Question

Duplicate Entry of State K-1 Info and Location of Passive Carryover Archive

Forum|Forum|1 year ago
September 18, 2024
1 reply
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Two questions for STATE real estate LLCs.

I have 3 state K-1s for a real estate LLC with properties in several other states (where I am a non-resident). I filled in the TT form for each of the state K-1s using step-by-step on the Windows PC version to include the rent gain/loss and passive carryover from the previous year. After completing entry of the three state K-1s and selecting "done with adjustments" TT brings up another page (see pic below) asking me to again input rent from LLCs. I already entered this info in the K-1s so why am I being asked again? If I do enter it again here, TT will assess that as income that needs to be taxed (rather than deducting it from past passive loss carryovers)

Also, what TT form can I view past year's passive carryover for a state (non-resident). Unlike the federal TT step-by-step, TT doesn't show me the past passive carryovers as I go through the step-by-step, that I entered in TT (in past years) to review/confirm as it does for federal.

A

Anonymous_

Employee

No text available

M

Mike9241

please read this thread.

https://www.taxprotalk.com/forums/viewtopic.php?f=8&t=16043

in summary it depends on state law. so I can't answer your question. The issue may also be that if there are different PAL C/O's for federal and state, Turbotax may not handle the state ones

I have only Illinois but I could find no separate PAL c/o reporting.

W

WSOAuthor

Thank you. Reading between the lines, I am now more confident TT has an error in its step by step putting in that 2nd place to enter without giving context for when to do so (In my case I should not enter it). I may have validated this by reviewing the three TT K-1 worksheets I entered and saw there that a portion of my passive loss was used to offset my rental income this year in the K-1 columns B, C, & D.