Question
Excluding K-1 trust income from state return.. The Trust previously paid the tax to the state trust was formed in.
How do you exclude income from a K-1 on a NYS tax return, which was already taxed and paid by the state the trust was formed in.
The trust was formed in Massachusetts but the client lives in New York. As mentioned above, the Trust paid the MA state tax, thus should be excluded from NYS. I believe this is correct and if so, how to exclude from income.
