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business K1 and State Income

I filed my state business taxes oweing 4000 on my partnership

When I brought my K1 from the business into my personal

it causes a large state income tax owed increase

It seems, if I pay the state the amount owed on my business tax

the K1 should not raise my personal income state tax because I already paid it on the business

which is what cause the personal owed to increase a lot

 

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3 Replies
PatriciaV
Employee Tax Expert

business K1 and State Income

If you have already paid the state income tax on the income reported on Schedule K-1, enter this payment under the State income tax section. There should be a topic for estimated or paid taxes where you can report this payment.

 

Generally, however, the income from Schedule K-1 is taxed at the partner level and paid by the partner, not the partnership/LLC.

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business K1 and State Income

Im using TurboTax Primier 2022

Under State Taxs

Tell us about your State Schedules K-1

I dont see any place to put taxes paid from the business which would reduce my personal

state income tax

 

 

 

 

PatriciaV
Employee Tax Expert

business K1 and State Income

You can report the taxes paid on your behalf under the Federal section of TurboTax. Go to Deductions & Credits and scroll down to Estimates and Other Taxes Paid (you may need to choose "Show More.")

 

  1. Expand Estimates and Other Taxes Paid and click Start/Update beside Estimated Taxes.
  2. Click Start beside State estimated taxes for 2022.
  3. Continue and choose the State for the quarter when the taxes were paid.
  4. Enter the date paid and the amount.
  5. Continue back to the main screen.

Return to the State Taxes topic and run the State Review to see if your tax liability has changed.

 

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