Question
K-1 and Virginia 770 Schedule 5
I saw previous posts, but none that answered my question. The Federal K-1 Shows an amount for Net Long Term Gains. Nothing else is on the K-1. I'm hoping this amount will be carried over to the State taxes because it is Not on the state Form 770 Schedule 5.
The Form 770 Schedule 5 shows a Federal Taxable Income amount. This amount is not included in the Federal K-1. How can the Federal Taxable Income amount be carried over to the State taxes if its not included on the K-1?
