I have invested in a private equity real estate LLC, and I can't figure out if I need to enter the state K-1 on Turbotax or not.
The investment LLC did give me a regular K-1 and state K-1's, but on the paperwork the LLC wrote, "Activity is sourced to FL, GA, MD, NC, SC, TN, VA ,and WA. See state K-1's provided. FL and other state K-1's are not applicable for individual investors."
It's that last sentence that is confusing me. I invested as an individual investor - not part of a trust or business. So does that mean the state K-1 that the LLC provided me should not be entered on my TurboTax state return?
If I am supposed to file state K-1's, do I have to file tax returns for other states? The K-1 says, "Composite returns are being filed in GA, MD, SC, and VA." That still leaves NC, TN, and WA (one of which I live in).
I tried entering the state K-1 information for my state and it did increase my state tax liability.
Any help in figuring this out is appreciated!
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