Thank you so much, @AliciaP1.
My Federal K-1 is from an S-corp, Form 1120-S.
I follow your instructions regarding Lines 1, 5, 7, and 10 on the Colorado K-1, as well as Line 15. Thanks very much!
Here are two (hopefully final) follow-ups:
1) Regarding Line 11 -- The Federal number is a larger negative number than the negative number attributable to Colorado. Is it correct that I would enter the difference in the Increases section, versus the Decreases section?
2) Regarding Line 13 (Partner's share of toal receipts from line 8 of the DR 0106, part V) -- It appears to me that the number for Federal is just my share of the S-Corp's income -- not its profits or distributions. Also, it appears that I am not taxed at the Federal or State level on this share of the S-Corp's income. Therefore, I don't understand why I would report the difference between the Federal and State shares of the S-Corp's income on either the Increases section or Decreases section of the Colorado return. The difference is a fairly large number compared to those differences from Lines 1, 5, 7, 10, and 11.
Thanks again!
