Where does retained earnings go on 1065 tax return

WHERE DOES RETAINED EARNINGS GO ON 1065 TAX RETURN CODE

Schedule D of Form IL-1041, Fiduciary Income and Replacement Tax Return, when PTE tax credit received is retained by the fiduciary.

Schedule B of Form IL-1065, Partnership Replacement Tax Return,В or Form IL-1120-ST, Small Business Corporation Replacement Tax Return.

reported to the IllinoisВ Department ofВ Revenue (IDOR)В on.

An electingВ pass-through entity isВ subject to this tax for the privilege of earning or receiving income in IllinoisВ in an amount equal to 4.95 percent (.0495)В of the taxpayer's net income for the taxable year.В Each partner or shareholder of an electing pass-through entity isВ allowed a credit against their own tax in an amount equal to 4.95percent (.0495)В times the partner or shareholder's distributive share of the net income of the electing partnership or subchapter S corporation.

WHERE DOES RETAINED EARNINGS GO ON 1065 TAX RETURN CODE

Pass-through entity (PTE) taxВ is an electiveВ taxВ on partnerships (other than a publicly traded partnership under Internal Revenue Code (IRC) Section 7704)В and subchapter S corporations effective for tax years ending on or after December 31, 2021, and before January 1, 2026. Pass-through entity incomeВ is the income that partnerships, S corporations, or fiduciaries pass through to their members.В Pass-through entity income is considered earned on the last day of the pass-through entity's taxВ year. A pass-through entityВ is any entity treated as a partnership, S corporation, or fiduciary for federal income tax purposes.

Where does retained earnings go on 1065 tax return