Question

Non-resident K1 for business with address in my home state

Forum|Forum|2 years ago
September 1, 2023
1 reply
0 views

Hello,

Question on K1 for non-resident when a partnership has an address in my home state: I am a limited partner in a business that is operated in my full time resident state of Colorado (K1 issued for entity has the business address of the operating LLC as Colorado) but the entity owns and operates a motel in California. Thus, my understanding is that I need to file California for my portion of income passed through. I have entered the K1 in to federal return, but because the home address of the operating company as provided on my K1 is in my resident state of Colorado, the California return doesn't appear to be picking this up. I don't see any other way to designate that this income should be connected to the California return in either the state return or the Federal. Any suggestions?

Thank you!

Rick19744

Employee

A couple of comments:

Make sure you complete the nonresident tax return first within TT in order for TT to pick up the credit for taxes paid to other states on your resident state return.
In the CA software section you will need to make sure you complete the California Schedule CA(540NR) as that is the schedule that tells the software and ultimately Form 540NR what income was earned in California.

*A reminder that posts in a forum such as this do not constitute tax advice.Also keep in mind the date of replies, as tax law changes.