State K-1 Reading: CA and NY Resident/Non-Resident Update in K-1 Aggregator

Update to State K-1 Reading/Mapping for California & New York State K-1s: Reading/Mapping of California and NY State K-1s will now reflect the residency of the filer.

Setup Instructions:

Step 1: Add/Edit Instance > In this modal add the State Residency for your instance and click "add" or "save," respectively:

Step 2: Upload a CA/NY K-1.

This enhancement will only work for K-1s uploaded after completing Step 1 and will not work for K-1s that were uploaded prior to this enhancement. 

Step 3: Within the Federal/State Taxable Income Tab, you will see that the extracted amounts for any CA and NY K-1s reflect the residency of the filer.

FAQ:

Will this work for CA and NY K-1s I have already uploaded?

No - this is an enhancement for new K-1 uploads. Please note that before uploading your CA and NY K-1s, you will have to indicate residency in the Add/Edit Instance modal as a prerequisite. 

Does this work for all supported jurisdictions?

At the moment, the logic applies to only CA and NY. We anticipate applying this "resident / non resident logic" to all K1A supported jurisdictions in 2025. Please keep an eye out for updates.

Circular 230 Disclosure

To ensure compliance with requirements imposed by the IRS, we inform you that any tax advice contained in this software (including any reports or downloads) is not intended or written to be used and cannot be used for the purposes of (i) avoiding penalties under the Internal Revenue Code or (ii) supporting, promoting, marketing or recommending to another party any transaction or matter addressed herein. This software is for informational purposes only and should not be regarded as tax advice. Please consult your tax advisor or attorney for guidance on your individual tax situation.