topic CO K1 Inputs don't match form? in Business & farm

CO K1 Inputs don't match form?

mikejstein — Sun, 12 Apr 2020 03:45:28 GMT

Hello,

Unfortunately I have a K1 with many states. The input regarding the K1 for Colorado is an outlier... The TurboTax interface asks about "Schedule K1 Increases" and "Decreases".

How is this info gleaned from the CO Schedule K-1 Equivalent form?

Thanks

Re: CO K1 Inputs don't match form?

ThomasM125 — Sun, 12 Apr 2020 19:51:09 GMT

When you mention schedule K-1 increases and deceases, is this a question you are seeing in the Colorado state section in TurbTax? And is there any other information associated with it that would allows us to zero in on what is being referenced, such as a form or schedule, box or line number?

Re: CO K1 Inputs don't match form?

mikejstein — Sun, 12 Apr 2020 20:17:27 GMT

I'm referring to how TurboTax seems to be asking about the Colorado K1 items (yes, in the State input--not Federal). The Colorado form looks like most of the other States' forms, but the TurboTax input for CO is not at all similar.

Re: CO K1 Inputs don't match form?

ThomasM125 — Tue, 14 Apr 2020 19:59:28 GMT

OK, I see the question:

I don't know the specifics on this, but you can increase or decrease the income reported on your K-1 schedule since the tax treatment for it may be different on your Colorado return than on your federal tax return.

An example would be if your K-1 reported interest income on federal obligations, it would be taxable on the federal return but not on the Colorado return.

Re: CO K1 Inputs don't match form?

mikejstein — Wed, 15 Apr 2020 01:39:37 GMT

That is a less than convincing answer, especially given that the inputs being asked for are so drastically different than the CO tax forms (CO Schedule K-1 Equivalent).

Re: CO K1 Inputs don't match form?

reoleary — Sun, 10 Mar 2024 18:32:32 GMT

I am having problems with this too. I don't understand how to input information from the Colorado K-1. TurboTax is asking questions that don't seem to line up well with information provided on the K-1. It should allow us to fill in boxes like most other topics. Please fix this

Re: CO K1 Inputs don't match form?

tgalluc1 — Thu, 11 Apr 2024 21:35:36 GMT

did you get this figured out by any chance? i am having the same issue - the questions turbotax asks are not intuitive relative to the colorado k-1. very different than other states. i am a non resident that earned rental income in the state and the k-1 itself is very logical, just have no idea how to translate it into turbotax. thank you!

Re: CO K1 Inputs don't match form?

djesterb — Fri, 12 Apr 2024 20:16:22 GMT

I also have the same questions. This is super confusing when you don't even understand how to look at tax forms. I mean that's why we are using Turbo Tax right? So we can easily input and it does the figuring out for us. I too don't even understand this question. I don't know if my K-1 is showing increases or decreases so I don't know what to input. I saw on a different thread we should compare out federal K-1 to our state K-1 and write in the different but I don't even know how to compare them and where the K-1 info is.

Re: CO K1 Inputs don't match form?

DawnC — Wed, 17 Apr 2024 23:20:09 GMT

You only need to enter items specific to CO. The K-1 information is entered on the federal return, and TurboTax transfer that tax data to your state returns. Only the CO adjustments (additions and subtractions or in the case of CO - increases and decreases) need to be entered on the CO state return. Is there anything on the K-1 for CO that is different from the federal? @tgalluc1

Re: CO K1 Inputs don't match form?

yhlook — Sun, 23 Jun 2024 02:06:10 GMT

When inputting K-1 in my federal tax return, where do i input the state that the k1 income is sourced?

Re: CO K1 Inputs don't match form?

Cincolo — Thu, 05 Jun 2025 19:19:13 GMT

This is the first time I've gotten this in TurboTax (have had LLC since 2019). I've never been prompted before with any increase/decrease related to Colorado on the K1. What type of Colorado adjustments are you referring to? This LLC is for rental properties/farm land rental. What's odd is that TurboTax did not ask me this when I completed the state taxes in March/April. It's only asked me that now after I've gotten in to file, and it's had updates installed. I had entered a previous K1, which I knew was not the final, but the fields were all completed the same. I finally got the final K1 last week and just adjusted the numbers. My column A and column B figures match (also with the federal K1), so I assume that means there is no increase I need to enter? Thank you!

Re: CO K1 Inputs don't match form?

LenaH — Tue, 10 Jun 2025 04:22:08 GMT

In a test return I completed, any increases inputted into TurboTax flow to Form 104, Line 8. This increases my total Colorado taxable income. The backup statement in TurboTax state they are Colorado adjustments from Partnership and Fiduciary K-1s. Instructions for Form 104 state that these adjustments are increases to federal taxable income and any other Colorado additions from Line 11 in Column A on any Colorado K-1 (DR 0106K) issued to you by a partnership or S corporation.

To summarize, Line 11 of DR 0106K name the following additions:

The partner’s distributive share of any addition required for non-Colorado state or local bond interest;
Business expenses deducted by the partnership in the calculation of federal taxable income for wages or remuneration paid to an unauthorized alien for the physical performance of services in Colorado;
Expenses deducted by the partnership in the calculation of federal taxable income that were incurred with respect to expenditures made at, or payments made to, any club that is licensed pursuant to section 44-3-418, C.R.S., that has a policy to restrict membership on the basis of sex, sexual orientation, gender identity, gender expression, marital status, race, creed, religion, color, ancestry, or national origin.

In addition, as summarized here, If the CO K-1 on any line is more than the federal K-1, you will enter the description of the line in the long box on the Increases section and the adjustment (increase) amount to get to the CO amount. Alternatively, if a line on the CO K-1 is less than the federal K-1, you will enter the description of the line in the long box on the Decreases section and the adjustment (decrease) amount to get to the CO amount.

If none of these situations apply, then there would be nothing you need to enter.

@Cincolo