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I am a full-year Colorado resident and own an interest in an S-Corp in Illinois, which is my only source of income from Illinois. TurboTax is showing my Illinois resident income to be nearly 20 times higher than the difference between my Illinois Additions less my Illinois Other Subtractions. What could be the reason for this?
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You'll need to make sure you've gone through the Illinois state tax section and allocated your income appropriately to only report the income from the S corporation. It's possible that all of your income is being reported on the Illinois return.
Thanks for your reply, KeshaH! I resolved this by calling TurboTax and they helped me find that I had entered some Illinois income from the K-1 in a place where I shouldn't have.
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