Help with a GA K-1 please!

[joanmcq]

New client (CA resident) has K-1 from his dad's estate. I want to make sure I am reading the GA K-1 correctly. Lines 1a & 1b have $7743 as beneficiary's share of both federal and GA income. however, these amounts are labled 'for information only'.

Line 5 has $135 for net rents allocable to GA. There is also $10 of interest income on the federal K-1, but not the GA.

Is the $135 and the $10 all I allocate to GA on page 6 of the GA500? Is the interest income allocated to GA?

[joanmcq]

bump! Anyone from GA?

[Burke]

I am not from GA, but I just did a GA 501 fiduciary return and my GA K-1's do not have line numbers on them. Just "Bene share of GA income," and "Bene share of fiduciary adjustment" with the notation, "GA500, Sche 1, lines 4 & 10." So this is where those amounts go for a GA resident. The first is the taxable income passing through to the GA bene, and the second is (in my case) the federal tax-exempt interest share that is not GA, and therefore taxable on the GA bene's return. What does your GA K-1 state for lines 1a and 1b?

I would assume the interest and rents would be allocable to CA for your bene as a CA resident, as well as the amts you are indicating on "Lines 1a & 1b." Can't be sure unless I know what Lines 1a & 1b represent. There is probably nothing to report in GA, unless there is rental property sited in GA. Is this a final K-1?

[ChEAr$]

New client (CA resident) has K-1 from his dad's estate. I want to make sure I am reading the GA K-1 correctly. Lines 1a & 1b have $7743 as beneficiary's share of both federal and GA income. however, these amounts are labled 'for information only'.

Line 5 has $135 for net rents allocable to GA. There is also $10 of interest income on the federal K-1, but not the GA.

Is the $135 and the $10 all I allocate to GA on page 6 of the GA500? Is the interest income allocated to GA?

Rental income is taxed to Georgia, but interest (investment) income is not.

[joanmcq]

Looks like it's the $135 then. On the federal K-1, there is $6968 on line 5 of 'other portfolio and nonbusiness income', so it seems that is only taxed to CA. this is the last year of the estate, so it looks like the rental may have been sold or distributed out.

Thanks guys! Really don't want any love letters from GA on a new client.