Did you receive a K1?
For taxable years beginning on or after January 1, 2020, pass-through entities may elect to pay a Pass-Through Business Alternative Income Tax due on the sum of each of the member’s share of distributive proceeds. The member(s) may then claim a tax credit for the amount of tax paid by the pass-through entity on their share of distributive proceeds.
Pass-through businesses include sole proprietorships, partnerships, limited liability companies, and S-corporations
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