Welcome Guest. Register Now!  


CPA Forums CPA related topics.


Reply
 
LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 01-12-2015, 10:01 PM
Junior Member
 
Join Date: Jan 2015
Posts: 2
Maryland Pass thru entity tax

I have been tasked with preparing a partnership 1065, with 30 partners and a Maryland 510. (client is cash basis)

Issue:

In 2013 the partnership, which holds rental property, generated income and as some partners are non resident, PTE was paid with the 2013 return which was filed in 2014.

In 2013 when the MD 510 was prepared each non-resident partner received a MD k-1 showing their portion of tax paid on their behalf.

Question is for 2014. Does the PTE paid to Maryland in 2013 become a (taxes paid deduction) on page 1 of the 1065?

If so, as this would reduce income, do I need a corresponding entry on the Maryland 510, such as an M-1, since the partners already received benefit in the form of a state tax deduction in 2013? Seems if I don't, wouldn't it be double dipping?

Thanks in advance...



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
Reply


Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Entity change: Inc to LLC borsvadim For 2013 2 03-02-2014 05:00 PM
Tax Entity cinjinbrew Sole-Proprietorship 1 02-11-2011 03:56 AM
Will your employee's status as an outside contractor pass the IRS litmus test? TaxGuru General 2 08-26-2009 07:45 PM
How is my pass-through income from my S Corporation taxed on my personal tax return? BebopVT Miscellaneous 1 03-04-2008 11:36 AM
Pass through liability on final Return bkwilosz S-Corporation 1 03-23-2007 11:04 PM

Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 
Individual
 » Income
 » IRA/Sep
 » Medical
 
Corporations
 » Payroll
 
Forum for CPAs
 
Financial Planning
 
 
 

» Recent Tax Q&A
No Threads to Display.