I lived and worked in 3 states this year. I have K-1s from 2 of the states. How do I enter the state K-1s in TurboTax Business?
I am self-employed and will not be receiving a K-1 in the 3rd state. How do I show the income earned in the 3rd state was not earned in the other states?
Please clarify - are you entering these three (3) K-1s in your personal return using TurboTax Home and Business?
Or, are you wanting to enter them in a business return (S-Corp or Partnership)?
I need to enter them in a business return (S-Corp), but I can't see where to enter state K-1s.
Please clarify - were you able to enter them in the federal interview of TurboTax Business?
If I enter them in the Federal interview, they show as Federal income. I don't see anywhere to mark the state it is specific too.
If you enter the K-1s in the federal interview, the income from those K-1s will automatically transfer to your state returns - in the appropriate income categories (e.g. Ordinary business income, Rental Real Estate Income, Dividends, Interest, etc.).
Unless you got state K-1s (usually when state tax law does not conform to federal tax law), you won't see separate K-1 entries in the state tax interviews.
A company gave me a K-1. I entered that into the Federal interview. The income from this company was earned in 2 different states, so they gave me 2 state K-1s reflecting the income earned in each state. Therefore, I need the Federal K-1 to be Federal only on the tax return, and the 2 state K-1s to be reported on the state returns.
It is a good idea to compare the state and the federal k-1s from each company to see what is the difference in them. Here is the reason why:
If you enter the K-1s in the federal interview, the income from those K-1s will automatically transfer to your state returns - in the appropriate income categories (e.g. Ordinary business income, Rental Real Estate Income, Dividends, Interest, etc.).
Unless you got state K-1s (usually when state tax law does not conform to federal tax law), you won't see separate K-1 entries in the state tax interviews.
A company gave me a K-1. I entered that into the Federal interview. The income from this company was earned in 2 different states, so they gave me 2 state K-1s reflecting the income earned in each state. Therefore, I need the Federal K-1 to be Federal only on the tax return, and the 2 state K-1s to be reported on the state returns.
So, if you know that the state k-1 is the same as the federal k-1, all you have to be sure of is that the federal k-1 was entered correctly into the federal return so it will carry correctly in the state return.
If there are differences in the federal and state k-1s, you must see what the difference is so that you can determine if it is necessary to make changes to the state return to reflect the differences. Sometimes, depending on what the difference is, the state return will have an "adjustment" question or section in the state return to enter the differences.
You will generally find a difference in the state and federal k-1s when the state doesn't comply with certain federal tax provisions, so there may have to be an adjustment.
In your situation, you may need to create two nonresident state returns to cover the income reported on the state k-1s received from the company.
For additional information, refer to the following link:
How to enter separate state k-1s into your return
How does TT know which K-1s go with which states? I don't see anything in the K-1 federal portion of the return that would lead it to specify a certain state.
It's left to the partner/member to make adjustments to the federal K-1 information on the state tax return. If you didn't receive a state K-1, then you may not have any adjustments to make.