Question

Alternative BAsis for LLC in CT not working

Forum|Forum|2 years ago
January 16, 2024
1 reply
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Last year CT made LLC taxes optional for out of state residents, using an "alternative basis" on the CT 1065.

TT has that option but last year it would not work and continued to put all income in as CT sourced, even though none was, requiring me to pay CT taxes as as a Massachusetts resident.

I gave up and paid my accountant to do the taxes. She uses Alternative Basis and there was not CT sourced income,so it all "passed through". Doe anyone know why Alternative Basis didnt work last year and has this been fixed?

TurboTax Business Windows

Rick19744

A few comments:

While TT is a solid tax software, the software is geared toward the masses. Sometimes the more complicated areas have technical issues and may need an intervention. Did you call TT and ask for assistance?
You don't indicate whether you indicated within the software that you wanted to elect the Alternative Basis Calculation.
Did you attempt to complete Schedule CT-AB supplemental attachment?
At this point in the filing season, many forms and schedules are not final and may not be final for months; this is the result of each state needing to review and approve forms to be released.
I would recommend you call TT and ask the specific question.

*A reminder that posts in a forum such as this do not constitute tax advice.Also keep in mind the date of replies, as tax law changes.

F

fcp3Author

Thank you for your response The ad is blocking some of this but 1) I called TT 3 times. Once I was routed to individual expert who said of course she couldnt help. Call back. Got same run around 2) I tried 2022 again from scratch using Alternative basis. Same result. I can over ride CT income column and get correct result but not sure there is not another glitch somewhere. I may buy 2023 just to see, or do form by hand on CT pdf. I dont think you can submit it online however. As there are no taxes owed it is sorta s formality, so I may do it by hand and “force “ the numbers in the TT forms. Would be nice to save $350 bucks