I purchased a couple of MLPs, and I think I think I am good on the federal reporting.
When I go to my state return, I get a screen asking me for information from a North Carolina D-403 K-1. I went to the MLP tax packet support, and I did not see anything beyond a K-1 and a K-3. I have two MLPs. One is UNG, the other is ET, and as far as I know it does no business in NC. These are stocks that are publicly traded.
I do see some information on ET that it has a very small amount of income in NC ($1).
Where do I find the information at the state level?
Thanks.
@poncho_mike wrote:Where do I find the information at the state level?
If required, you should have received an NC K-1.
@poncho_mike wrote:Where do I find the information at the state level?
If required, you should have received an NC K-1.
My federal return shows no errors, but when I go to my state return, Turbotax tells me that it needs additional data for the MLPs I own. This is the screen I get. When I went to download my tax package, there is no specific NC K-1. I think this question assumes the partnership does business in NC, which in this case it doesn't. So what do I do here to get past this screen? Enter $0 in all of the fields?
I think you might have to contact Support for further information.
I think the NC K-1 for ET isn't available for download until after summer which is way past the deadline of filing for tax returns, a CPA told me that I can either file extension to wait for the NC K-1 to become available or file the state tax return first with nothing in the NC K-1 blank and then amend it when the NC K-1 is available. I am in the same boat with you that I have ET, the NC K-1 for tax year 2021 is now available online for download but it is not available for tax year 2022 yet. I am also surprised that all ET payment in 2021 were all Return of Capital so very minimum impact on the federal tax but almost 90% of it is being counted as income for tax purpose in NC. You should look at the NC K-1 again on the ET tax support site and amend your NC return for 2021 if you have not entered any data for NC.