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Pennsylvania 2011: Partnership & S Corporation K-1s

Taxpayers report their capital gains and losses from their partnership and S Corporation K-1s on their federal and state tax returns.

Pennsylvania taxpayers, who had certain K-1s, may have filed an incorrect Pennsylvania tax return.

TurboTax has fixed this issue.
 

How to tell if you may be impacted

You may be affected if ALL of the following are true:

  1. You filed your 2011 Pennsylvania tax return before April 5, 2012 AND
  2. You had a Partnership K-1 with a negative amount on line 9a (net long-term gain (loss)) AND
  3. You had an S-Corporation K-1 with a positive amount on line 9a (net long-term gain (loss)) AND
  4. Those gains and losses were reported on a Pennsylvania Schedule D, line 6 (net PA S corporation and partnership gain (loss))

If you are affected, your may have underpaid your Pennsylvania tax. You may need to amend your Pennsylvania tax return.

You can make the corrections yourself.

  • To do it yourself, please follow these step-by-step instructions.
  • After you make the changes to your tax return, you will need to mail a copy of your amended state return.
  • Your printed return will include instructions on how and where to mail it.
  • If you need assistance, call us at the phone number in the email.

Or let us do the work for you.

  1. Please download and print this Authorization Form.
  2. Complete the form and fax it to us at the number printed at the top of the form.
  3. A TurboTax representative will contact you (within 15 days) when your corrected return is ready to be securely emailed back to you.
  4. You can print, sign, and mail the corrected return to the state taxing authority.

If you need to contact us, please use the phone number in the email from TurboTax and tell the representative you’re calling about the Pennsylvania 2011: K-1 Gains and Losses.

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