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In anticipation of the upcoming Exempt Org and Texas Franchise deadlines (5/15), we've compiled a list of the most common questions here.
In anticipation of the upcoming Exempt Org and Texas Franchise deadlines (5/15), we've compiled a list of the most common questions here.
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- Why is my amended 1041 resulting in a balance due on the state return?
Why is my amended 1041 resulting in a balance due on the state return?
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Lori_21
Level 1
04-10-2023
09:10 PM
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The original 1041 did not have a balance due on the state return. I was amending the original to correct depreciation on Schedule E rental property. This change increased the rental loss from the original return. It doesn't make sense that it would result in tax owing on the state return.
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