turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Event: Ask the Experts about your refund > RSVP NOW!
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

bosox2004
New Member

Can I take a K-1 income tax credit?

We have a LLC based in Connecticut that owes taxes this year. TT Business generated our Schedule CT K-1 and under Part IV, Income Tax Credit Worksheet it shows an amount on Line 7 - Balance of income tax liability. I am not a Connecticut resident.

1) Can I take this credit on my Connecticut personal taxes? 

2) If I can take the credit, how do I enter it in TT Deluxe?

Connect with an expert
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Reply
bosox2004
New Member

Can I take a K-1 income tax credit?

I was able to find the answer to this from the Connecticut Department of Revenue Services. The LLC pays the Connecticut tax on the members' behalf and the amount under Part IV - Connecticut Income Tax Summary can be applied as taxes paid on personal returns.  On page 2 of Form CT1040NR/PY (non-resident in my case) under W-2 and 1099 Information, enter the Federal ID # in Col.A, leave Col B blank (there are no wages or tips), check the Sch CT K-1 box and enter the CT Income Tax Withheld in Col D.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies