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Entering Multi-State K1 in partnership module

LGCW
Level 1

I have partnership client which invested in other business and received Multi-state K1 from those partnerships. When entering the K-1 information in Screen 23 Passthrough K-1's, there is no option to source the box 1 or box 2 income to specific states. How do we apportion the income received from passthrough K-1's?

 

In individual tax module we are able to source income for a multi-state passthrough K-1.

 

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6 Comments 6
sjrcpa
Level 15

For individuals you are allocating it to the various states.

For partnerships, you may need to apportion. Not all states allow allocation. You'll need to look up each state's rules.


Ex-AllStar
sjrcpa
Level 15

In Screen 23 did you try Assign Entries to State name at the topCapture.PNG for Allocation?

 

 


Ex-AllStar
LGCW
Level 1

Yes it allows state assignment for interest, dividend and royalty income, but not box 1 or 2 ordinary/rental income. 

I think we need to do manual apportionment in state screens 

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nhsnyder
Level 1

Did you figure out the best way? I am in the same situation with a partnership with multiple k-1's from multiple states and having a hard time making the override work for each state.

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Did you find a solution to this?

Just switched from Ultra Tax to Lacerte, had no idea this would be an issue.

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nhsnyder
Level 1

I have not done another one since then but at that time I had to do manual adjustments in the state screens and I had to get lacerte on the phone to help me.