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I have a K-1 of 110 pages. Files composite returns in 38 states of $137,471. How do I file the OSTC.

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Level 1

Client is a California resident. 

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Level 15

Composite returns means the entity alreay filed a "group nonresident" return for the owners.

Enter the taxable income in each state and the tax paid to each state in the other state tax credit section. Attach the relevant pages from the K-1 as verication (in lieu of the other states tax returns).


ex-AllStar

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Level 15

Composite returns means the entity alreay filed a "group nonresident" return for the owners.

Enter the taxable income in each state and the tax paid to each state in the other state tax credit section. Attach the relevant pages from the K-1 as verication (in lieu of the other states tax returns).


ex-AllStar

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Level 8

Are you filing all 38 state tax returns?  In which case you will file 37 (maybe there are a few exceptions) schedule S, which report the income taxed by both the other state and by California.

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Level 15

"Solution

Lacerte will automatically generate Schedule S for a multi-state return when the state of residence for the entire year is AZ, CA, IN, OR, or VA."

You need to decide if you really need to do all 38 states. The REP fee along is significant, let alone the time you need to finish the return in the time remaining. Choose your battles. 

ex-AllStar
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