The Idaho Schedule K-1 section is used to enter information reported by a pass-through entity. Pass-through entities include partnerships, S corporations, trusts, estates, and other entities that pass income, deductions, credits, and other tax items through to the owners rather than paying tax at the entity level.
If you received an Idaho Schedule K-1, use this section to enter the information exactly as reported on the form.
Program Entry
Idaho Return → Payments → ID Schedule K-1
Who Uses the Idaho Schedule K-1 Section?
The Idaho Schedule K-1 section is used by taxpayers who receive an Idaho Schedule K-1 from a pass-through entity.
A pass-through entity is a business or organization that generally does not pay Idaho income tax at the entity level. Instead, the entity's income, losses, deductions, credits, and withholding are passed through to the owners, beneficiaries, shareholders, or partners, who report those items on their individual Idaho income tax returns.
Taxpayers who may receive an Idaho Schedule K-1 include:
- Partners in a partnership
- Shareholders of an S Corporation
- Members of certain Limited Liability Companies (LLCs)
- Beneficiaries of a trust
- Beneficiaries of an estate
Why Is the Idaho Schedule K-1 Important?
The Idaho Schedule K-1 reports a taxpayer's share of the entity's tax information, which may include:
- Ordinary business income
- Rental income
- Farm income
- Interest income
- Dividend income
- Capital gains and losses
- Credits
- Deductions
- Idaho tax withholding
- Other Idaho-specific tax items
The information reported on the Idaho Schedule K-1 is used to ensure the taxpayer reports the correct amount of income and receives credit for any Idaho taxes paid on their behalf.
Pass-Through Entity Information
This section identifies the entity that issued the Idaho Schedule K-1.
Type of Pass-Through Entity
Select the type of entity that issued the Schedule K-1.
Examples may include:
- Partnership
- S Corporation
- Trust
- Estate
- Other pass-through entities
The entity type determines how the income and other tax items are reported on the Idaho return.
Entity's Name
Enter the legal name of the pass-through entity exactly as shown on the Idaho Schedule K-1.
Entity's EIN
Enter the Employer Identification Number (EIN) reported on the Idaho Schedule K-1.
Is the Pass-Through Entity a Foreign Schedule?
Indicate whether the Schedule K-1 was issued by a foreign entity.
Select:
- Yes if the K-1 was issued by a foreign entity.
- No if the K-1 was issued by a domestic entity.
Most taxpayers will select No.
Entity's Address
Enter the Entity's address including the city, state, and zip code.
Beginning Fiscal Year
Enter the beginning date of the entity's fiscal year.
If the entity uses a calendar year, enter January 1 of the tax year.
Use the date shown on the Idaho Schedule K-1.
Ending Fiscal Year
Enter the ending date of the entity's fiscal year.
If the entity uses a calendar year, enter December 31 of the tax year.
Use the date shown on the Idaho Schedule K-1.
Owner Information
This section identifies the taxpayer associated with the Schedule K-1.
Taxpayer or Spouse
Select whether the Schedule K-1 belongs to:
- Taxpayer
- Spouse
If filing a joint return, ensure the K-1 is associated with the correct individual.
Type of Owner
Select the owner type reported on the Idaho Schedule K-1.
The owner type identifies the relationship between the taxpayer and the entity.
PTE Filing Code
Select the appropriate Pass-Through Entity (PTE) filing code as shown on the Idaho Schedule K-1.
This code helps determine how Idaho treats the pass-through entity income and credits.
Owner's Beneficial Percentage of Distributive Share
Enter the owner's percentage share of the entity's distributive income.
Examples:
- 100% ownership = 100
- 50% ownership = 50
- 25% ownership = 25
Use the percentage reported on the Idaho Schedule K-1.
Owner's Share of Profit and Loss Capital Percentage - Beginning
Enter the owner's percentage ownership at the beginning of the entity's tax year.
Use the beginning ownership percentage shown on the Schedule K-1.
Owner's Share of Profit and Loss Capital Percentage - Ending
Enter the owner's percentage ownership at the end of the entity's tax year.
Use the ending ownership percentage reported on the Schedule K-1.
Other Information
This section provides additional details about the Schedule K-1 being entered.
Is This a Final K-1?
Select Yes if the Schedule K-1 is marked as a final K-1.
A final K-1 generally indicates that:
- The ownership interest was terminated;
- The entity ceased operations; or
- The taxpayer no longer has an ownership interest in the entity.
Select No if the K-1 is not final.
Is This an Amended K-1?
Select Yes if the Schedule K-1 was issued as a corrected or amended K-1.
Select No if the K-1 is the original form issued by the entity.
If an amended K-1 is received after a return has already been filed, an amended Idaho return may be necessary.
How Does This Affect My Return?
Information entered from an Idaho Schedule K-1 may:
- Increase or decrease Idaho taxable income.
- Report income from partnerships, S corporations, trusts, or estates.
- Allow pass-through entity credits.
- Affect Idaho withholding and payments.
- Increase a refund or reduce a balance due.
Notes
- Enter information exactly as reported on the Idaho Schedule K-1.
- The Idaho Schedule K-1 may differ from the federal Schedule K-1.
- Multiple Idaho Schedule K-1s should be entered separately.
- Keep copies of all Idaho Schedule K-1 forms and supporting documentation with your tax records.
- If you receive an amended Schedule K-1 after filing your Idaho return, you may need to amend the return.