Instructions For Schedule K-1-P(2) - Illinois Partner'S And Shareholder'S Page 7
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10Enter the total of any business amounts
Include the amount from Line 51 on your Schedule F, Line 2,
Business amounts -
Line 51 -
from Column B, Lines 32 through 37 and 38a through 47 (excluding
Column M.
Line 38b).
Column B - Illinois share —
Total of business amounts from
A
Use the information in Column B when completing Step 6 of the
Column B, Lines 32 through 37.
______________
Schedule K-1-P for your partners or shareholders.
Total of business amounts from Column B,
B
If the partnership that completed the Schedule K-1-P entered
Lines 38a through 47 (excluding Line 38b). ______________
“investment partnership” in Step 1, Line 4, Column B should be
Subtract Line B from Line A.
______________
C
blank. Do not use the Column B instructions for this step. Instead,
refer to the instructions under General Information, “What if the
Include the total amount from Line C in the total amount reported on
partnership is an investment partnership?”
Step 6, Line 45, of your Form IL-1065 or Form IL-1120-ST.
Step 7 - Your share of Illinois credits, recapture,
Step 6 - Your share of the Illinois August 1, 1969,
pass-through withholding payments, and federal
appreciation amounts —
income subject to surcharge —
If the partnership or S
Column A - Member’s share —
corporation has passed through to you any credit, recapture amounts,
income tax payments made on your behalf, or federal income subject
Include the amount from Line 48 on your Schedule F, Line 2,
Line 48 -
to surcharge on Lines 52a through 55, see the specific instructions for
Column K.
Step 7 at the end of these instructions for more information.
Include the amount from Line 49 on your Schedule F, Line 2,
Line 49 -
Column L.
Step-by-Step Instructions
for corporations filing Form IL-1120
Steps 3 and 4 - Your share of nonbusiness and
Column A - Member’s share of subtractions —
business income or loss —
The amounts on these lines
Lines 38a, 38b, and 44 through 47 -
are reported in your Illinois base income by including the total of these
Column A - Member’s share —
See General Information.
lines on your Form IL-1120, Step 3, Line 20.
Column B - Illinois share —
Step 3 represents your share of
Include the amount from Line 39 on your Schedule 1299-B,
Line 39 -
the partnership’s or the S corporation’s nonbusiness income allocated
Step 2, Line 10.
to Illinois. Step 4 represents your share of the partnership’s or the S
corporation’s business income apportioned to Illinois. To determine the
Include the amount from Line 40 on your Schedule 1299-B,
Line 40 -
amount to include on specific lines of your IL-1120, add specific lines in
Step 2, Line 13.
Step 3, Column B, to specific lines in Step 4, Column B. The following
Include the amount from Line 41 on your Schedule 1299-B,
Line 41 -
instructions explain what lines to add together and on what line of your
Step 1, Line 16.
form or schedule these totals are to be included.
Include the amount from Line 42 on your Schedule 1299-B,
Line 42 -
If the partnership that completed the Schedule K-1-P entered “investment
Step 2, Line 19.
partnership” in Step 1, Line 4, Column B should be blank. Do not use
the Column B instructions for this step. Instead, refer to the instructions
Include the amount from Line 43 on your Schedule 1299-B,
Line 43 -
under General Information, “What if the partnership is an investment
Step 2, Line 22.
partnership?”
In addition, report the business and nonbusiness amounts in Column A,
Include the amounts in Step 3, Column B in
Lines 32 through 47 as indicated in the following instructions
Lines 10 through 31 -
the total amount you report on your Schedule NB. Include the amounts in
Column A - Member’s share of business and
Step 4, Column B in the total amount you report on your Form IL-1120,
nonbusiness amounts —
Step 4, Line 33.
Lines 32 through 47 -
Step 5 - Your share of Illinois additions and
Enter the total of any nonbusiness
subtractions —
Nonbusiness amounts -
amounts from Column A, Lines 32 through 37 and 38b through 47
Column A - Member’s share of additions —
(do not include amounts from Line 38a).
The amounts on these lines are reported
Lines 32 through 37 -
Total of nonbusiness amounts from
A
in your Illinois base income by including them on your Form IL-1120,
Column A, Lines 32 through 37.
______________
Step 2, Line 7.
Total of nonbusiness amounts from
B
Column A, Lines 38b through 47.
______________
Subtract Line B from Line A.
______________
C
Include the total amount from Line C in the total amount reported on
your Schedule NB.
Page 7 of 10
Schedule K-1-P(2) (R-12/14)
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