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WSO
Level 3

Duplicate Entry of State K-1 Info and Location of Passive Carryover Archive

Two questions for STATE real estate LLCs.

 

I have 3 state K-1s for a real estate LLC with properties in several other states (where I am a non-resident).  I filled in the TT form for each of the state K-1s using step-by-step on the Windows PC version to include the rent gain/loss and passive carryover from the previous year. After completing entry of the three state K-1s and selecting "done with adjustments" TT brings up another page (see pic below) asking me to again input rent from LLCs. I already entered this info in the K-1s so why am I being asked again?  If I do enter it again here, TT will assess that as income that needs to be taxed (rather than deducting it from past passive loss carryovers)

 

Also, what TT form can I view past year's passive carryover for a state (non-resident).  Unlike the federal TT step-by-step, TT doesn't show me the past passive carryovers as I go through the step-by-step, that I entered in TT (in past years) to review/confirm as it does for federal.  

 

TT page asking for real estate gain or loss.jpg

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3 Replies

Duplicate Entry of State K-1 Info and Location of Passive Carryover Archive

Please check back later. I will page @Mike9241.

Duplicate Entry of State K-1 Info and Location of Passive Carryover Archive

please read this thread.

https://www.taxprotalk.com/forums/viewtopic.php?f=8&t=16043 

 

in summary it depends on state law. so I can't answer your question. The issue may also be that if there are different PAL C/O's for federal and state, Turbotax may not handle the state ones

 

 

I have only Illinois but I could find no separate PAL c/o reporting. 

WSO
Level 3

Duplicate Entry of State K-1 Info and Location of Passive Carryover Archive

Thank you. Reading between the lines, I am now more confident TT has an error in its step by step putting in that 2nd place to enter without giving context for when to do so (In my case I should not enter it).  I may have validated this by reviewing the three TT K-1 worksheets I entered and saw there that a portion of my passive loss was used to offset my rental income this year in the K-1 columns B, C, & D.  

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