Welcome back! Ask questions, get answers, and join our large community of tax professionals.
- Topics
- Training
- Community
- Product Help
- Industry Discussions
- User Groups
- Discover
- Resources
See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View Lacerte Hot Topics.
See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View Lacerte Hot Topics.
Turn on suggestions
Auto-suggest helps you quickly narrow down your search results by suggesting possible matches as you type.
Showing results for
- Intuit Accountants Community
- :
- Lacerte Tax
- :
- Lacerte Tax Discussions
- :
- Multi-State Partnership return NY allocations
Multi-State Partnership return NY allocations
Options
- Mark Topic as New
- Mark Topic as Read
- Float this Topic for Current User
- Bookmark
- Subscribe
- Printer Friendly Page
willatbird
Level 5
09-13-2020
01:54 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
NOTE: This was caused by additional pass through K-1s added to the return. It's necessary to input in the state column that NY is $0 (-1).
Multi-state partnership return. New York business apportionment percentage calculated accurately to be 1.9437% to New York. Partners' Form IT-204-IP has this percentage on page 1, however, on page 2, only some of the items in the NY column reflect this percentage. Ordinary business income is calculated at 6.46% and Guaranteed payments is 60%! Interest is 7%. Distributions uses the 1.9437%, as does "Other Items" line 19.
On the 2018 same return all items on the IT-204-IP are calculated at the appropriate percentage. I can't see that I've done anything differently. Can someone please help me figure out what I'm missing?
Labels
This discussion has been locked.
No new contributions can be made. You may start a new discussion
here
