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Form 1065 - Schedule D-1 Illinois: What You Should Know

Payroll credit for COVID-related paid sick leave or family leave, under the Families. Illinois may allow you to take a credit of up to 10% of the qualified amount for covered family and sick leave expenses. If you are married, you must also have completed Form IL-1065. Illinois will withhold 3.5%, a 5.83% tax on the nonresident share of income for wages, and a 2.75% tax on the nonresident share of income for wages and self-employment income. You must complete, and the nonresident spouse must complete, the Form IL-1065. You must file the Illinois Schedule K-1-P form on time (before you file Form 1065). This will eliminate the need to obtain Form 1065 twice with the same return. Your Illinois partner will withhold this tax after filing Form 1065. You have no tax to pay unless: Your partner withholds a tax to pay to a state. Your partner withholds a tax to pay in respect of a foreign partnership (including a foreign tax credit and a foreign tax credit for domestic partnership income). Additional Information (including filing rules) for Illinois Form 1065 1. IL-1065 instructions 2023 — e-Form RS Login A. You must give all completed Form 1065 by January 7, 2022. B. If you do not file on time. You will be required not to withhold federal income tax at the Illinois tax rate or, if you are a nonresident, Illinois will begin withholding Illinois income tax at the maximum Illinois rate on the return. C. You may use Form 1065 to satisfy the partnership income tax requirement. See the General Instructions for Form 1065. You must not use it to satisfy the nonresident tax withholding requirement of Form 1065. See the General Instructions for Form 1065 and IRM 21.3.5.2, Tax withheld from certain payments of qualified business income, for details of the partnerships and filing requirements. D. If you have any outstanding federal tax claims with respect to the partnership, you must notify the IRS in writing. You must also furnish a copy of Form 1065 to the Illinois Comptroller of Taxation. E. The partnership tax credit for COVID-related paid sick leave or family leave is subject to the applicable Federal tax. F. You must file Form 1065 with Schedule K-1 if you are an Illinois partnership. Otherwise, you must file Form 1065, U.S.

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