Will i be able to obtain an ID K-1 form in my State of Idaho Tax Return

Forum|Forum|6 years ago
June 1, 2019
2 replies
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I am filing an Idaho State return - I completed the K-1 form for my federal return, now need to complete an ID K-1 form. is that available in Turbo Tax? or where does this information go on my State Return Form 40?

TurboTax Deluxe Windows

Best answer by Cindy0H

The form ID K-1 should have been provided to you from the entity. It is not a form from TurboTax. It is not entered into the federal or state return but it will help you answer questions about it for Idaho.

The information you already entered with the K1 will flow to the Idaho return.

When you go through the Idaho interview, you will encounter several questions about the partnership, corporation, or other entity. This will help you answer those questions.

Form ID K-1 is used to provide the partner, shareholder, or beneficiary of a pass-through entity with information required to complete the pass-through owner's Idaho income tax return.

The state form isn't a substitute for the federal Form K-1. Instead, it relates to Idaho law and identifies Idaho adjustments, allocation and apportionment amounts, credits, and recapture amounts. Full instructions are included with the form on this website.

The website with instructions after the form:

https://tax.idaho.gov/forms/EFO00201_08-07-2018.pdf

Cindy0HAnswer

Employee

The information you already entered with the K1 will flow to the Idaho return.

When you go through the Idaho interview, you will encounter several questions about the partnership, corporation, or other entity. This will help you answer those questions.

Form ID K-1 is used to provide the partner, shareholder, or beneficiary of a pass-through entity with information required to complete the pass-through owner's Idaho income tax return.

The website with instructions after the form:

https://tax.idaho.gov/forms/EFO00201_08-07-2018.pdf

lss1Author

I did receive the completed ID K-1 form from the entity. Where does this info go on my state taxes? Is it a capital gain? The questions asked when going through turbo tax are not clear

jclayton3790

I have the same question. It is unclear how the data from the ID K-1 is included in the ID 40 form based on the walkthrough Turbo Tax provides for the Idaho State Tax form.

PatriciaV

Employee

Any adjustments required for your State K-1 are made during the State interview, typically in a section for items that are taxed differently by the State. Be sure you have entered Schedule K-1 in the Federal Tax section first.

Go to the State taxes topic and start the interview. Look for questions like "Schedule K-1 adjustments that increase income" and "Schedule K-1 adjustments that decrease income."

Although the information you entered for the Federal K-1 is carried over to the State return, the adjustments you need to make should be provided on the State K-1.

@jclayton3790

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