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tomatopotatochilli
Returning Member

Colorado K-1 Negative Federal Income but Positive colorado source income

I got a K-1 for Colorado with:

 

Federal income modified for Colorado: -$10k

Nonresidents: Colorado source income: $240

 

Note that my investment is in an entity that further invests in various businesses across US. Which means I got 1 Federal K-1 for all the investments. And various state K-1s as part of the package. The total federal income is thus negative but  Colorado source is listed as positive as shown above. 

 

I am a non-resident for Colorado and no other income there. 

 

I filed my K-1 in TurboTax Federal and it has not prompted me to file any state returns. 

 

Do I need to file a Colorado state return? 

2 Replies
Mike9241
Level 15

Colorado K-1 Negative Federal Income but Positive colorado source income

per Colorado

You must file a Colorado income tax return if during the year you were:


A nonresident of Colorado with Colorado source income,

 

don't know exactly where you are in the step-by-step process but you should have or will come across a question "did you make money in any other state?"  this should be answered yes

 

tomatopotatochilli
Returning Member

Colorado K-1 Negative Federal Income but Positive colorado source income

Do you mean there will be a step "did you make money in any other state" as part of entering the K-1? 

 

Or, somewhere else in TurboTax?

 

I started a state tax return myself for Colorado, but see no place to add a state K-1 form. 

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