Welcome back! Ask questions, get answers, and join our large community of tax professionals.
cancel
Showing results for 
Search instead for 
Did you mean: 

Indiana Partnership's Non-residents IRA Partners Taxable?

Penumbrook
Level 2

2021 was the first year this Indiana Partnership had profits in Indiana from rental income. The partnership is a self-directed LLC with two non-resident partners that are Individual Retirement Accounts owned by a single individual. The commercial domicile is transferring from the state of residence of the IRAs' owner even though the IRAs are located in another state. Proconnect computes tax at the Indiana partnership level. I'm not an expert on Indiana tax law. But, I'm not even getting the benefit of suspended losses on prior year tax returns. Can someone point me to the Indiana Code Section that covers this type of circumstance?

0 Cheers

This discussion has been locked. No new contributions can be made. You may start a new discussion here

4 Comments 4
Penumbrook
Level 2

Maybe my first post wasn't clear. 2021 was the first year this Indiana Partnership had profits in Indiana. The partnership is a self-directed 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?

0 Cheers
qbteachmt
Level 15

Your first post was pretty thorough, actually. But this is a complex, and right now, no peer user has stopped in that can help with Indiana. If you want specifically to point out a Programming error, that would mean posting to Intuit, using the Idea Exchange perhaps:

https://proconnect.intuit.com/community/proconnect-tax-idea-exchange/idb-p/605

 

If you have some instructions from IN that you want to refer to, include that here and in your Idea Exchange, to clarify how the program has it wrong. Or, if you want someone to help, you might have to wait for another IN preparer to see your topic. This isn't Customer Support or Technical Support; it's a peer user community. Sometimes, you have to wait for someone else to do a drive-by.

*******************************
Don't yell at us; we're volunteers
0 Cheers
qbteachmt
Level 15

You likely received Email from this forum software that your posting topic has had a reply. I see you posted in the Ideas Exchange, and that should be helpful to get Intuit's attention.

Remember, though, no Person is sending you email. Do not respond as if that is email or private. This is a public internet forum of peer users. Play safely on the internet.

*******************************
Don't yell at us; we're volunteers
0 Cheers
Penumbrook
Level 2

Understood. Thank you for your help. 

0 Cheers