Question

How do I enter a New York Partner's Schedule K-1 on my NY return?

Forum|Forum|7 years ago
June 5, 2019
3 replies
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I live in New York state. I have a "New York Partner's Schedule K-1" (IT-204-IP) from a Maryland partnership (an LLC in which I am a partner). I don't see where to enter it.

TurboTax Deluxe Windows

C

chspliceAuthor

I'm answering my own question. The reason I was having trouble entering the the Maryland K-1 on my New York tax was that I was doing things in the wrong order. I needed to do the nonresident income tax for MD in Turbotax before doing NY. Once I did the MD state tax, Turbotax automatically transferred much of the relevant information to NY, and I was able to fill in the rest.

C

chspliceAuthor

One other point about this-- It's not so obvious where to go in TurboTax to fill in state-specific information from a state K-1. I don't know about other states, but for New York you go to the page "Other New York adjustments to federal income" and click "Start" on "Partner, shareholder and beneficiary adjustments"

F

flacco0505

I am trying to import changes between K-1 information for federal return and New York state return.

When I go to the page for "Other New York adjustments to federal income" and click "Start" on "Partner, shareholder and beneficiary adjustments," it allows additions and subytactions, but with Mofdification Codes that don't cover the K-1. I have also tried "Taxes paid through a poartnership or S corporation: and that desn't help either. Any advice?

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Cindy0H

Employee

In many states, there is no need to enter a state K1, but New York has a few sections that might include information from your New York K1. New York does not have a place to enter an entire K1.

When you go back in to edit New York, find the page "Changes to Federal Income." See screenshot.

Look at these items:

Partner, shareholder, and beneficiary adjustments
Taxes paid through a partnership or S Corp
S corp shareholder adjustment

If you have other questions about this, ask in the comment section below.

A

Ari101

Thanks for the advice! Yes, my forms are the same type as yours (Form 1065 and New York Partner's Schedule K-1 (IT-204-IP)). My problem is that the IT-204-IP has a section called Partner’s Share of income, deductions, etc. with very different federal vs NY amounts in columns B vs C on lines 1 - 19. But TurboTax (TT) seems to have nowhere for me to enter most of these adjustments-to-federal-K-1 in my NY return.
(TurboTax does have a place for me to enter Partner’s Share of NY modifications on lines 20-28, but those lines are all blank on my IT-204-IP. ).
The only useful option I found in TT-NY is “Partner’s and NY S Corp ‘s distributive share of adjustments to ordinary business income of a partnership”, where I did input the difference between my federal and NY amounts on line 1 of the IT-204-IP. But that still leaves lines 2-19 (and line 51a, with a flow-through credit that I can’t figure out how to use) with nowhere to go in TT-NY. Any idea how to get those into TT-NY?
It sounds like you recommend trying to manually enter that info directly into the forms? I’m not sure I’m competent to do that, but perhaps that’s what I’ll have to try.

Again, thanks for your help!

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Ari101

I should add: I am a full-year NY resident. The instructions to IT-204-IP suggest that I can therefore ignore the NY amounts in columns C of lines 1-19? If so, I am still supposed to do the following, right?

In TT-NY use “Partner’s and NY S Corp ‘s distributive share of adjustments to ordinary business income of a partnership”, where I did input the difference between my federal and NY amounts on line 1 of the IT-204-IP.

Thanks again.

H

HH95

Hi - Was this matter successfully resolved? Ends up I have the same situation this year. NY state K-1 with amounts in both columns B and C under Partner's share of income, deductions, etc. for lines 1-19, and am a full time resident. The instructions for IT - 204 - IP do only mention column C for partial year residents or non-residents. If there's another source to confirm the need (or not) to enter column C for residents, would be great to know about. Thanks.