Idaho ID K-1: Understanding the Form for Pass-Through Entity Owners
The Idaho ID K-1 is a state-specific tax form used by pass-through entities such as partnerships, S corporations, estates, and trusts to report each owner’s share of Idaho income, deductions, credits, and other tax-related information. This form is essential for Idaho residents and nonresidents who receive income from these entities and must file their Idaho state tax return.
Key Features of Form ID K-1
- Idaho-Specific Information: Unlike the federal Schedule K-1, the Idaho ID K-1 includes state-specific data such as Idaho adjustments, apportionment factors, credits, and recapture amounts.
- Pass-Through Entity Reporting: The form is required for partnerships, S corporations, estates, and trusts that have Idaho-source income or are conducting business in Idaho.
- Owner Information: It provides details on each owner’s distributive share of income, deductions, and credits, including Idaho-source income and tax withheld by the entity.
- Apportionment and Allocation: For S corporations and partnerships, the form includes apportionment factors to determine Idaho taxable income based on business activity within the state.
Who Must File Form ID K-1?
Entities must file Form ID K-1 with each owner if:
- The entity is a partnership or S corporation transacting business in Idaho.
- The entity is an estate with gross income of $600 or more.
- The entity is a trust with gross income of $100 or more.
- Individuals with Idaho-source gross income exceeding $2,500 must file an Idaho return.
Important Sections of Form ID K-1
- Part I – Pass-through Entity Information: Includes entity type (partnership, S corp, estate, trust), EIN, name, and address.
- Part II – Owner Information: Details the owner’s share of income, deductions, and credits.
- Part IV – Idaho Distributable Income: Reports ordinary income, rental income, interest, dividends, royalties, and capital gains/losses.
- Part VI – Pass-through Informational Items: Includes capital gains eligible for Idaho deduction and interest expense offset.
- Part VII – Informational Items for Idaho Credits: Reports contributions to Idaho educational entities and youth rehabilitation facilities.
- Part X – Investment Tax Credit: Reports qualifying new and used investments for the Idaho investment tax credit.
Filing Requirements and Deadlines
Form ID K-1 must be filed for the tax year beginning in 2025. The form is due by the same deadline as the federal return (typically April 15), unless an extension is granted. Entities must provide a copy to each owner by the same deadline.
How to Add Form ID K-1 in OLT Software
OLT (Online Taxes) software allows users to add Form ID K-1 during state tax filing. To do so:
- From your tax return in OLT, click on "State" in the left menu (or tap three dots on mobile).
- Select "Start or Revisit Idaho state."
- Under "Credits," click "Start or Revisit" next to "Pass-through income tax withheld (Form ID K-1)."
- Follow on-screen instructions to enter the required information.
Source:
Form ID K-1 — Instructions 2025
Disclaimer: Always verify information with official forms and instructions from the Federal or State Department of Revenue.