Question
Partnership K-1 Federal vs State
When preparing a Partnership tax return; the Partnership receives a K-1 from another Partnership it has an ownership interest in, how do you account for the difference in the Ordinary Income Line 1 on the Federal K-1 version the amount reflected on Line A.1 of the Maryland K-1?
The increase on the MD K-1 relates to the State tax deduction taken on the Federal partnership return.
ProConnect Live Support, told me the only way to account for it is via an Override entry on the State & Local > MD Schedule K input screen.
