ID K-1: Partner's, Shareholder's or Beneficiary's Share of Idaho Adjustments, Credits, etc. and Instructions 2024 (2024)
Idaho · Idaho Tax Commission · Used for tax years 2024
Form ID K-1 reports a partner’s, shareholder’s, or beneficiary’s share of Idaho income, adjustments, credits, and other tax items from a pass-through entity. It also reports tax withheld or paid by the entity on the owner’s behalf.
Who files this form
A pass-through entity must provide Form ID K-1 to each owner. The form gives partners, shareholders, and beneficiaries the Idaho-specific information they need to complete their Idaho income tax returns.
The included instructions list these Idaho return filing requirements:
- Individuals: Idaho-source gross income of more than $2,500. See the individual instructions for more information.
- S corporations and partnerships: Transacting business in Idaho.
- Estates: Gross income of $600 or more.
- Trusts: Gross income of $100 or more.
A nonresident who signed a Nonresident Owner Agreement (NROA) must file an Idaho income tax return.
What you'll need
Have the following information and forms available, as applicable:
- The entity’s EIN, name, mailing address, and entity type.
- The owner’s SSN or EIN, name, mailing address, and member type.
- The owner’s federal Schedule K-1, including ownership percentages or the beneficiary’s percentage of distributive share.
- Idaho Form 41S, Form 65, or Form 66 for income and Idaho adjustments.
- Idaho Form 42 for apportionment information.
- Forms PTE-12 and PTE-01 for withholding and taxes paid on the owner’s behalf, and Form PTE-NROA if the owner provided one.
- Information about applicable credits, qualifying contributions and investments, and income and taxes reported to other states.
Include supporting schedules where requested, such as for other income on line 14, other Idaho additions on line 23, and other allocated income on line 32. Use Part XII for supplemental information the owner needs to complete the Idaho return, adding pages if necessary.
Common mistakes
- Using the wrong year’s form: Use the 2024 form for calendar year 2024 or a fiscal year beginning in 2024. Enter the fiscal-year dates at the top if applicable.
- Missing a status box: Check the applicable box if this is the entity’s final Idaho return or an amended Idaho return.
- Skipping required apportionment details: When lines 1 through 5 apply, complete them even if the entity uses a single sales factor. Skip these lines for owners other than partnerships or corporations, and for partnership or corporation owners with a 100% Idaho apportionment factor.
- Entering capital gain information for a C corporation owner: Leave line 36 blank for C corporation owners.
- Overlooking the composite or ABE credit section: Parts VII, VIII, and X direct composite and affected business entity filers to Part XI.
- Leaving out beneficiary ABE credit details: A trust or estate passing ABE credit to beneficiaries must include the information in Part XII.
Questions people ask
How is Idaho Form ID K-1 different from the federal Schedule K-1?
Idaho Form ID K-1 provides Idaho-specific information not found on the federal Schedule K-1, including adjustments, allocation and apportionment amounts, credits, and recapture amounts.
What do Columns A and B represent in Part IV?
Column A shows the owner’s specific share of the entity’s income, modifications, and credits. Column B shows the portion allocated or apportioned to Idaho.
How do Idaho residents report income from the entity?
Idaho residents pay tax on all their income from the entity, even if the entity apportions income between Idaho and other states.
How do part-year residents report income from the entity?
The instructions treat the income as earned proportionately during the tax year. For the nonresident portion of the year, use the Idaho apportionment factor to determine Idaho-source income. For the Idaho resident portion, report all income and deductions.
How are nonresident individuals taxed on qualified investment partnership income?
They are taxed on their share of the partnership’s Idaho-source noninvestment income, but not on their share of its investment income. The entity must explain its qualified investment partnership status and the income not taxed to nonresidents in Part XII.