S corporation's federal income tax return and Illinois business income tax return.

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