GreggGillaspy
Level 1
04-25-2022
04:40 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
How do you assign K-1 income to New York City? The K-1 sources income to both CA and NY state. Client lives in Brooklyn and works from home. I just don't see an input anywhere.
TIA!
Gregg Gillaspy, CPA, CFP®
Edina, MO
Labels
itonewbie
Level 15
04-26-2022
11:33 AM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Since your client lives in Brooklyn, the income from K-1 is already included in NYS taxable income which is the same as the taxable income for NYC. The K-1 income should already be picked up automatically as NYC taxable income.
Since PTE's are generally taxed at the entity level in NYC, you may also like to refer to this thread for a discussion about the credit(s) available to partners/shareholders:
---------------------------------------------------------------------------------
Still an AllStar
Still an AllStar