Welcome back! Ask questions, get answers, and join our large community of tax professionals.
cancel
Showing results for 
Search instead for 
Did you mean: 

Entering Multi-State K1 in partnership module

LGCW
Level 1

I have partnership client which invested in other business and received Multi-state K1 from those partnerships. When entering the K-1 information in Screen 23 Passthrough K-1's, there is no option to source the box 1 or box 2 income to specific states. How do we apportion the income received from passthrough K-1's?

 

In individual tax module we are able to source income for a multi-state passthrough K-1.

 

Labels (2)
0 Cheers
3 Replies 3
sjrcpa
Level 15

For individuals you are allocating it to the various states.

For partnerships, you may need to apportion. Not all states allow allocation. You'll need to look up each state's rules.


ex-AllStar
sjrcpa
Level 15

In Screen 23 did you try Assign Entries to State name at the topCapture.PNG for Allocation?

 

 


ex-AllStar
LGCW
Level 1

Yes it allows state assignment for interest, dividend and royalty income, but not box 1 or 2 ordinary/rental income. 

I think we need to do manual apportionment in state screens 

0 Cheers