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Dal4
New Member

PA Taxes on Texas LLC

I live in PA, the LLC does most of its business in Texas and a few other states.  The LLC files a federal K1.  There is no K1 for PA as they do not do business here.   Do I have to claim the distributions from the LLC as income in PA?

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PA Taxes on Texas LLC


@Dal4 wrote:
Do I have to claim the distributions from the LLC as income in PA?

As a PA resident, everything on your (federal) K-1 is reported on your PA return.

 

Distributions, however, have already been subject to taxation and are taxable only to the extent they exceed your basis in the LLC.

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1 Reply

PA Taxes on Texas LLC


@Dal4 wrote:
Do I have to claim the distributions from the LLC as income in PA?

As a PA resident, everything on your (federal) K-1 is reported on your PA return.

 

Distributions, however, have already been subject to taxation and are taxable only to the extent they exceed your basis in the LLC.

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