Form Instructions 1065 (Schedule K-1) Illinois 2023-2025

Form Instructions 1065 (Schedule K-1) Illinois: What You Should Know

Schedule K-5-E and line 3 of the Schedule K-5-H For Partnerships and S Corp. for the year of sale of a qualifying asset, which include: • All income and replacement tax credits reported on Schedules K-1-P for your members. Exclusion for Non-Profit Profits from Illinois Property Taxes. In certain cases, Illinois property taxes may be excluded from income, including: • All income derived from the use of certain property owned by you and the other partnership partners or partners in each of your partnerships for the full tax year. • All income from the sale or exchange of a qualifying asset. • Nonbusiness income, including gross rental, gross income from an investment (generally interest and dividends), profits from a cooperative, and wages received by an employee from a corporation. This will include the profits from your partnership if you distribute the amount to a partner in the partnership. If you don't distribute it, the amount will be used as a deduction by the partner if he or she is also subject to State income tax on the income. • Exclusion of interest, dividends, or other income for property used in a trade or business carried on in Illinois. • If you are a nonprofit organization that is a taxable entity. See  2021 IL-1065 Instructions — Illinois.gov Schedule K-5-E(1), Other Property Interests Other than Qualifying Asset Enter “No” to line 1. Enter “Yes” for line 2, Qualifying Asset Interests. 3. Enter income under line 3. Enter deductions under line 4. You may choose to use Schedule K-K: • to prepare an Individual Partnership Tax Return, Form IL-1045. • to prepare Partner's and Shareholder's Returns, Form IL-1065. • to prepare a Schedule M–1, Non-Profit Partnership Tax Return, for non-resident owners or partners in Illinois who were taxable individuals. See  2021 IL-1065 Instructions — Illinois.gov Note: A partnership report due April 15 to April 30 in the year of sale, and a Schedule M–1 or Schedule M-2 tax return due March 15 to March 31 for nonresident owners may not contain Schedule 5 of Schedule E for amounts that were withheld as reimbursement for state income tax on any itemized deductions, such as interest, dividends, or depreciation.

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