Tax

Have a tax question? Ask a tax Expert

Ask an Expert,
Get an Answer ASAP!

This answer was rated:

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

Show More
Show Less
Ask Your Own Tax Question
Answered in 9 minutes by:
3/9/2018
Barbara
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 5,796
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

Ask Your Own Tax Question
Customer reply replied 1 month 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.

Ask Your Own Tax Question
Customer reply replied 1 month 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.

Ask Your Own Tax Question
Customer reply replied 1 month 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.

Ask Your Own Tax Question
Customer reply replied 1 month 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.

Ask Your Own Tax Question
Customer reply replied 1 month 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: 5,796
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
Ask your own question now

Thank you for the positive rating of my answer. It is very much appreciated.

Have a great weekend!

Ask Your Own Tax Question
Was this answer helpful?
Ask Barbara Your Own Question
Barbara
Barbara
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 5,796
5,796 Satisfied Customers
Experience: 20+ years of experience in tax preparation; 30+ years of experience as a real estate/corporate paralegal.

Barbara is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Wallstreet Esq.

Wallstreet Esq.

Tax Attorney

586 satisfied customers

10 years experience

Mark D

Mark D

Enrolled Agent

1,338 satisfied customers

MBA, EA, Specializing in Business and Individual Tax Returns and Issues

Richard

Richard

Tax Attorney

4,451 satisfied customers

29 years of experience as a tax, real estate, and business attorney.

PhillipsEsq.

PhillipsEsq.

Attorney-at-Law

56 satisfied customers

B.A., M.B.A, J.D.

Robin D.

Robin D.

Senior Tax Advisor 4

15,124 satisfied customers

15years with H & R Block. Divisional leader, Instructor

Megan C

Megan C

Certified Public Accountant (CPA)

8,655 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

jgordosea

jgordosea

Enrolled Agent

2,885 satisfied customers

I've prepared all types of taxes since 1987.

< Previous | Next >

Related Tax Questions
What does STMT mean on K-1 form in box 20? I understand it
What does STMT mean on K-1 form in box 20? I understand it is referring to another worksheet. However, I received a K-1 Worksheet that ties to box 2, a 3K-1, 3K-1 worksheet, form 3 partner share of ad… read more
Chad EA, CFP ®
Chad EA, CFP ®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
2,067 satisfied customers
I'm on Federal Disability, on my Federal Tax forms there are
I'm on Federal Disability, on my Federal Tax forms there are special provisions for this income. How do I handle it on my California State Income tax filling Married Joint? … read more
emc011075
emc011075
Senior Tax Specialist
Bachelor's Degree
16 satisfied customers
28 form 1040A, "tax" - includes FICA and federal income? Or
https://ttlc.intuit.comline 28 form 1040A, "tax" - includes FICA and federal income? Or just federal income? … read more
Barbara
Barbara
Enrolled Agent
5,796 satisfied customers
VA income tax return form 760, Line 16, “ Taxable Income -
VA income tax return form 760, Line 16 , “Virginia Taxable Income - Subtract Line 15 from Line 9” what are the two bubbles “DTD” and “LTD” ? Should I fill in one ?… read more
PDtax
PDtax
Owner
Master\u0027s Degree
1 satisfied customers
Schedule K-1, Form 1041. Sorry. On Schedule K-1, Form 1041.
Sorry. On Schedule K-1, Form 1041. Line 14 Other Information: H, the amount is in parenthesis, does this mean it is a negative $amount. … read more
Carter McBride
Carter McBride
LLM
967 satisfied customers
I am trying to enter information from a schedule K-1 form
I am trying to enter information from a schedule K-1 form into turbotax it is asking me to enter code P detail. On my information sheet for box 12, code P the wording is different from what turbo tax … read more
Mike-USACPA
Mike-USACPA
9 satisfied customers
On line 17, Form 1120 ,C Corp Federal Tax return are state
On line 17, Form 1120 ,C Corp Federal Tax return are state corporate income taxes deductible.If I am doing my Federal C Corp returns for 2017 are the state corporate income taxes due but not paid yet … read more
Barbara
Barbara
Enrolled Agent
5,796 satisfied customers
Question concerning filling out K-1 forms. No I am doing my
Question concerning filling out K-1 forms JA: Have you talked to a tax professional about this? Customer: No I am doing my own taxes using turbo tax JA: Are you using TurboTax online? Or software inst… read more
Barbara
Barbara
Enrolled Agent
5,796 satisfied customers
I received a Schedule K-1 Form 1041 for 2017. Do I need to
I received a Schedule K-1 Form 1041 for 2017. Do I need to file this with my 2017 tax return? … read more
abci168
abci168
Principal
27 satisfied customers
I received a schedule K-1 form 1041. My father passed away
I received a schedule K-1 form 1041. My father passed away and had a trust. It is indicated on the form that there were net long term capital gains of $6600. I believe that I have to pay taxes on that… read more
Chad EA, CFP ®
Chad EA, CFP ®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
2,067 satisfied customers
I have a K-1 form for a trust that I receive payments from I
I have a K-1 form for a trust that I receive payments from I have box 12 and box 14 with codes I, A, and J. says they require special treatment I don't know what or were to enter any special info … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
I am completing my moms federal income tax forms for 2017.
I am completing my moms federal income tax forms for 2017. Mom (who is 90) purchased a vacant lot in June of 2012 and sold it at a profit of $23,7550 in November of 2017. Moms adjusted gross income fo… read more
Chad EA, CFP ®
Chad EA, CFP ®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
2,067 satisfied customers
I received a schedule k-1 (form 1065) this year as an
i received a schedule k-1 (form 1065) this year as an individual partner and a '2017 supplemental information' sheet. do i just submit this info with my tax return. do i need to include any of the inf… read more
Chad EA, CFP ®
Chad EA, CFP ®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
2,067 satisfied customers
My question relates to avoiding the double taxation related
My question relates to avoiding the double taxation related to sale of stock options reported on 1099-B and the W-2 !2b "V" box amount. I understand that I need to adjust the cost basis for the sales … read more
emc011075
emc011075
Senior Tax Specialist
Bachelor's Degree
16 satisfied customers
IN DOING MY 2017 FEDERAL & STATE OF COLORADO INCOME TAX
IN DOING MY 2017 FEDERAL & STATE OF COLORADO INCOME TAX RETURNS, I DISCOVERED THAT I HAD OMITTED FORM SSA-1099 INCOME FOR THE YEARS 2014, 2015, AND 2016. Do I need to file amended income tax forms for… read more
keeperumiami
keeperumiami
Sr Financial & Tax Consultant
Bachelor\u0027s Degree
1 satisfied customers
I am waiting for a K-1 form from the US Charitable Gift
I am waiting for a K-1 form from the US Charitable Gift Trust. When are they required to get that information to me? … read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
Robin, I have generated the K-1 forms in my previous
Hi Robin, I have generated the K-1 forms in my previous question regarding taxes on our partnership and it turns out we have a loss of about $8K for the year since we had no income and only expenses. … read more
PDtax
PDtax
Owner
Master\u0027s Degree
1 satisfied customers
Can the state of Oregon offset a federal return for non-tax
Hello! Can the state of Oregon offset a federal return for non-tax related debt. I have an outstanding balance on my student account at a state university. The state has already offset my state return… read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x