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I am resident of MA. i have PTE income (received K-1 from a partnership) from CT, which I have payed CT state tax.
for MA state tax return:
can pass through entity income (K-1) from CT be exluded from MA income?
thank you!
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The income comes from LLC in CT. My instinct believes This PTE income should not be excluded from MA income as it is like a W2 from another state, We include all income on MA state return, and get credit for tax paid to non-resident state, like CT.
one thing bothers me:
why TurboTax provides this step to exclude some partnership income?
please help!
There are some types of partnership income that may be excluded in Massachusetts, so TurboTax asks the question if you have a partnership.
The program doesn't know if you qualify for any exclusions; you may need to contact your State DOR, although TurboTax may ask about specific state credits in the interview.
If you entered a K-1, remember that info can be reported in several places in a tax return.
For example:
According to the mass.gov website: forgiven PPP loans are not taxable for personal income taxpayers, including unincorporated businesses reporting income and expenses on Schedule C, partners in a partnership, and individual shareholders of an S corporation.
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