ea_rva aka acctgtaxmatters
Level 5
‎04-06-2022 12:46 PM

Preparing a client's 1040 who has PTP partnership investment K-1 with overall ordinary loss of $86 with 10 states where the income earned ranges from $1 to $86 per state (only a state schedule is attached, not K-1's for each state.

Is there a resource that I can go to that tells me what each state's requirements/exemptions are for filing a non-resident return AND how do you all handle these K-1 situations where the income is insignificant?

Thanks in advance and appreciate you all!

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JRC
Level 8
‎04-06-2022 03:40 PM

Thompson Reuters as an all state quickfinder book. but you still need to check with each state. 

Have fun...

sjrcpa
Level 15
‎04-06-2022 04:05 PM

For an 86 loss, which probably isn't even deductible at the federal level, I am ignoring all states other than the resident state.

@JRC gave you the correct answer.


The more I know the more I don’t know.
rbynaker
Level 14
‎04-06-2022 06:20 PM

An attorney on another forum I'm on said he "malpractices" and ignores these if they are de minimis.  Reminded me of our old friend who would just say CAGMC.

I did an NC return today with $16 of total tax (but client wanted to file anyway).

Rick

ea_rva aka acctgtaxmatters
Level 5
‎04-06-2022 07:26 PM

So appreciate the feedback.

The "state schedule" that's included shows "gross receipts" by state, not ordinary income or loss. No state K-1's included.

So not sure I have what I need to file anyway.

Thanks again!

 

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