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Individual Illinois Shareholder Credits Recapture and Payments

SOLVEDby IntuitLacerte Tax2Updated July 14, 2022

Use the Illinois Shareholder Share of IL Credits, Recapture, and Payments {IL} section of Screen 20.2, S Corporation Information, to enter IL credits.

IL Credits - This input screen is used to create an electronic copy of the IL Schedule K-1-P. Please enter the corresponding information from the Schedule K-1-P, Partner’s Share of Credits. Entries in these input fields will be totaled and included on the IL-1299 Credit Form Column F ‘Distributive Share’ with the corresponding Credit Code.

  • Film Production Services Tax Credit (5000)
  • Enterprise Zone Credit (5080)
  • Enterprise Zone Construction Jobs Credit (5120)(only 2021)
  • High Impact Business Construction Jobs Credit (5160)(only 2021)
  • Affordable Housing Donations (5260)
  • EDGE Tax Credit (5300)
  • New Construction EDGE Credit (5320)(2021 only)
  • Research and Development Tax Credit (5340)
  • Wages paid Ex-Felons Jobs Credit (5380)
  • Student-Assistance Contribution Credit (5420)
  • Angel Credit (5460)
  • New Markets Credit (5500)
  • River Edge Historic Preservation Credit (5540)
  • River Edge Construction Jobs Credit (5560) (only 2021)
  • Live Theater Production Credit (5580)
  • Hospital Credit (5620)
  • Invest in Kids Credit (5560)
  • Data Center Construction Employment Credit (5820)
  • Apprenticeship Education Credit (0160)
  • Historic Preservation Credit (1030)
  • Replacement Tax Investment Credits

 Recapture - This input screen is used to create an electronic copy of the IL Schedule K-1-P. Please enter the corresponding information from the Schedule K-1-P, Shareholder’s Share of Income, Deductions, Credits, and Recapture. Entries in these input fields do not impact the amounts reported on the Illinois income tax return.

  • Enterprise Zone/River Edge Zone Investment credit recapture
  • Replacement Tax Investment Credits Recapture
  • Angel Investment Credit recapture

Payments - This input screen is used to create an electronic copy of the IL Schedule K-1-P. Please enter the corresponding information from the Schedule K-1-P, Shareholder’s Share of Income, Deductions, Credits, and Recapture. Entries in these input fields do not impact the amounts reported on the Illinois income tax return.

  • Pass-through entity payment
  • Medical Cannabis Program Act Surcharge
  • Assets by a gaming licensee surcharge

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