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Different amounts of k1

I have received a federal K-1 and PA (state) PK-1 for the same partnership. Net Rental Real Estate Income was reported on the K-l generating a Tax when entered in Turbo Tax.  However the RK-1 (state) doesn't not have this listed any where in Section II for Income. and actually indicates a negative amount.

Why would there be different amounts on a Federal K-1 vs a State of PA RK-1?  Is this possible or is it an error?

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2 Replies
Irene2805
Expert Alumni

Different amounts of k1

Yes - It is possible to have different amounts on the federal K-1 and PA RK-1.  Partnerships and S corporations use PA Schedule RK-1 to report income and losses by class of income to each of its resident owners.

 

A PA Schedule RK-1 is prepared for each individual partner or shareholder showing the share of income (losses) by class and other items required to be reported.

Different amounts of k1

Thanks. 

 

Is this a red flag to the state that there is different income reported compared to the federal K-1?  Turbo tax asked me for a phone number for the state to call me, which concerned me. 

 

If the tax is income at the federal level, why wouldn't it be the same for the state?

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