Energy Transfer's K-1 has a state activity report for ET, USAC and SUN, listing 45 states each. The numbers in column (1) "Separate Ordinary Income/Loss from this Activity" are all very small amounts and all negative or 0 for two of the companies, but has actual income for one of them. Where do I begin with this many states? Do I even have to file with negative or 0 income? Do I have to file with positive income, most of which are single digit amounts? I live in a state that does not have state income tax.
Sorry if this is a very elementary tax question, but I have tried to find the answer with no success. As you might have noticed, this is my first time dealing with a K-1.
Thank you for any help!
Nobody knows? I have exactly the same questions as you @golfermom :-). Thanks for posting!