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See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View ProConnect Hot Topics.
See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View ProConnect Hot Topics.
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- Indiana Partnership's Non-resident IRA Partners Taxable
Indiana Partnership's Non-resident IRA Partners Taxable
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Penumbrook
Level 2
02-21-2022
02:24 PM
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Hi. I posted this to the online community almost a week ago. I received an email today stating that "no peer user has stopped in that can help with Indiana." Is this a programming error? If so, how can I input a workaround?
2021 was the first year this Indiana Partnership had profits in Indiana. The partnership is a checkbook LLC with two non-resident partners that are Individual Retirement Accounts. Schedule K-1 Miscellaneous is marked "1" to indicate "Partner is a retirement plan" (override). Indiana Miscellaneous Information is marked "06=Nonprofit Entity" for the "Composite Exception Code." There should be no tax liability on Schedule Composite but Proconnect computes tax at the Indiana partnership level. Do I need more overrides to get the program working properly?
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