I am a CALIFORNIA resident. The information on my COLORADO state K1 is same as the Federal K1. I see the information flowed from the K-1 I entered on the federal side to my CALIFORNIA return. Should I leave as-is or do I need to enter a separate COLORADO state return?
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You might want to file a CO return in order to report (and preserve) the loss to be used to offset any income taxable in CO in future years.
Thank you! But should I remove the K1 information which was automatically carried over from my federal to my California return?
No, don't remove that because you're a resident of CA.
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