HELP! I entered Schedule K-1 on my Federal return, no problems . I've now moved on to completing my New York State tax return. I have a "New York Schedule K-1 Equivalent" to enter. It has amounts for Federal Distributable Net Income, State and Local Income Taxes and Net Additions. Note that in column "C" of the State k-1, for everything except "Net Additions" it says "information only".
1. I'm guessing for the items that have "information only" in column "c", I do not need to enter them onto my NY return, and for the "Net Additions" I do have to enter that on the NY return? Do I have this correct?
2. Where in turbo tax state do I enter this information?
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Yes, you are correct, since the information on your New York K-1 is "Information Only" you do not need to enter any information on your New York return since it has all carried over from the your Federal Return.
Diane,
Thank you so much for the quick response. For that one remaining item on my NY Schedule K-1 Equivalent that did not have "information only" in column "c", item 4 called net additions, where in turbo tax deluxe on my NY return do I enter this number? The k-1 references form IT-225, Schedule A, Part 2. Where is that in Turbo tax?
Really appreciate your help.
For that one remaining item on my NY Schedule K-1 Equivalent that did not have "information only" in column "c", item 4 called net additions, where in turbo tax deluxe on my NY return do I enter this number? The k-1 references form IT-225, Schedule A, Part 2. Where is that in Turbo tax?
So very much appreciate your help.
Did your NY K-1 Equivalent give any indication of the nature of the additions? [You'll need to indicate a code number on the IT-225 for the entry.] Is your K-1 from a partnership or an S-Corp?
To enter the additions, please follow these steps:
If you don't know the type of addition and are using the CD/Download version of TurboTax, you can browse through the selections and enter the figures in Forms Mode:
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