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Multi-State Partnership return NY allocations
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willatbird
Level 5
09-13-2020
01:54 PM
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NOTE: This was caused by additional pass through K-1s added to the return. It's necessary to input in the state column that NY is $0 (-1).
Multi-state partnership return. New York business apportionment percentage calculated accurately to be 1.9437% to New York. Partners' Form IT-204-IP has this percentage on page 1, however, on page 2, only some of the items in the NY column reflect this percentage. Ordinary business income is calculated at 6.46% and Guaranteed payments is 60%! Interest is 7%. Distributions uses the 1.9437%, as does "Other Items" line 19.
On the 2018 same return all items on the IT-204-IP are calculated at the appropriate percentage. I can't see that I've done anything differently. Can someone please help me figure out what I'm missing?
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