Tax Related Question

iras1 on

On the NJ return you do not submit any K-1s to the state. The K-1 information is included in the Partners Directory. You must include all partners regardless of where they are resident. All partners must receive a copy of their NJK-1 regardless of where they are resident because they will need it if they are required to file a NJ return for any other reason (such as employment, business income, rental income sourced to NJ).

Ira Smilovitz

In a message dated 2/21/2012 1:07:43 P.M. Eastern Standard Time, laurie@bivio.biz writes:

c. On the NJ return, will I only need to submit the NJ
partners' K1 or do I need to inlcude the NY partner since he
was a NJ resident for 11 months of the year?

Yes. He'll need a K-1 if he was a resident for any part of the year.

Nick on

Thanks Ira.

Laurie - when I run the NY state tax return by changing the club's address to a NY one, will that eliminate the NJ tax return on Bivio?

From: IraS1@aol.com

Sent: Tuesday, February 28, 2012 9:36 AM

To: club_cafe@bivio.com

Subject: Re: [club_cafe] Re: Tax Related Question

On the NJ return you do not submit any K-1s to the state. The K-1 information is included in the Partners Directory. You must include all partners regardless of where they are resident. All partners must receive a copy of their NJK-1 regardless of where they are resident because they will need it if they are required to file a NJ return for any other reason (such as employment, business income, rental income sourced to NJ).

Ira Smilovitz

In a message dated 2/21/2012 1:07:43 P.M. Eastern Standard Time, laurie@bivio.biz writes:

c. On the NJ return, will I only need to submit the NJ
partners' K1 or do I need to inlcude the NY partner since he
was a NJ resident for 11 months of the year?

Yes. He'll need a K-1 if he was a resident for any part of the year.

Laurie Frederiksen on

On Tue, Feb 28, 2012 at 9:59 AM, Nick wrote:

when I run the NY state tax return by changing the club's address to a NY one, will that eliminate the NJ tax return on Bivio?

It won't eliminate it, but you'll have to change your address back and rerun it if you need it again.

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Laurie Frederiksen
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Nick on

Laurie,

I ran the NY state return and it did do away with the NJ return for both 2011 and 2010. I will have to rerun NJ once all partners have accessed their NY state K-1 forms. Just an update in case anyone else has this type of situation.

Nick