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News – Monday, April 8, 2024
Addendum issued for Form IL-1065 Instructions
The Illinois Department of Revenue has issued an addendum to the 2023 Form IL-1065 Instructions and released new versions of the 2023 Form IL-1065 Instructions, 2023 Form IL-1065-X Instructions, and Schedule K-1-P(4) Instructions.
The addendum highlights updated general filing instructions for investment partnerships who are required to calculate and report investment partnership withholding on behalf of their nonresident partners.
Form IL-1065 Instructions, Form IL-1065-X Instructions, and Schedule K-1-P(4) Instructions have been revised to include new filing requirements for investment partnerships. Investment partnership withholding for each applicable partner must now be reported on Schedule B, Section B, Line J, and the applicable lines of Schedule B, Section A.
For updated forms, schedules, and instructions, see the Partnership Replacement Tax Forms page.