I am a resident of Texas put have income in Ohio with a S-corp stock. I have a Ohio it K-1. Where do I go in the Ohio tax return to enter the information

It depends. It should come into the Ohio (OH) tax return and then you will make adjustments for income that is not OH. Keep in mind that OH starts with the federal adjusted gross income (AGI). The calculation of OH income tax is on all of your income and then a credit is applied for income not earned from OH.

• Nonresident: You are a nonresident if you were a resident of another state for the entire tax year. Nonresidents who earn or receive income within Ohio will be able to claim the nonresident credit with respect to all items of income not earned and not received in Ohio

Print your return before you file to be sure it seems correct and you can also preview your return summary before you file.

 

You have access to all forms when you choose to print your return in TurboTax Online/Mobile.  However you are required to pay before printing, but do not have to file until you are ready.

• Can I print a copy of my return in TurboTax Online before filing?

If you are using TurboTax Desktop you can switch to Forms and review all forms and worksheets.

 

From the left rail menu in TurboTax Online, select Tax Tools (You may have to scroll down on the left rail menu.)

1. Select Tax Tools
2. On the drop-down select Tools
3. On the pop-up menu titled “Tools Center”, select View Tax Summary 
4. On the left sidebar, select Preview my 1040 

For TurboTax Desktop, change to 'Forms' and review the forms 

                       

 

Where do I import the information on the ohio it k-1

Do I do this in business deductions.

They also withheld taxes for the state of Ohio.

 

How do I enter the money withheld.

 

thanks

You're going to enter this in the federal K-1 entry.  In your federal return in the income section scroll down to business items and enter the K-1 there.

 

When you get to the Ohio non-resident return all of the income will be there and you will make adjustments for the amounts received that were and were not Ohio related.

 

@pjwesp 

on the ohio it k-1

It has a line: 3. Direct pass-through entity credit( ohio tax paid by this entity after nonrefundable business credits and refunds) which has an amount.

It is in part 4-investor's /owners/beneficiary's share of ohio tax credits

Where do I enter that number

If you have amounts on your Ohio K-1 that differ from your Federal K-1, you can enter them manually in FORMS mode on the Ohio K-1 form.  

 

Here's more info from Ohio Dept. of Revenue: 

 

'Line 3 – Ohio Tax Paid on Behalf of This Investor / Beneficiary (Net of Overpayments) The investor’s or beneficiary’s proportionate or distributive share of the tax paid and not otherwise refunded, from Ohio IT 1140, line 1 and/or Ohio IT 4708, line 10. 

 

Line 4 – Total Indirect Pass-Through Entity Credit for Ohio Pass-Through Entity Taxes Paid (Ohio IT 1140 filers only) The investor’s or beneficiary’s proportionate or distributive share of Ohio pass-through entity taxes paid by an indirectly owned entity that flows through this entity'.

 

@pjwesp 

 

 

 

 

 

where do I get to the Ohio K-1 form in forms mode.  I do not see it .  Do I have to download it.

 

I am using Turbo Tax home and business desktop

You need to add it to the tax return.  Do a search and add it.

 

@pjwesp 

Do you mean I go on the internet and find it, download it and print it out and add it to my tax return when I mail it in.

Or is there a form through turbotax

There is a form through TurboTax.

 

@pjwesp 

I cannot seem to find any of these ohio  forms.

 

k-1, 1140, 4708

 

in forms mode I went to open form, did a search in Ohio Individual and none of these forms came up

Is there a different place i am supposed to search.

Most of the entries for Ohio will be made through your federal return.  The system will take the federal information and add the necessary forms to your Ohio return for you.  If you are in the desktop version you can see what forms have been added in FORMS view.  If you are using the online version you need to finish tax prep and pay for the software and then - BEFORE YOU FILE - you'll be able to review the tax return and see that all of the forms that you want included are there.  If they aren't you can go back into the return and add what is needed.

 

@pjwesp 

The numbers I am trying to enter are not on the federal K-1,

They are on the State it K-1

Is there not a way to enter the numbers on the state k-1

I am specically needing to enter a number from line 3.

which says Direct pass-through entity credit(Ohio tax paid by this entity after nonrefundable business credits and refunds)

The amount is 210.00 which is not on the federal K-1 because it is a specific state credit

You can enter this in the estimated tax payments section of your state return.

 

@pjwesp