Report Illinois Schedule K-1-P(2) income on nonresident return

3 replies
43 views

I have an individual who received a Schedule K-1-P(2) from an S Corp. I've entered the details from the schedule on the S-Corp Info "State & Local" tab but it doesn't show up on the Illinois nonresident return. Am I missing a step or should I manually allocate the line items from the federal K-1 between Illinois and the other states included in this K-1?

ProConnect Tax Online

This topic has been closed for replies.

itonewbieAnswer

Level 15

Those are entries that would be transmitted as part of the electronic filing but are not numbers that would be used to prepare and compute IL-1040.

For IL-1040 to compute correctly, you need to enter the sourcing details as mentioned in my last post.

You can also checkout these articles for detailed instructions:

https://proconnect.intuit.com/community/help-articles/help/how-to-create-a-multi-state-return/00/4715

https://proconnect.intuit.com/taxprocenter/practice-management/handling-multi-state-returns-in-proconnect-tax-online/

---------------------------------------------------------------------------------Still an AllStar

itonewbie

Level 15

What type of return are you preparing? Generally, state sourcing is entered on the same screens as federal amounts (with lines coded with S for specific states), rather than under State & Local.

---------------------------------------------------------------------------------Still an AllStar

M

mikejuby369Author

Level 3

I'm preparing an individual return. Can you explain the purpose of the PTO input at the following?
Go to Input Return > Income > Passthrough K-1's > S-Corp Info
Go to State & Local tab
Scroll down to Illinois Shareholder Share of Business Income (Loss) (EF only) {IL}

The input boxes correspond exactly with the same info on the Illinois state K-1. It looks like this should give PTO the information needed to allocate the income to Illinois, but I can't see where the input has any impact on the 1041. I can force the numbers I want but would like to know if this input is useful or necessary.

itonewbieAnswer

Level 15

Those are entries that would be transmitted as part of the electronic filing but are not numbers that would be used to prepare and compute IL-1040.

For IL-1040 to compute correctly, you need to enter the sourcing details as mentioned in my last post.

You can also checkout these articles for detailed instructions:

https://proconnect.intuit.com/community/help-articles/help/how-to-create-a-multi-state-return/00/4715

https://proconnect.intuit.com/taxprocenter/practice-management/handling-multi-state-returns-in-proconnect-tax-online/

---------------------------------------------------------------------------------Still an AllStar

Sign up

Login with SSO

Let's get you signed in

Login with SSO