CO K1 Inputs don't match form?

Forum|Forum|5 years ago
April 12, 2020
1 reply
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Hello,

Unfortunately I have a K1 with many states. The input regarding the K1 for Colorado is an outlier... The TurboTax interface asks about "Schedule K1 Increases" and "Decreases".

How is this info gleaned from the CO Schedule K-1 Equivalent form?

Thanks

ThomasM125

When you mention schedule K-1 increases and deceases, is this a question you are seeing in the Colorado state section in TurbTax? And is there any other information associated with it that would allows us to zero in on what is being referenced, such as a form or schedule, box or line number?

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mikejsteinAuthor

I'm referring to how TurboTax seems to be asking about the Colorado K1 items (yes, in the State input--not Federal). The Colorado form looks like most of the other States' forms, but the TurboTax input for CO is not at all similar.

ThomasM125

OK, I see the question:

I don't know the specifics on this, but you can increase or decrease the income reported on your K-1 schedule since the tax treatment for it may be different on your Colorado return than on your federal tax return.

An example would be if your K-1 reported interest income on federal obligations, it would be taxable on the federal return but not on the Colorado return.

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