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April 4, 2024
Question

Do I have to file a IL tax return if I reside in WI but received a K-1 from an Estate in Illinois?

  • April 4, 2024
  • 1 reply
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I received an Illinois Schedule K-1-T. I live in Wisconsin. Do I have to file a IL non-resident tax return?

    1 reply

    April 10, 2024

    It depends.

     

    If the trust withheld enough in Illinois income tax to pay your Illinois tax liability, you are not required to file an Illinois tax return if that was the only source of income in that state. If the amount of your Illinois pass-through income is enough to generate a tax liability and you did not have enough withheld, then you would need to file an Illinois return.  Illinois imposes a tax rate of 4.95% on net income earned within the state.

     

    Please see this link for more information.

     

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