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QDig
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Multiple State Specific K1s - Do I need to file in each state?

Hi all,

 

As part of the K1 I received from a real estate LLC (partnership), I received state specific K1s for Arkansas, Michigan, California, and Utah.  Here is the relevant information from each K1.  Do I need to file in any of these states?

 

AR: No income listed (income loss is shown on the federal K1);  Unrecaptured Sec 1250 gain listed as $5,113; Distributions show $26,757 (but they don't show on the federal K1); 

MI: Shows a "tenative distributive share of taxable income" of about ($1,000,000).

CA: This looks more like the federal K1; shows a loss on net income; under $5 for interest income, nondeductible expense, and investment income

UT: Loss on income: $9 of other interest income; About $400 non-business income net of expenses.

 

It seems silly to file in all of these states, but I don't know how to find a hard and fast guideline for each state.

 

Any help is greatly appreciated!

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1 Reply
Anonymous
Not applicable

Multiple State Specific K1s - Do I need to file in each state?

you can do what we would have to do.  few people would know the filing requirements in each of those states.  As a guess, the income in CA and UT would be below the filing threshold. someone may respond for AR and Mi.  the thing with Mi is does it allow an NOL carryforward?      if it does you should file.  say in 4 years there's $1,000,000 in income. you would not have to pay tax on that if the state allows an NOL but if you don't timely file the NOL could be lost in which case the loss for 2019 could not be used to offset the 2023 income. PAINFUL. 

 

 

you can check the various state's department of revenue websites to get the filing requirements.

or you could wait to see if others can give you more specific info. 

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