Marie Posted February 12 Report Posted February 12 Partnership received dividends from broker. There are some exempt dividends on the state side. How do you put that into the partners K-1 and/or deduct from their state returns? Quote
mcb39 Posted February 12 Report Posted February 12 Wisconsin has its own K1 that carries over from the Federal. Adjustments are made there. Remember that Partnerships don't pay tax. That information is passed on to the Partners. 1 Quote
Corduroy Frog Posted February 12 Report Posted February 12 4 hours ago, Marie said: Partnership received dividends from broker. There are some exempt dividends on the state side. How do you put that into the partners K-1 and/or deduct from their state returns? Depends on your state and your software. Drake (for example) allows you to enter a different taxable amount for Federal and State. Dividends which are tax exempt for Federal purposes are not always honored as tax exempt for states. Your state is Missouri, so I don't know. Quote
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