The 1065 is a federal form, your state will have a different form name. For example, my state is Maryland, so the Business form that is filed for Maryland is a 510 (for LLCs)
Information from the K-1 1065 will automatically transfer to your state return. Items that need to be entered for the state specifically are items that are treated differently between federal and state (such as certain types of depreciation), and things like state specific tax credits. Very often, there are no such differences or additions and nothing needs to be entered for the state.
Hi David, just curious if you know the answer to a different business question. If I trade in a vehicle that still has a loan on it, what do I enter in TT as the value/sales price, the trade in allowance from the dealer, or the difference between the trade in allowance and the loan. Example: Trade in allowance is $5000, owe $3500. Do I enter $1500 as the value or the full $5000 that the dealer offers in trade in? Sorry for replying here on this thread, I had posted the question earlier and hadn't gotten a response as of yet. Thanks!
If you mean the dealer is going to pay off your loan balance of $3,500, the sale amount would the trade-in value of $5,000 plus the loan payoff of $3,500, or $8,500. However, if the dealer is rolling the loan balance into your loan on the new vehicle, then it would be $5,000.