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Do I file IL K1 if I file Federal 1120S?

Do I file IL K1 if I file Federal 1120S?
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3/24/2018
Barbara
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 5,818
Experience: 20+ years of experience in tax preparation; 30+ years of experience as a real estate/corporate paralegal.
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Welcome to Just Answer. My name is ***** ***** I will be happy to assist you.

If you are located in IL and you file federal 1120S, you are also required to file Form IL-1120-ST in IL.

http://www.revenue.state.il.us/Businesses/TaxInformation/Income/subchapters.htm

The information from the K-1 generated by the federal 1120S gets included on your personal federal and state returns.

Please let me know if I can assist you further.

Thank you and best regards,

Barb

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Customer reply replied 1 month ago
When I am filling this form It is asking me whether I belong to Unitary group or notAnd also asking if I am a Grantor of TrustAs I am an individual and no other shareholders in the company what should I fill in?The company started in Sept 2017 has no income yet

Can you upload the form?

When you complete the 1120S, the K-1 is automatically generated.

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Customer reply replied 1 month ago
My question is should I add IL Schedule K1P
Customer reply replied 1 month ago
Or K1T

Yes.

Schedule K-1-P is to be completed by partnerships filing Form IL-1065 OR S corporations filing Form IL-1120-ST.

Barbara
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 5,818
Experience: 20+ years of experience in tax preparation; 30+ years of experience as a real estate/corporate paralegal.
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