Surprisingly, my former employer had an equity event in 2023. I had been granted shares as an employee and received a payout due to this event(I received proceeds minus the strike price). I have finally received the K-1 and 3k-1. In the Reconciliation of Partner's Capital Account, line 26, "Massachusetts net income for the year," is less than line 27, "Entire net income for the year." I am not sure why or how to report this. Do I answer "yes" when asked if there is a difference and then enter the difference as a negative number since it is less? I am worried because when the question is presented in TurboTax asking if there is a difference, a message says, "This is uncommon."
Also, on the federal return, should I answer that I disposed of part of my interest in the partnership due to this equity event? Not all shares were involved in this event.
Thanks!
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I'm not exactly sure what question TT is asking or in what context:
I will page Champs @Rick19744 and @Mike9241 but I am not sure they are familiar with MA state.
I'm not exactly sure what question TT is asking or in what context:
Thank you! Very helpful. I did TurboTax Live Assist today and was able to work through it.
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