Ayhn
Level 2
2 weeks ago
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Hi professionals,
I have a question about a client who lived in VA all year and received multiple K-1s including a MD 1065 K-1 with net MD income (federal net loss plus MD additions).
Please confirm:
- I need to use form MD 505 to report nonresident income.
- On MD 505 page 2, the (1) Federal column should show federal income (all K-1s), (2) MD column should show federal loss of this K-1, (3) Non-MD column should show all other K-1s aggregate income, and on line 19 of MD 505, it should show the MD addition amount.
Thank you!
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