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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.
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!!
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?
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.
Pro Series Pro doesn't import state K-1s, only federal. State must be hand entered.
Thank you, this answers all my questions! I greatly appreciate your help.
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