- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
State tax filing
On the K-1, there's a line 20 with various codes/values for different tax situations. One of those codes is usually a 'Z', which is further broken out on another page (20Z1, 20Z2, etc). If the MLP takes advantage of bonus depreciation, you'll see a line for that. This is different from the state-by-state chart.
As to whether to use the total value, or the state-by-state, just be consistent. If you're taking the total Ordinary Gain differential to your CA return, then do the same with the bonus depreciation adjustments. If you're using state-by-state calculations for Ord Gain, do the same with bonus depr.
As to whether to use the total value, or the state-by-state, just be consistent. If you're taking the total Ordinary Gain differential to your CA return, then do the same with the bonus depreciation adjustments. If you're using state-by-state calculations for Ord Gain, do the same with bonus depr.
**Say "Thanks" by clicking the thumb icon in a post
**Note also, I'm not a Tax Preparer/CPA. Just a volunteer, seasoned, TurboTax user.
Use any advice accordingly!
**Note also, I'm not a Tax Preparer/CPA. Just a volunteer, seasoned, TurboTax user.
Use any advice accordingly!
‎June 6, 2019
12:21 PM