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See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View ProSeries Hot Topics.
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- Re: Fed K-1 reports loss, State K-1 reports income
Fed K-1 reports loss, State K-1 reports income
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JinxyCat86
Level 1
10-09-2021
10:55 AM
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I'm stuck. Client received a K-1 showing a Federal loss (-$20K for example), which includes only one non-resident State K-1 that shows income ($5K for example). How would you go about reporting the state K-1 activity?
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dkh
Level 15
10-09-2021
11:11 AM
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Your state program has a worksheet for K1 activity to allow for adjustment differences between federal to state
