Florida Resident Massachusetts K1

Technical topics regarding tax preparation.
#1
Bob A  
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Resident of Fla receives 1041 K1 from Mass estate. Does Fla resident report as Fed only or Fed and Mass?
ty
 

#2
marknyc  
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A nonresident of MA who is a beneficiary of a MA resident estate would owe estate income tax to MA only on income that is sourced to MA. MA-source income, if any, should be properly identified on MA Schedule 2K-1 Beneficiary's Massachusetts Information which is part of the MA Fiduciary Income Tax Return.
 

#3
Bob A  
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"Ma only" ..... does that excluded Federal? (2022 Schedule 2k-1) such as $800 Mass Bank Interest
ty
 

#4
marknyc  
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Bob A wrote:"Ma only" ..... does that excluded Federal? (2022 Schedule 2k-1) such as $800 Mass Bank Interest

I think you put the quotation marks in the wrong place. The statement was....."would owe estate income tax to MA only on income that is sourced to MA." Portfolio income such as interest and dividends is generally not sourced to any particular state, but you should verify how MA defines "MA Source Income", then request an explanation from the trustee or fiduciary accountant if the MA Schedule 2K-1 for the MA nonresident beneficiary seems incorrect.
 

#5
Bob A  
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