Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
cancel
Showing results for 
Search instead for 
Did you mean: 
taxdog1099
New Member

If a consolidated tax return produces individual state k-1 forms, must the individual file with each state

 
1 Best answer

Accepted Solutions
Rick19744
Level 11

If a consolidated tax return produces individual state k-1 forms, must the individual file with each state

Unless the business informs you that you have been included in a composite state tax return filed by the entity, the individual receiving the K-1 is responsible for the respective state tax filings.

Having said that, you need to review each state K-1 and then the instructions for each of those states.  Every state will have different filing thresholds.  Additionally, some states require that the entity remit withholding for nonresident taxpayers.  If that is the case, you should be informed of this on the respective K-1 or notes to the K-1.  These amounts are only estimates and are typically based on the highest state tax rate.  The only way to know if you are due a refund for that state is to complete the return and then file if a refund is due.

*A reminder that posts in a forum such as this do not constitute tax advice.*

View solution in original post

1 Reply
Rick19744
Level 11

If a consolidated tax return produces individual state k-1 forms, must the individual file with each state

Unless the business informs you that you have been included in a composite state tax return filed by the entity, the individual receiving the K-1 is responsible for the respective state tax filings.

Having said that, you need to review each state K-1 and then the instructions for each of those states.  Every state will have different filing thresholds.  Additionally, some states require that the entity remit withholding for nonresident taxpayers.  If that is the case, you should be informed of this on the respective K-1 or notes to the K-1.  These amounts are only estimates and are typically based on the highest state tax rate.  The only way to know if you are due a refund for that state is to complete the return and then file if a refund is due.

*A reminder that posts in a forum such as this do not constitute tax advice.*

View solution in original post

Dynamic AdsDynamic Ads
Privacy Settings
v