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Partner's Share of NC Income, with WY NC, living in NC

I've completed my Federal taxes for 3 member Wyoming LLC, however, on state Turbotax, I'm asked to enter Pro Rata share of details from the LLC. Is this appropriate to enter for the NC state taxes? 

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1 Reply
PatriciaV
Expert Alumni

Partner's Share of NC Income, with WY NC, living in NC

North Carolina taxes income from all sources. This means you need to report the LLC income under the North Carolina state taxes section of your individual Form 1040 return. In most cases, TurboTax will transfer the information from Schedule K-1 to the state module.

 

Note that the Wyoming LLC would not file state income taxes for North Carolina. Wyoming does not tax income at either the corporate or personal level for the company’s members. However, LLCs must file annual reports with the Secretary of State, with fees based on Wyoming asset values.

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