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avjunior
Level 3

Federal K-1 and state specific K-1- very confused

I have a 1065 K-1 from a partnership that is out of my resident state.  I also have a state specific K-1 from that state.  The same amounts are in Box 1 and 2 on both of them.

 

When doing my federal return I entered the 1065 K-1.  I assumed the state specific K-1 goes on the non-resident state return.

 

But the Miss non-resident return wants to know about all my income so everything income related on the federal goes there as well (W-2's etc.).  If I enter the 1065 K-1 and the state specific K-1 on the Miss non-resident return then it's entered twice. 

So I'm confused to say the least.  Any help appreciated.

9 Replies
tagteam
Level 15

Federal K-1 and state specific K-1- very confused

As a nonresident with only a K-1 to report to the state, simply enter $0 (zeros) for all other income items and then the figures on the K-1 for the state.

avjunior
Level 3

Federal K-1 and state specific K-1- very confused

"As a nonresident with only a K-1 to report to the state, simply enter $0 (zeros) for all other income items and then the figures on the K-1 for the state."

 

So this has to be done manually?  Turbotax Miss Non-Resident doesn't seem to ask for the Miss K-1 (form 80-205).  It would be helpful if Turbotax did ask for this and do all the appropriate calculations.

tagteam
Level 15

Federal K-1 and state specific K-1- very confused


@avjunior wrote:

So this has to be done manually?  


I believe so; I have found that to be the case with several different state returns in TurboTax.

avjunior
Level 3

Federal K-1 and state specific K-1- very confused

I believe also if I pay tax non-resident to Miss I shouldn't also pay tax on the same income to my home state?  Does Turbotax handle that?

tagteam
Level 15

Federal K-1 and state specific K-1- very confused

You should not since you should most likely get a credit, but then that depends upon your resident state. 

avjunior
Level 3

Federal K-1 and state specific K-1- very confused

After finishing the Miss non-resident return in Turbotax it says I owe no taxes to Miss.  So there would be no credit to my home state I suppose?

However Turbotax never asked me to input the Miss specific K-1, form 84-132.  In fact Turbotax seems not to know about this form.  I'm a little uneasy about submitting the Miss return without some type of recognition of this form?

IreneS
Intuit Alumni

Federal K-1 and state specific K-1- very confused

Is the information on the MS form 84-132 the same as the K-1 you received for the federal return?  If the information differs on the MS form, which boxes are different?

 

Also, on the federal K-1, is there an entry in box 13 with a code W?  This could be MS withholding.

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avjunior
Level 3

Federal K-1 and state specific K-1- very confused

So the boxes on the Federal 1065 K-1 don't correspond exactly to the MS 84-132 K-1.  Boxes 1, 2 and 5 are the same with same entries in both.

Box 13 on the Federal does have a W* that is described on next page as "Property Taxes".
Equivalent entry on the MS K-1 is box 14, Other deductions.  On the next page of the MS it says it's also "Property Taxes".

IreneS
Intuit Alumni

Federal K-1 and state specific K-1- very confused

It is common for state K-1s to have different line numbers than the federal forms.  However, since the amounts are the same, Turbo Tax will automatically make sure the figures are reported correctly to MS and your resident state without having to enter them manually on the state returns.

 

It's important to include the MS property taxes, along with other itemized deductions, on your federal return.  Many states (including MS) allow you to itemize on the state return even if you end up using the Standard Deduction for federal purposes.  

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