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September 29, 2024
Question

I am a CA resident and have K1 loss from Colorado. Do I file a Colorado State Return?

  • September 29, 2024
  • 1 reply
  • 0 views

I am a CALIFORNIA resident.  The information on my COLORADO state K1 is same as the Federal K1.  I see the information flowed from the K-1 I entered on the federal side to my CALIFORNIA return.  Should I leave as-is or do I need to enter a separate COLORADO state return?

    1 reply

    September 29, 2024

    You might want to file a CO return in order to report (and preserve) the loss to be used to offset any income taxable in CO in future years.

     

    @Mike9241 

    September 29, 2024

    Thank you!  But should I remove the K1 information which was automatically carried over from my federal to my California return?

    September 29, 2024

    No, don't remove that because you're a resident of CA.