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Level 1
posted Mar 27, 2020 7:42:21 AM

Where to enter New York Schedule K-1 Equivalent Amounts - If at all?

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?

0 4 10139
4 Replies
Expert Alumni
Mar 27, 2020 8:01:08 AM

 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.

Level 1
Mar 27, 2020 9:43:21 AM

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.

Level 1
Mar 27, 2020 12:19:36 PM

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.

Expert Alumni
Apr 1, 2020 7:32:54 AM

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:

  1. As you go through your NY return, on the Changes to Federal Income screen, scroll down to the Pass-through Adjustments section.
  2. Click the Start/Update box next to the appropriate item:
  • Taxes paid through a partnership or S corp; or
  • S corporation shareholder adjustments.

 

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:

  1. Go into Forms Mode by clicking on the Forms icon in the top right of the blue bar. 
  2. In the Forms in My Return list on the left, in the New York section, click Add/Sub(225) -- the Additions and Subtractions statement for the IT-225. 
  3. Enter the amount on the appropriate line.  The partnership and S-Corp items start with A-301
  4. To return to the interview, click on the Step-By-Step icon in the top right of the blue bar.