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Screen ILK1-3 - Illinois Passthrough Adjustments (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 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 and K1-5 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 will need to be specially allocated for state purposes.
Additions
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
on the ILK1 screen 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.Subtractions
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
on the ILK1 screen 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.August 1, 1969 - Appreciation Amounts
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
on the ILK1 screen 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.