Thanks Nhanda for your quick response. My Oil exploration investment schedule K-1 has two important amounts - (i) Business Loss, and (ii) Intangible Drilling Cost (IDC). Federal tax allowed deduction for both these amount combined. To California, do I only need to adjust California Schedule CA 540 for line item for Partnership only only for IDC or do I need to also combine Business Loss also reported by the Partnership? I will very much appreciate your help in clarifying this. Yesterday only I paid Turbo Tax Premier Online version and State E-file and filed my returns, which has been accepted by Fed as well as California but Turbo Tax generated California return is incorrect and I need to pay for the difference today and file amended California return to avoid penalty and interest charges.
