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State tax filing
There are some types of partnership income that may be excluded in Massachusetts, so TurboTax asks the question if you have a partnership.
The program doesn't know if you qualify for any exclusions; you may need to contact your State DOR, although TurboTax may ask about specific state credits in the interview.
If you entered a K-1, remember that info can be reported in several places in a tax return.
For example:
According to the mass.gov website: forgiven PPP loans are not taxable for personal income taxpayers, including unincorporated businesses reporting income and expenses on Schedule C, partners in a partnership, and individual shareholders of an S corporation.
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March 30, 2022
5:10 PM
899 Views