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?

729

Level 15

Sep 22, 2021 11:04:50 PM

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

Returning Member

Sep 22, 2021 11:11:03 PM

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.

Why sign in to the Community?

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