State K-1s

Forum|Forum|2 years ago
March 7, 2024
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Hello, I have received a Schedule K-1 (Form 1065), as well as a K-1 for Arkansas (AR K-1). I have entered the information from Form 1065 into Turbo Tax. Do I also need to purchase the Arkansas state returns from Turbo Tax and enter the information from AR K-1?

I expect to receive several more state K-1s, and so I have the same question about those.

TurboTax Home & Biz Windows

JamesG1

We are not able to see what is reported on Schedule K-1 (1065) for Arkansas or any other state.

If you do not acquire the state income tax returns, you will not know whether or not you have a filing requirement or owe taxes or are due a refund from any one of those states.

You will certainly want to file a state income tax return if there are pass-through credits or other state credits reported on the state Schedule K-1.

These states may or may not contact you at a later time if they believe that you were required to file their state tax return.

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rynleeAuthor

Hi @James11_2 - can you flesh this out for me a bit more?

Most of the state K-1's that I'm receiving show "0" income, deductions, etc. for that state. Only federal amounts. Would I still want to purchase the additional states from TT and report "0" on those returns?