You'll need to sign in or create an account to connect with an expert.
You will come to a screen entitled Review Your Kentucky Information. One of the selections is Adjustments. You will want to select this option. Make sure that the K-1 information is reported on the Federal portion of the return, and then in this section you will report the pertinent information from the Kentucky K-1.
The KY K-1 is supplemental. It reports items that KY handles differently than on the Federal return. The main item that has adjustments is depreciation. KY has a much smaller limit for the Section 179 deduction and does not recognize Special Bonus Depreciation. If either of these were claimed for the Federal return, the adjustments would appear on the KY K-1 which you will report in the KY section of TurboTax I reference above.
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
grantchaffin05
New Member
ajgr2608
New Member
DanNa3
Level 1
imperatosamuel
New Member
Anonymous
Not applicable