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skj
Level 2

Estate K-1

After entering K-1 info Turbo Tax next takes me to Box 14 Code ZZ and ask to enter:

1.State Income Tax Withheld (Backup withholding) and 

2. State Estimated Tax credited to you 

I received Michigan form "MI1041 Schedule K-1 Equivalent" but it doesn't specifically show any State Income Tax withheld.

Item#4 Michigan Gains and Losses shows a Net Long-term Loss. Where does that get entered, if at all?

Where would I find "State Estimated Tax Credited to you" if any? 

This Turbo Tax page also asks to enter the description of other items and the amount which I did.  

 

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3 Replies
RobertB4444
Employee Tax Expert

Estate K-1

You don't have any estimated tax payments that were made on your behalf if you were not told about them.  So ignore that.  Same with income tax withheld.  Your gains and losses get entered with the earlier K1 information that you already entered so you should be fine.

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skj
Level 2

Estate K-1

I see gains/losses from K-1 estate on federal return. Will it also appear on my Michigan return? If so, where?

RobertB4444
Employee Tax Expert

Estate K-1

Any income that shows on your federal return should carry over to your Michigan return if it is taxable in Michigan, the same with deductions.  It depends what type of income it is as to where it will show up on both returns.  

 

Try and match the numbers form the Michigan return to the numbers on your federal return.  It should be an easy enough trail to follow to see what numbers have transferred to where.

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