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Maryland K-1 and TurboTax entry

 

Line D 2 of my Maryland Schedule K-1 (Pass-through entity election tax paid on member's distributive or pro rata share of income by this PTE) shows a specific dollar amount.  So my employer, an S Corporation, paid that amount on my behalf to Maryland.  Where, if at all, do I enter this amount into TurboTax?  Further, TurboTax notes that if I enter any amount in the "Resident PTE" field, I must attach my Maryland Schedule K-1.  Is it possible to attach my state K-1 to my TurboTax and still e-file my state return?  Thank you.

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3 Replies

Maryland K-1 and TurboTax entry

I would like to know the answer this question too! and for  tax year 2020. TurboTax does not prompt you to enter this information. 

RobertB4444
Employee Tax Expert

Maryland K-1 and TurboTax entry

To enter Maryland estimated taxes paid follow these instructions.

 

You should still be able to submit the return electronically but you may have to mail a copy of the K1 to the Maryland Revenue Department.

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Maryland K-1 and TurboTax entry

RobertB444- the instructions in the link that you provided are not the correct way to enter estimated tax payments made by a PTE on behalf of the individual taxpayer. The amount is added under the Business & Investment Credits - Resident PTE tax. It ends up being labeled NON-MARYLAND taxes paid by the PTE, which is very confusing and should be reworded. It makes one believe that it's not correctly entered. For tax year 2020 MD tax form 500LU is generated, then is passed onto MD form 502CR. TT states that you cannot e-file using TT if there is an entry on section CC, line 7 of MD 502CR, you have to print and mail in the return.

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