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I received several K-1 forms from the state of Iowa for farm…

I received several K-1...

I received several K-1 forms from the state of Iowa for farm and estate income but I live in South Carolina and have lived there for seven years. What state do I file my K1 federal and state taxes? Also one of the K1 forms has a fiscal year of 12/1/2016 and ends 11/30/ 2017. Do I file the whole amount for the year of 2017?

Accountant's Assistant: Has anything been filed or reported?

No I haven’t filed my taxes because I’m still waiting for two K1 forms

Accountant's Assistant: Anything else you want the lawyer to know before I connect you?

I don’t believe so. Thank you

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Answered in 9 minutes by:
3/9/2018
Barbara
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 6,407
Experience: 20+ years of experience in tax preparation; 30+ years of experience as a real estate/corporate paralegal.
Verified

Welcome to Just Answer. My name is ***** ***** I will be happy to assist you.

You will enter the K-1 information on your federal return, a non-resident Iowa state return, and a resident SC state return.

The whole amount gets reported for 2017.

Please let me know if I can assist you further.

Thank you and best regards,

Barb

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Customer reply replied 4 months ago
if I have to file amy K1 state taxes in two states ..... (South Carolina and Iowa) then it appears I am getting taxed doubly or twice. State Taxes in South Carolina and Iowa both??

Unfortunately, because the K-1s involve Iowa income, a non-resident state return for Iowa must be filed to report the income.

Because you are a resident of SC, all of your income from whatever source gets reported.

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Customer reply replied 4 months ago
I can’t afford to call you on the phone. I thought I would get at least a follow-up question to clarify Because my question is rather simple. Thank you

The offer of a phone call is system generated. You can ignore it.

We can continue here with as many follow-up questions as you need to have answered.

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Customer reply replied 4 months ago
Ok thanks. Much appreciated. From your answer above I understand I have to file and both days but am I getting taxed in both states because that doesn’t seem correct

I apologize if I was not clear.

Iowa will tax the income because that's where the income is sourced.

When you file your SC return, you will allocate that income to Iowa so you will not be taxed in SC on that income.

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Customer reply replied 4 months ago
Sorry I shouldn’t use Voice Record ��I meant to say From reading your response above....I am required to file state tax forms in both states But am I getting taxed in both states because that doesn’t seem correct. That would be double taxation

I apologize if I was not clear.

Iowa will tax the income because that's where the income is sourced.

When you file your SC return, you will allocate that income to Iowa so you will NOT be taxed in SC on that income.

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Customer reply replied 4 months ago
Thank you....That makes much more sense. I appreciate your time. Will this all be sent to my email address for reference because I’m pretty sure my accountant will need to read this. Have a wonderful night!

It will not be sent to your email, but you can print this Q&A thread for your accountant even though he will probably know what to do.

My goal is to provide you with excellent service. Please take a moment to rate my answer with a 5-star rating to let me know that I have achieved my goal.

Barbara
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 6,407
Experience: 20+ years of experience in tax preparation; 30+ years of experience as a real estate/corporate paralegal.
Verified
Barbara and 87 other Tax Specialists are ready to help you
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Thank you for the positive rating of my answer. It is very much appreciated.

Have a great weekend!

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