Schedule K-1-P(1) Partnership's and S Corporation's Instructions

Illinois Department of Revenue Instructions for Schedule K-1-P (for Partnerships and S Corporations) The purpose of Schedule K-1-P, Partners or Shareholders Share of Income, Deductions, Credits, and Recapture, is for you to supply each individual or entity who was a partner or shareholder at any time during your tax year with that individuals or entitys share of the amounts you reported on your federal income tax return and your Illinois business income tax return. For Illinois Income Tax purposes, you must give a completed Schedule K-1-P and a copy of the Schedule K-1-P(2), Partners and Shareholders Instructions, to each partner or shareholder. This must be done by the due date, including any extended due date, of your Form IL-1065, or Form IL-1120-ST.