How do I generate a Illinois IL PTE Income Worksheet in a 1065 return in CCH® ProSystem fx® Tax and CCH Axcess™ Tax?

  • Article Type:
  • How To
  • Last Modified:
  • 11/05/2022

Objectives

Learn how to populate Illinois Form IL-1065, Step 8, Line 60 - "Pass-through entity income" in a partnership return using worksheet view or interview forms.
 

 

Environment

  • CCH ProSystem fx Tax
  • CCH Axcess Tax
  • 1065
  • Worksheet
  • Interview
  • Illinois

Procedure

  1. Go to Illinois General worksheet.
  2. Expand Section Basic Data.
  3. In Line 16 (Interview Form IL2, box 129) - Mark if electing to file and pay pass-through entity tax, select the checkbox.
  4. Calculate the return.

Notes

  • Illinois PTE Wkst is prepared to calculate PTE Income which flows to IL-1065, page 3, line 60.
  • Illinois Schedule K-1-P, line 53a - Pass-through Entity Tax Credit, can be specially allocated using state allocation code 15214.
  • Illinois Schedule B, page 2, column K - Passthrough entity tax amount, can be specially allocated using state allocation code 15215.
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