Hello - I have already filed my Federal return as well as 2 state returns (part year resident in both for 2023). We were not aware we were going to receive a K-1 which arrived today. I have never reviewed a K-1 before, but I am in the process of amending all of my returns in Turbotax and am running into some questions. I hope someone can help.
1. The K-1 has a supplemental page which lists Municipal interest amounts and Foreign income amounts. There are no foreign taxes- just foreign income. How do I enter this foreign income during the amendment of my federal return? This income is not listed in Box 14B on the K-1 (nothing is in 14B), but the supplemental page says "Foreign Tax Credit Information Line 14, Code B" "Enter the following on Form 1116 or Schedule A". I did have to file Form 1116 when my original return was filed. If I go in now and try to add something on Line 14B of the K-1, that is really a foreign tax credit line item and there were no taxes. Just income that says "Other Country" with no further description of the type of income.
2. This K-1 was for income received in the second state I lived in last year - NC, but I also filed a GA return. It looks like I have to amend all 3 since my Federal AGI will change, and that then changes the states. Does that seem correct?
4. For NC where this income was received, there is a final supplemental page to the D-407 form we received with the K-1 for the state of NC. This supplemental page is titled "North Carolina Fiduciary Adjustment detail" And shows "additions" - the additions agree to schedule K-1 Box 14A, but the subtractions and the "net fiduciary adjustment" amount are not things I see on the K-1 or the D-407. Is this supplemental page just informational or is it relevant to how I enter this in my returns?
This is all rather complicated, but the dollars are small. I just want to get it right.
Thanks
