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Level 2
September 8, 2021
Question

Entering Multi-State K1 in partnership module

  • September 8, 2021
  • 1 reply
  • 6 views

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.

 

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1 reply

sjrcpa
Level 15
September 8, 2021

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.

The more I know the more I don’t know.
sjrcpa
Level 15
September 8, 2021

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

 

 

The more I know the more I don’t know.
LGCWAuthor
Level 2
September 10, 2021

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