640705
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

I am an LLC member of a company that files and pays a composite return on our behalf. How will I get the credit for IRC Section 199A reflected and state tax credits paid?

I am a member of an LLC that was sold last year. When I recieve my W2 and K1 around income and profit from the sale how do I enter into Turbo tax to properly reflect the IRC section 199A credit. The company files a composite return for all the states we do buiness in and pays taxes on our behalf for non resident states. How do I reflect this tax payment for a proper credit against my return? When my K1 is provided I will have a schedule of income by state and tax paid by state. 


x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Reply

I am an LLC member of a company that files and pays a composite return on our behalf. How will I get the credit for IRC Section 199A reflected and state tax credits paid?

Ok ... all the info you need should be on the K-1  and unless you have another reason to file a return in all those non resident  states then you have no reason to file returns in all those states since the tax has been paid already and there is nothing to be refunded. 

Unlock tailored help options in your account.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question