I received a Maryland Schedule K-1 (510) pass-through entity member information with withholding taxes to report. I have searched a long time for how to enter this with no success. I have successfully entered the Federal portion of the K-1 with no problems. I have learned that the K-1 (510) from Maryland is the form they turn over to the IRS. The forms the partners use are form 505 (which has several parts). I can not find in the step by step process how to report the various numbers that need to be ported over to form K-1 (505). Do I simply type in the form by switching over to the FORMS section?
I try to never to 'disturb' the forms, letting Turbotax to do the job of filling out all forms. I really would like an expert employed by Turbotax to answer the question as to how fill in Maryland Schedule K-1 Form 505.
Please clarify which version of TurboTax you are using. Form 510 is used by TurboTax Business, as this reports activity for Pass-Through entities (Partnerships, LLCs and S-Corps). Form 505 is the Non-Resident Income Tax return.
Were you able to figure out how to enter MD form 505 details in turbo tax?
Some states have a place for k-1 entry but not all. MD does not have a k-1 entry, instead, MD feels your K-1 shows what adjustments you may need to make. As you go through the program, enter any income or subtractions as reflected on your k-1.
@chetanparakh