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March 17, 2025
Question

K-1-P for Illinois

  • March 17, 2025
  • 1 reply
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Does Turbotax Business provide K-1-P for Illinois?

    1 reply

    March 17, 2025

    TurboTax Business does provide the Illinois K-1-P form. You can check the availability and details here.

    March 18, 2025

    Thank you. Unfortunately, my question was not precise.

    Turbotax Business, with the Illinois module, allows me to manually input the received K-1-P.

    It does not automatically generate K-1-P(1), (3) or (4).

    Additionally;

    Unfortunately, Step 4, Line 21, Column B of the K-1-P Received does not carry to a Schedule K Equivalent Worksheet Reconciliation; does not appear to carry to Schedule B; does appear to carry to Form IL-1065, Step 6, Lines 45 and 46; Step7, Lines 47, 49, 53.

    The Illinois apportionment of the loss shows as 0. for the on-screen/working portion of IL-1065, Step 4, Line 21, Column B.

     

    Closing Turbotax Business and then restarting and continuing with the Illinois module; It checks the box for financial services company even though I previously unchecked this box.  It also fills in Form IL-1065, Step 5, Lines 37, 38 with the Federal loss number and then subtracts the negative number from the much smaller line 35 negative number to arrive at a large positive number on line 39.  This number does not appear to impact the Schedule K worksheet which insists on using the same positive numbers to show a profit when all my K-1s show a loss.

    I will work through this manually to see what I might be missing.  If any of the above represents a red flag for the module please let me know.