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In anticipation of the upcoming May 15th deadline, we've compiled a list of the most common questions here.
In anticipation of the upcoming May 15th deadline, we've compiled a list of the most common questions here.
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MCWinters
Level 3
03-06-2022
05:47 PM
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Hi guys,
I am having a minor issue with a tax return. This is a NJ Partnership with 2 PA resident partners. On the 2020 tax return, there was a balance due on the NJ partnership because of the non resident partners. The partnership paid it with the filing of its tax return. What I am blanking on is where do I record this payment on the tax return itself on the 2021 return. Is this viewed as part of their distributions?
Thanks for your help.
Mike
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Accountant-Man
Level 13
03-06-2022
07:00 PM
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Yes, it is a distribution, so the other partners need appropriate distributions, too, pro rata.
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