Question

I am an LLC member of a company that files and pays a composite return on our behalf. How will I get the credit for IRC Section 199A reflected and state tax credits paid?

Forum|Forum|7 years ago
June 6, 2019
1 reply
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I am a member of an LLC that was sold last year. When I recieve my W2 and K1 around income and profit from the sale how do I enter into Turbo tax to properly reflect the IRC section 199A credit. The company files a composite return for all the states we do buiness in and pays taxes on our behalf for non resident states. How do I reflect this tax payment for a proper credit against my return? When my K1 is provided I will have a schedule of income by state and tax paid by state.

TurboTax Home & Biz Windows

Critter

Employee

Ok ... all the info you need should be on the K-1 and unless you have another reason to file a return in all those non resident states then you have no reason to file returns in all those states since the tax has been paid already and there is nothing to be refunded.