I have a 1065 return I am working on and must be through this weekend. Maybe I'm not thinking clearly because I am so tired! I did the apportionment on the D-403 and the apportionment is showing correctly. However, the NC K-1's are showing ALL the income just like Federal. Is that correct and it will be adjusted on the personals?
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I can force an adjustment to the NC k-1's or I can adjust on the personals. I'm just questioning if these NC K-1's are correct showing all income not just NC's portion? -
Ok, just read NC Gen. statutes and it does not appear that it is appropriate to make that an "other dedection" for the NC k-1. I prepare their personals as well, and I will be sure that is done correctly, my big concern is whether or not it is correct for the NC K-1 to show the total income like the federal even though less than half is actually NC taxable. I really need some guidance from an experienced person on this. This is the first time I have ever prepared a 1065 with apportionment. HELP!!!!Comment
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I think I have come to the conclusion that the NC is based on the total income of the LLC and the adjustments for NC income will have to be on personals. If I am wrong someone PLEASE tell me!Comment
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