Tax Question - NY K1

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IngognitoUSA
Posts: 97
Joined: Sat Mar 11, 2017 7:54 am

Tax Question - NY K1

Post by IngognitoUSA » Sun Sep 23, 2018 10:56 am

Hi,

I received a NY K1 with all income attributable to NY. A NY non-resident tax return will include that amount.
However, do I include that amount in NJ 1040R, line 21? Or is that amount not reported on that line.
I am a NJ resident.

Thank you

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FiveK
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Joined: Sun Mar 16, 2014 2:43 pm

Re: Tax Question - NY K1

Post by FiveK » Sun Sep 23, 2018 11:14 am

If by NJ 1040R you mean NJ-1040NR, you should not be using that form as a NJ resident.

As a NJ resident you will include the K1 income on your NJ-1040 return.

IngognitoUSA
Posts: 97
Joined: Sat Mar 11, 2017 7:54 am

Re: Tax Question - NY K1

Post by IngognitoUSA » Sun Sep 23, 2018 11:31 am

Thank you for the clarification. I guess the Business income reported on K1 is reported on NYS non-resident Tax Form and NJ Resident Tax Form. Tax amount is calculated and taxes paid is credited on the state tax form.
I was not sure if NYS K-1 Business Income amount needs to be added to NJ Resident Tax Form line 21.

MarkNYC
Posts: 1371
Joined: Mon May 05, 2008 7:58 pm

Re: Tax Question - NY K1

Post by MarkNYC » Sun Sep 23, 2018 8:15 pm

IngognitoUSA wrote:
Sun Sep 23, 2018 10:56 am
I received a NY K1 with all income attributable to NY. A NY non-resident tax return will include that amount.
However, do I include that amount in NJ 1040R, line 21? Or is that amount not reported on that line.
I am a NJ resident.
As a NJ resident, the amounts on the NY K-1 get listed on your NY nonresident tax return. They do not get listed on your NJ resident tax return.

On line 21 of your NJ resident return, you should enter the net income from the NJ K-1. If no NJ K-1 is received, you should enter the sum of the income amounts on the federal K-1, plus or minus any relevant adjustments as listed on Worksheet B in NJ publication GIT-9S.

IngognitoUSA
Posts: 97
Joined: Sat Mar 11, 2017 7:54 am

Re: Tax Question - NY K1

Post by IngognitoUSA » Sun Sep 23, 2018 9:54 pm

Thank you. So if the Federal K-1 is let's say $100K, with no income from NJ, line 21 on NJ Tax form will be closer to $100K than $0k. Sorry to sound so basic, I really am not good with forms and need to ensure my accountant is doing it correct.

The $100K is on the NYS Non resident tax form as well as NJ Resident tax form. I just am not sure if this is correct.

MarkNYC
Posts: 1371
Joined: Mon May 05, 2008 7:58 pm

Re: Tax Question - NY K1

Post by MarkNYC » Mon Sep 24, 2018 7:11 pm

IngognitoUSA wrote:
Sun Sep 23, 2018 9:54 pm
Thank you. So if the Federal K-1 is let's say $100K, with no income from NJ, line 21 on NJ Tax form will be closer to $100K than $0k. Sorry to sound so basic, I really am not good with forms and need to ensure my accountant is doing it correct.

The $100K is on the NYS Non resident tax form as well as NJ Resident tax form. I just am not sure if this is correct.
Yes, $100K (or close to it) on both your NY and NJ tax returns.

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