Welcome back! Ask questions, get answers, and join our large community of tax professionals.
- Topics
- Training
- Community
- Product Help
- Industry Discussions
- User Groups
- Discover
- Resources
Turn on suggestions
Auto-suggest helps you quickly narrow down your search results by suggesting possible matches as you type.
Showing results for
- Intuit Accountants Community
- :
- ProSeries Tax
- :
- ProSeries Tax Discussions
- :
- Re: Help w/ Michigan Partnership Reporting
Help w/ Michigan Partnership Reporting
Options
- Mark Topic as New
- Mark Topic as Read
- Float this Topic for Current User
- Bookmark
- Subscribe
- Printer Friendly Page
Connecto
Level 2
04-21-2021
11:20 AM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Hi all,
I have an Illinois resident who formed a Michigan LLC along with two Michigan residents to invest in rental property in MI. In 2020 the profit from the rental is $8,000 of which 50% belongs to the IL resident. MI does not require a tax return for the LLC so my client is going to get a Federal K-1 allocating him $4,000 of income which needs to be reported in MI. However there is no MI K-1 or any reporting to that effect. How would you guys handle this? Proseries only has a module for "Michigan Business Returns" and it does not appear helpful in this context. Thanks for any advice!
Mario
Labels
This discussion has been locked.
No new contributions can be made. You may start a new discussion
here
1 Comment 1
Connecto
Level 2
04-21-2021
11:25 AM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
For additional context since I am preparing the IL resident's 1040 and know all the facts, I will file a MI return reporting his share of the income. But what if he gave the K-1 to a new accountant? How are they supposed to know this is MI income without any reporting to that effect?
