Hi,
I entered the federal condo rental income. I was wondering if the Turbo tax home and business will propagate this information to the state of illinois, or I have to reenter this information the state income tax.
Best...
Tarek
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Yes, allocate the net Schedule E income shown on your federal return, which would include your rental income, using the "Rent, Royalty, K-1" category in the IL interview.
There may be state specific items that you will need to complete, but most states begin with the federal adjusted gross income which will have your condo rental income accounted for.
thank you!
I tried to go through the state interview, I found four options:
Divident
real estate K-1, which I think is the one that is relevant. Should I put the net income in this category, income-expenses.
I appreciate your help
Could you please clarify what state you are working with so we can help you better?
I live in Nevada, and my rental property is in Chicago IL
You need to put IL in the 'other state income' box so TurboTax will generate a nonresident tax return for Illinois. How to file a nonresident return
I did that. Going through the interview on Turbo tax home and business, I got this page,
Illinois Part year, and nonresidents. on this page
Allocate your federal income to illinois
Divident income
Business income or loss
Capital gain or loss
Rents, Royalties, and K-1 income
Unemployment compensation.
which category of these, I use for my rental income? Should I use the Rents, Royalties, and K-1 income category and put my net income? please let me know.
Best...
Yes, allocate the net Schedule E income shown on your federal return, which would include your rental income, using the "Rent, Royalty, K-1" category in the IL interview.
Thank you!
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