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bechicago90
Returning Member

K1 reporting, help please

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I'm new to K1 reporting.  I live in IL and will receive a K1 from a firm in OH.  Both the firm and their real estate project are based in Ohio.  Will I only need to file my tax return in IL and a federal return?  Or might I now need to also file a return in OH due to the K1?   How will I know if an Ohio return is required?   thx.

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1 Reply

K1 reporting, help please

post back after you get the K-1.  for IL the info will flow through from the federal inputs and you'll get an Il-K-1 if things need to be adjusted for Illinois. for Ohio it depends on what is being reported on the k-1 and how much.

 

the partnership may even decide to file a composite return which could relieve some or all of the partners of filing out-of-state returns. 

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