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odieyodie
New Member

I receive a K-1 from an Oregon LLC, but live in Colorado. Do I need to file an Oregon return?

 
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2 Replies
DS30
New Member

I receive a K-1 from an Oregon LLC, but live in Colorado. Do I need to file an Oregon return?

Are you a general partner or active member of the entity that issues this K-1?

I receive a K-1 from an Oregon LLC, but live in Colorado. Do I need to file an Oregon return?

A couple of thoughts and comments:

  • First thing to look at is whether the K-1 reflects income or a loss.
  • If there is Oregon sourced income, then you need to check to see if the nonresident members were included in a composite tax return.  If that is the case, then you do not have any additional filing responsibilities (assuming you do not have any other Oregon sourced income).
  • If there is Oregon sourced income, did the LLC just withhold Oregon taxes on your behalf?  If that is the case, then you would need to file a return if you are due a refund; of which you would not know until you prepared the Oregon individual tax return.
  • If there is a loss, then you need to determine how you want to handle this going forward; be included in a composite return if income is generated, just have the LLC withhold Oregon taxes and you would file your own Oregon tax return.  If the later, then you would need to file in loss years if Oregon allows this business loss to be carried forward.
  • Finally, if you were not part of a composite tax filing, you need to look at whether you even have an Oregon tax filing responsibility.  See the attached link:http://www.oregon.gov/DOR/programs/individuals/Pages/default.aspx

*A reminder that posts in a forum such as this do not constitute tax advice.
Also keep in mind the date of replies, as tax law changes.
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