Question
Massachusetts K1 Ordinary Business Income different from Federal
Hi all,
Hoping to get some clarity here as I have searched endlessly and not found a good answer. Basically my Federal K1 shows an income of $89 for my business and the Massachusetts K1 shows $317. I talked with my business accountant and she said that it is due to the corporate excise tax of $456. It is a 50/50 partnership so half of the $456 plus the $89 adds up to the $317 showing on the MA K1.
My question is do I enter this under the section that asks: Do you have any Massachusetts differences to report? (This is not common)
Thank you!
Mike
