Welcome back! Ask questions, get answers, and join our large community of tax professionals.
- Topics
- Training
- Community
- Product Help
- Industry Discussions
- User Groups
- Discover
- Resources
Turn on suggestions
Auto-suggest helps you quickly narrow down your search results by suggesting possible matches as you type.
Showing results for
- Intuit Accountants Community
- :
- ProSeries Tax
- :
- ProSeries Tax Discussions
- :
- how does a partnership with multiple state k1s go into an scorp so that the scorp can file the appropriate state returns
how does a partnership with multiple state k1s go into an scorp so that the scorp can file the appropriate state returns
Options
- Mark Topic as New
- Mark Topic as Read
- Float this Topic for Current User
- Bookmark
- Subscribe
- Printer Friendly Page
Je9
Level 3
yesterday
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
I have an s corporation that is invested in a partnership. The partnership generated K1s for 30 different states. The s corp is going to need to file in many of those same states (partnership couldn't do a composite return for all of them). How do I get the partnership state k1 info info into proseries to it flows to the state s corp return
Labels
5 Comments 5
sjrcpa
Level 15
yesterday
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Are you using Lacerte or ProSeries?
The more I know the more I don’t know.
George4Tacks
Level 15
yesterday
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Call support and have them talk you through it. I think it is like input for the 1040. You need to install each of the states and .... CALL SUPPORT
Answers are easy. Questions are hard!
Je9
Level 3
yesterday
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
I was trying to do this in proseries professional but it didn't seem to work properly so I was considering using lacerte, if it could handle it (I use proseries for most returns but do a couple, very complicated, 1040 returns in lacerte so I have pay per view availability)
George4Tacks
Level 15
15 hours ago
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
If you use all 9s for the ein for the entity, there is no cost to try out Lacerte. You will be able to view the return and see how it works. If it all works out well, change the EIN back to reality and then you will be charged the actual Pay Per Return.
Answers are easy. Questions are hard!
dascpa
Level 12
14 hours ago
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
I've had a similar situation for a few years and it's a NIGHTMARE.
The issue is partly ProSeries, but it's mainly the state tax returns. Mine is 40 of the 44 business states.
The real issue is that most states do not accept a K-1 entity input for an 1120S or 1065. They want apportionment based on sales, payroll and property. But that doesn't match what we know the income is on the K-1 received.
Some states allow for direct accounting, but most of those require advance approval to do so by the state tax agency. Not one week before the deadline.
The rest of the states require apportionment. But we aren't always told what the sales are in that state, just a K-1 profit pass-through.
I told my client a few years ago they need to go to a national firm. They did and next year came right back to me (didn't receive good service).
So what I do - for those (most) state that require apportionment I use the sales only factor and I force numbers to get as close to the known K-1 net profit.
Last item - since my client has no activity in ALL of these states they haven't applied for and received state charter numbers (it would just be 40 state fees). Therefore we have to paper file many state returns as they're rejected without this number.
