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Level 3
March 4, 2021
Question

how do i allocate income on multi state s-corporation?

  • March 4, 2021
  • 1 reply
  • 7 views

I have entered the income on the federal side and allocated a portion to IL and a portion to IN.  On the IL K1 the correct income is flowing through, On the IN K1 100% of the income is flowing through without the allocation.  How do I show the correct IN on the IN K1?

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1 reply

sjrcpa
Level 15
March 4, 2021

What is their state of domicile?

The more I know the more I don’t know.
taxplanetAuthor
Level 3
March 4, 2021

State of domicile changed during the year from IL to IN. Part year in each state. 

Level 2
July 15, 2022

Did you find the answer to this? I'm trying to allocate rental income to two states. It is investment rental NOT subject to apportionment and it is showing up on both states as taxable to those states.