Where do I enter maryland Form 504 schedule k1?

[JeanSR]

I entered Schedule K-1, but where do I enter the Maryland Form 504 Schedule K-1 -- Maryland Source of Income for a Nonresident Beneficiary? 

[JulieCo · Accepted solution]

Your Maryland 504 K-1 information would be reported on your Maryland non-resident return, so it does not get entered on your federal tax return (only the 1041 K-1 does).  TurboTax will pass along the information to your Maryland return from the Federal 1041 K-1 form that was entered. Then, during the interview process of the Maryland non-resident return, you should be asked if you need to make any adjustments (additions to income or deductions such as in sections 3 and 4 of the 504 K-1) to your K-1 form which would be reflected on the 504 K-1.  

[Galaxy_Guy]

Unfortunately, TurboTax does NOT ask for the Maryland K-1 information!

It does not ask about Line 3, addition or Line 4, subtraction.  One has to enter that information MANUALLY on an accompanying worksheet!  Using the Add Wks-NR where there are different entries, including a for entering K-1 504 Maryland additions!

In a related problem, TurboTax does NOT automatically transfer the tax-exempt interest amount from the federal K-1 form into the Maryland tax form!

One has to select that during the Easy Step "interview"  -- I put that in quotes because there is no actual interview for the state form -- just a list of items that one has to pick.   That, too, is a major deficiency!  

TurboTax should prompt the taxpayer to enter data into a K-1 form -- providing boxes to enter data just as it does for a federal K-1 form.  It should also automatically transfer tax-exempt interest into the Maryland state form.

Quite disappointed! 

[jennyoc925]

Turbotax 2020 does not have a place to enter the Maryland 504 k-1 information. I have been searching and googling with no results. I tried calling Turbotax help and I get no where. Just an automated help line that gives information to questions I didn't ask. 

Has anyone tried to enter a Maryland 504 k-1 for tax year 2020?

[WSO]

If you go to MD form 505 you can find a column to enter Maryland K-1 income/loss (block 10).  Use Override to enter K-1 income/loss in that column (this column is missing in TT interview and needs to be added).  When turbotax checks it will warn you that you have done an override and can't e-file.  But I checked with a TT CPA who said this was the only way to do it he could see.