The K-1 (1065) has boxes for Income boxes 1,2,5,6 and gains boxes 8.9,10,13 and also 16,17,18,19,20.
Those are followed will tables per each activity, each real estate project details.
And then forms per State, none resident about 10 States, where some have Income and other just have losses.
How to use TurboTax Premier to input this K-1?
Turbotax asked me to split for 2 forms for Federal to input only ordinary income and the next for Passive gains / loses.
As for extra States I can't find how to make the split from Federal per State to input appropriate parts for income and gains.
in a way I have to manually do split per State per ordinary and gains and input all those as separate 1065 - about 20 total from single K-1. This way is very time consuming and very hard to get correct numbers at Fed return level as sum of separate States 1065.
How to use TT to split per needed States by TT?
Is there a EasyGuide to input all from my K-1 that TT calculate correct split per States, where it should ask for a State name and appropriate values?
Do I need to buy every State that is part of the K-1?
Do I need to file to a State without Income tax, like FL, TX and buy those States in addition to TT premier with my State CA ?
if I pay tax as none resident to another State like NY, it should be credited to my CA State to not pay twice taxes then where TT does such adjustment?
So far I wasn't able to find TT to help with K-1 of multi states situation ...
how to do it right?
thanks
Mike
