topic State and Federal K1 not matching for multi-member LLC in State tax filing

State and Federal K1 not matching for multi-member LLC

avikroy — Sun, 13 Feb 2022 02:27:09 GMT

I am filing taxes for a 3 Member LLC. Guaranteed payment was made to only one member in 2021. Federal K1 allocations are completed correctly. PA State K1s are showing guaranteed payments as allocated across all members according to ownership share (not to just the one member that actually received said payments). How to fix? Thanks.

Re: State and Federal K1 not matching for multi-member LLC

Anonymous_ — Sun, 13 Feb 2022 04:00:00 GMT

You will most likely have to fix this in Forms Mode.

Re: State and Federal K1 not matching for multi-member LLC

avikroy — Sun, 13 Feb 2022 16:43:45 GMT

Thanks @Anonymous_. Very helpful. I fired up the Schedule RK-1 (PA K-1) but am unable to change anything. Is there a specific "how to" for editing in the Forms Mode? Thanks a bunch for your help. Cheers.

Re: State and Federal K1 not matching for multi-member LLC

avikroy — Sun, 13 Feb 2022 16:46:51 GMT

@Anonymous_, I think I figured it out... Is it right click and select "Override"? That's what I did and it allowed me to manually adjust the RK-1s. Take care. Cheers.

Re: State and Federal K1 not matching for multi-member LLC

Anonymous_ — Sun, 13 Feb 2022 16:55:33 GMT

@avikroy

That is correct, but note that an override might prevent e-filing the return (and also voids the TurboTax accuracy guarantee, for whatever that is worth).

Re: State and Federal K1 not matching for multi-member LLC

avikroy — Sun, 13 Feb 2022 17:16:12 GMT

@Anonymous_, thanks! Pennsylvania returns for partnership cannot be e-filed for some reason, so I have to file by mail in any case. Whether I make that manual change or not. Take care. Cheers.