- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Does the 1120S have a state K-1, because the income on it, to be reported to the state, should have taken the depreciation differences into account in the state income box.
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
I am preparing TR for a new client who had a state K-1 adj. of $4k last year. The TR copy he gave me has the federal depreciation and the state K-1 but not the state depr schedule. So I can't see exactly how the state depr differs from the federal. Do I need to ask the prior accountant for the state depreciation schedule? Accountant Man,Thank you for your past response!!
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Is the state k1 income different from the federal k1 income? By how much?
The reason I ask is that in my most used states, NJ & PA, the depn adj is already reflected in the state k1 income, so no additional work is needed.
What state are you asking about?
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
The state income is different from the federal by $7k. Proconnect does not seem to automatically import the difference with the K-1. Do I need to override this in the personal return? Thank you for your help.
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Pro Series Pro doesn't import state K-1s, only federal. State must be hand entered.
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Thank you, this answers all my questions! I greatly appreciate your help.