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Screen ILK1 - Illinois Passthrough Income (1065)
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Overview
Use this screen to enter data from a Schedule K-1-P / K-1-T received by the client from a pass-through entity. UltraTax CS uses this information to complete Form IL-1065, Schedule NB, Schedule K-1-P, and the IL Partner’s Source Income Worksheet.
The information entered here also creates a Proforma Schedule K-1-P for each partner, showing each partner’s share of amounts reported by this pass-through entity. UltraTax CS automatically transfers all K1 screen information to this input screen.
This information is also included in the electronic file. The Illinois Department of Revenue requires that electronic files include any Schedules K-1-P and K-1-T received from a pass-through entity.
To change amounts for the Illinois return, enter data in the boxes or statement in this input screen. Amounts that are specially allocated for federal purposes need to be specially allocated for state purposes.
General Information
Use this section to enter general information to complete the electronic file and the Proforma Schedule K-1-P.
Pass-through entity business apportionment factor
Enter the apportionment factor shown on the K-1-P / K-1-T received from a pass-through entity. UltraTax CS uses this factor to calculate the business income, additions, subtractions, and appreciation amounts to be printed in the Share to Illinois column. If this box is blank, 100 percent is used.
Business Income
UltraTax CS transfers amounts from the federal K1 screen to this input screen and prints the amount on the Proforma Schedule K-1-P in the Member’s Share column.
UltraTax CS multiplies the amounts on the Proforma Schedule K-1-P in the Member’s share column by the
Pass-through entity business apportionment factor
and prints the result in the corresponding Share to Illinois column. You can overrule the calculated amount by entering the amount from the received Schedule K-1-P. UltraTax CS then displays the new amount in black.