It appears I can only list taxes paid to three states in Turbotax? How do I list each states tax paid separately on my behalf from the composite return that was filed?
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a composite return means that the LLC paid your state taxes for you and you do not need to file in those states. the deduction is part of the state income tax deduction on schedule A. schedule a tax deduction (all deductible taxes) is limited to $10,000 unless married filing separately where its $5,000
you can enter the total for all the states as a single amount.
Thanks, so I would add composite state taxes they paid on my behalf together along with my w2 state tax withholdings on schedule A line 5a.
Regarding my state tax in my resident state. Don't I get credit for income and tax paid in other states to reduce my tax owed in my resident state? It looks like my full adjusted income from the LLC flowed to my state tax return.
Appreciate the assistance
I have this same question.
depending on your resident state, if the LLC paid your state income taxes for that state then either you get credit for those taxes or you don't report your share of the income. however, in most states where a composite return is filed, it can cover only non-residents. in addition for your resident return you may be able to claim a credit foor the taxes paid on your behalf to nonresident states. this will depend in part on what type of proof your state requires.
Are you SURE the partnership filed 48 state returns and paid state taxes for you in all 48 states ( there is not even 48 state that have an income tax) ? Are you reading the K-1 correctly ?
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