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Returning Member
posted Jul 9, 2020 6:00:20 PM

PA K-1 Filing

I'm filing a k-1 within PA, but am running into a few issues.

 

First, there is no where to input my interest income from the k-1 into the PA return. 

Additionally, when I input the information, there is no where to input the income as S-Corp income, so when this information is downloaded to calculate my NY resident credit, it is coming in as business income. Any fixes for this?

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3 Replies
Expert Alumni
Jul 10, 2020 12:03:47 PM

More information may help resolve your issue. For example: did you enter the federal K-1 for this business into the Federal section of TurboTax; and if so do those federal amounts show up on the screen in the PA nonresident return where you must allocate/apportion your federal amounts to PA?

Returning Member
Jul 10, 2020 12:42:04 PM

Yes, all the k-1 info was entered on the federal and only the s-corp income came in on the PA Return. The only piece that did not come through was the interest income from the s-1, which flowed through my interest income summary

Expert Alumni
Jul 10, 2020 2:42:39 PM

If the S Corp income and the interest income are both on your PA return, the question now is whether the amounts reported as PA income on that PA tax return differ from what is on your PA K-1.  If the amounts in the PA nonresident return are the same as the PA K-1, nothing further is needed.  If the "PA income" amounts differ between the PA nonresident return and the PA K-1, you'll need to change the amounts to the PA K-1 amounts.

 

If the interest income isn't yet on your PA return as interest income, there should be a place on an allocation screen (in your PA interview questions) to report how much of your total federal interest income is "PA sourced".

 

In the end, the PA nonresident return should tax the income from the PA K-1 (assuming that is your only PA source income), and if NY taxes that same income, you should receive a credit from NY for the tax paid in PA.

 

If this doesn't answer your question, please provide additional details.