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Normally you only file in your resident state ... the chart in the K-1 shows all the figures you would use in your state not that you have to file in all of them. I have seen breakdown charts for as many as 23 states ... it is absurd that you would possibly need to file 23 state returns.
Thank you for your reply.
To clarify, the investment property I have is in a different state and I get K1s. I think I need to file the returns as a non-resident of that state. My question is how do handle investment properties in more than 5+ states excluding your resident state. TIA
You would need to use the CD/Desktop version, which will allow you to e-file three states, but paper-file unlimited states. Keep in mind that you may receive one state download for free, but there will be a charge for additional state downloads. TurboTax Online can handle a maximum of 5 state returns.
And because of how complicated this can get, you may be well served seeing a tax professional who is well-qualified with multi-state returns.
Thank you for your answer @DanielV01
Yes I am a 20+ year user of the desktop TT product and I saw it got pretty complicated with 3+ states and K1s.
And because of how complicated this can get, you may be well served seeing a tax professional who is well-qualified with multi-state returns.
I am looking to see if I can switch to TT premier Live expert online. The product pages shows it has a Fed filing fee and a per state fee(does not indicate maximum number states) , Will this allow me to file 5+ or more states?
TurboTax Live does have some limitations. First, it is only available with online TurboTax products, which would mean that if you need to file more than 5 state returns, you would not be able to obtain a TurboTax Live product. It's possible you might not need more than 5 returns, however, because if one of the states involved does not have a state income tax return, then that would eliminate the need to file that state tax return in particular. And in that case, your return would qualify to be filed with TurboTax Online. And there are certainly qualified Enrolled Agents and CPAs to help you out if you do qualify to use the product. You can sign up for free, and if you find out your return is too complex to use one of these options, then you have the option of "walking away" without committing to pay. I will recommend the following Help Articles for more information:
And, if you qualify and wish for TurboTax to prepare your return for you, please see this Help Article:
Again, I would just caution that your return could be too complex to use the service. But it won't hurt to investigate and find out for certain.
Thank you very much
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