Partnership K-1: 10 states with gross receipts ranging from $1 to $93

Forum|Forum|4 years ago
April 6, 2022
4 replies
29 views

Preparing a client's 1040 who has PTP partnership investment K-1 with overall ordinary loss of $86 with 10 states where the income earned ranges from $1 to $86 per state (only a state schedule is attached, not K-1's for each state.

Is there a resource that I can go to that tells me what each state's requirements/exemptions are for filing a non-resident return AND how do you all handle these K-1 situations where the income is insignificant?

Thanks in advance and appreciate you all!

ProSeries Professional

This topic has been closed for replies.

JRC

Level 7

Thompson Reuters as an all state quickfinder book. but you still need to check with each state.

Have fun...

sjrcpa

Level 15

For an 86 loss, which probably isn't even deductible at the federal level, I am ignoring all states other than the resident state.

@JRC gave you the correct answer.

The more I know the more I don’t know.

rbynaker

Level 13

An attorney on another forum I'm on said he "malpractices" and ignores these if they are de minimis. Reminded me of our old friend who would just say CAGMC.

I did an NC return today with $16 of total tax (but client wanted to file anyway).

Rick

E

ea_rva aka acctgtaxmattersAuthor

Level 5

So appreciate the feedback.

The "state schedule" that's included shows "gross receipts" by state, not ordinary income or loss. No state K-1's included.

So not sure I have what I need to file anyway.

Thanks again!

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