topic How to insert K-1 that has multiple States? in Get your taxes done using TurboTax

How to insert K-1 that has multiple States?

mikek753 — Fri, 31 Dec 2021 01:07:22 GMT

The K-1 (1065) has boxes for Income boxes 1,2,5,6 and gains boxes 8.9,10,13 and also 16,17,18,19,20.
Those are followed will tables per each activity, each real estate project details.
And then forms per State, none resident about 10 States, where some have Income and other just have losses.
How to use TurboTax Premier to input this K-1?
Turbotax asked me to split for 2 forms for Federal to input only ordinary income and the next for Passive gains / loses.
As for extra States I can't find how to make the split from Federal per State to input appropriate parts for income and gains.

in a way I have to manually do split per State per ordinary and gains and input all those as separate 1065 - about 20 total from single K-1. This way is very time consuming and very hard to get correct numbers at Fed return level as sum of separate States 1065.
How to use TT to split per needed States by TT?
Is there a EasyGuide to input all from my K-1 that TT calculate correct split per States, where it should ask for a State name and appropriate values?

Do I need to buy every State that is part of the K-1?
Do I need to file to a State without Income tax, like FL, TX and buy those States in addition to TT premier with my State CA ?
if I pay tax as none resident to another State like NY, it should be credited to my CA State to not pay twice taxes then where TT does such adjustment?
So far I wasn't able to find TT to help with K-1 of multi states situation ...

how to do it right?

thanks
Mike

Re: How to insert K-1 that has multiple States?

mikek753 — Sun, 20 Mar 2022 03:06:54 GMT

hi,

anyone can help me to address this in Turbotax Premier Windows ? pls

tnx

Re: How to insert K-1 that has multiple States?

RobertB4444 — Mon, 21 Mar 2022 21:05:22 GMT

@mikek753 First, you need to find out if you have a filing requirement in the states in question. For instance, Texas and Florida have no state income tax so you're done with those two already. But Oklahoma charges income tax if you have $1 in income from an Oklahoma source. So do California and New York.

Do I need to file a nonresident tax return?

Each of the nonresident state returns will allow you to adjust your federal income to reflect the amount actually earned from sources within the state. File any required non-resident returns first and then file your California return and you will get credit for taxes paid to the other states on your California return.

There is no way to tell TurboTax each of the individual state amounts when entering the federal K-1. You'll have to manually adjust each state that you are required to file.

Re: How to insert K-1 that has multiple States?

adamofer — Wed, 05 Oct 2022 20:44:09 GMT

Hi. Did you ever figure this out? I am trying to split k1 into CT and MA tax allocations and just wasted an hour of my time with a Turbotax "professional" who didn't know the answer and then hung up on me.

Re: How to insert K-1 that has multiple States?

mikek753 — Wed, 05 Oct 2022 21:42:52 GMT

no, I didn't :(

as result I went to CPA for my tax return preparation, which costs far more

so far TurboTax is useless for me due to this K-1 with multiple states

also, there is no any help by TurboTax for some K-1 related calculations

I expected to just input my K-1 and TurboTax to calculate the rest, but it isn't the case for a while

but, if someone can manually or directly to input to appropriate forms, sure knowledge about those Forms is also required

there is no easy guide in TurboTax

some simple case I expected from TurboTax to guide me about what States I'll need to file base on my K-1, where some States don't have state tax, so no reason to file there anything, also this impacts calculations for my primary state credit wise

let me know if any options to process K-1 that has multiple States, pls