The club I belonged to for 10 years closed about 5 years
ago. I am missing the club environment and would like to
join another. I live in Polk County Fl, but would not mind
joining a good online club also, any advise?
Mark Eckman on
Hi Violet,
I am the president of the Nationwide Investment Club and we are an online club. Currently we have 8 members with 2 in Florida, (West Palm and Pensacola,) along with members in Washington, New Jersey, Iowa, Louisiana, Illinois and Alabama. The club formed in 2008 to follow the Better Investing philosophy and we currently have about $33,000 in assets. So not the biggest club out there, but we think we have been successful.
The club I belonged to for 10 years closed about 5 years
ago. I am missing the club environment and would like to
join another. I live in Polk County Fl, but would not mind
joining a good online club also, any advise?
Mike Jones on
Tell me who completes the seven state tax returns.
Mike Jones
Wall$treet Wannabees
Bloomington, MN
From: Mark Eckman <mark2459@gmail.com> To: "club_cafe@bivio.com" <club_cafe@bivio.com> Sent: Monday, June 1, 2015 8:08 AM Subject: Re: [club_cafe] Club membership
Hi Violet,
I am the president of the Nationwide Investment Club and we are an online club. Currently we have 8 members with 2 in Florida, (West Palm and Pensacola,) along with members in Washington, New Jersey, Iowa, Louisiana, Illinois and Alabama. The club formed in 2008 to follow the Better Investing philosophy and we currently have about $33,000 in assets. So not the biggest club out there, but we think we have been successful.
The club I belonged to for 10 years closed about 5 years
ago. I am missing the club environment and would like to
join another. I live in Polk County Fl, but would not mind
joining a good online club also, any advise?
Rip West on
<< Tell me who completes the seven state tax returns.
Very few states require a partnership return from states where non-resident partners live. The usual case is that you file a return only in the state where the club is registered.
Rip West
Stuart Weissman on
Exactly.
From: Rip West <ripwest@comcast.net> To: club_cafe@bivio.com Sent: Monday, June 1, 2015 12:22 PM Subject: RE: [club_cafe] Club membership
<<
Tell me who completes the seven state tax returns.
Very few states require a partnership return from states where non-resident partners live. The usual case is that you file a return only in the state where the club is registered.
Rip West
ira smilovitz on
Mike,
Florida, Illinois, and Washington do not require partnership returns. Iowa requires a return only if the club is based in Iowa. Louisiana only requires a return if the club is based in Louisiana and has non-resident partners. Alabama's filing requirement is not clear. New Jersey is the only state that requires a return regardless of where the club is based.
Since I don't know where Mark's club is based, it would appear that it would need to file 1, 2, or 3 state returns (definitely NJ; possibly IA or LA; and perhaps AL). bivio prepares NJ, but not the other three.
I am the president of the Nationwide Investment Club and we are an online club. Currently we have 8 members with 2 in Florida, (West Palm and Pensacola,) along with members in Washington, New Jersey, Iowa, Louisiana, Illinois and Alabama. The club formed in 2008 to follow the Better Investing philosophy and we currently have about $33,000 in assets. So not the biggest club out there, but we think we have been successful.
The club I belonged to for 10 years closed about 5 years
ago. I am missing the club environment and would like to
join another. I live in Polk County Fl, but would not mind
joining a good online club also, any advise?
Stuart Weissman on
If I am not mistaken, NJ requires you to send in a copy of the federal K-1. You need not do a state K-1 for a club based out of state. If anyone knows different, or if my memory is playing tricks on me, please let me know.
Florida, Illinois, and Washington do not require partnership returns. Iowa requires a return only if the club is based in Iowa. Louisiana only requires a return if the club is based in Louisiana and has non-resident partners. Alabama's filing requirement is not clear. New Jersey is the only state that requires a return regardless of where the club is based.
Since I don't know where Mark's club is based, it would appear that it would need to file 1, 2, or 3 state returns (definitely NJ; possibly IA or LA; and perhaps AL). bivio prepares NJ, but not the other three.
I am the president of the Nationwide Investment Club and we are an online club. Currently we have 8 members with 2 in Florida, (West Palm and Pensacola,) along with members in Washington, New Jersey, Iowa, Louisiana, Illinois and Alabama. The club formed in 2008 to follow the Better Investing philosophy and we currently have about $33,000 in assets. So not the biggest club out there, but we think we have been successful.
The club I belonged to for 10 years closed about 5 years
ago. I am missing the club environment and would like to
join another. I live in Polk County Fl, but would not mind
joining a good online club also, any advise?
Rip West on
I believe you are wrong, and Ira is correct. New Jersey requires a New Jersey state partnership return whenever there is a member who is a NJ resident, no matter where the club is based.
Rip west
Stuart Weissman on
Uh oh! Thanks. I guess I'll dig a little deeper into it. Thanks again.
I believe you are wrong, and Ira is correct. New Jersey requires a New Jersey state partnership return whenever there is a member who is a NJ resident, no matter where the club is based.
If I am not mistaken, NJ requires you to send in a copy of the federal K-1. You need not do a state K-1 for a club based out of state. If anyone knows different, or if my memory is playing tricks on me, please let me know.
The only time NJ *may* require the federal K-1 is if the NJ return is under audit. NJ treatment of partnership income is different from federal treatment. For NJ purposes, all gross income distributed by a partnership is treated as a single amount of partnership income. It isn't separated into interest, dividend, capital gains, etc.
Florida, Illinois, and Washington do not require partnership returns. Iowa requires a return only if the club is based in Iowa. Louisiana only requires a return if the club is based in Louisiana and has non-resident partners. Alabama's filing requirement is not clear. New Jersey is the only state that requires a return regardless of where the club is based.
Since I don't know where Mark's club is based, it would appear that it would need to file 1, 2, or 3 state returns (definitely NJ; possibly IA or LA; and perhaps AL). bivio prepares NJ, but not the other three.
I am the president of the Nationwide Investment Club and we are an online club. Currently we have 8 members with 2 in Florida, (West Palm and Pensacola,) along with members in Washington, New Jersey, Iowa, Louisiana, Illinois and Alabama. The club formed in 2008 to follow the Better Investing philosophy and we currently have about $33,000 in assets. So not the biggest club out there, but we think we have been successful.
The club I belonged to for 10 years closed about 5 years
ago. I am missing the club environment and would like to
join another. I live in Polk County Fl, but would not mind
joining a good online club also, any advise?
If I am not mistaken, NJ requires you to send in a copy of the federal K-1. You need not do a state K-1 for a club based out of state. If anyone knows different, or if my memory is playing tricks on me, please let me know.
The only time NJ *may* require the federal K-1 is if the NJ return is under audit. NJ treatment of partnership income is different from federal treatment. For NJ purposes, all gross income distributed by a partnership is treated as a single amount of partnership income. It isn't separated into interest, dividend, capital gains, etc.
Florida, Illinois, and Washington do not require partnership returns. Iowa requires a return only if the club is based in Iowa. Louisiana only requires a return if the club is based in Louisiana and has non-resident partners. Alabama's filing requirement is not clear. New Jersey is the only state that requires a return regardless of where the club is based.
Since I don't know where Mark's club is based, it would appear that it would need to file 1, 2, or 3 state returns (definitely NJ; possibly IA or LA; and perhaps AL). bivio prepares NJ, but not the other three.
I am the president of the Nationwide Investment Club and we are an online club. Currently we have 8 members with 2 in Florida, (West Palm and Pensacola,) along with members in Washington, New Jersey, Iowa, Louisiana, Illinois and Alabama. The club formed in 2008 to follow the Better Investing philosophy and we currently have about $33,000 in assets. So not the biggest club out there, but we think we have been successful.
The club I belonged to for 10 years closed about 5 years
ago. I am missing the club environment and would like to
join another. I live in Polk County Fl, but would not mind
joining a good online club also, any advise?
ira smilovitz on
OH does not require a return from an investment club whose only source of income is interest, dividends, and capital gains. If you club invests in another partnership, then an OH IT-1140 is required.
If I am not mistaken, NJ requires you to send in a copy of the federal K-1. You need not do a state K-1 for a club based out of state. If anyone knows different, or if my memory is playing tricks on me, please let me know.
The only time NJ *may* require the federal K-1 is if the NJ return is under audit. NJ treatment of partnership income is different from federal treatment. For NJ purposes, all gross income distributed by a partnership is treated as a single amount of partnership income. It isn't separated into interest, dividend, capital gains, etc.
Florida, Illinois, and Washington do not require partnership returns. Iowa requires a return only if the club is based in Iowa. Louisiana only requires a return if the club is based in Louisiana and has non-resident partners. Alabama's filing requirement is not clear. New Jersey is the only state that requires a return regardless of where the club is based.
Since I don't know where Mark's club is based, it would appear that it would need to file 1, 2, or 3 state returns (definitely NJ; possibly IA or LA; and perhaps AL). bivio prepares NJ, but not the other three.
I am the president of the Nationwide Investment Club and we are an online club. Currently we have 8 members with 2 in Florida, (West Palm and Pensacola,) along with members in Washington, New Jersey, Iowa, Louisiana, Illinois and Alabama. The club formed in 2008 to follow the Better Investing philosophy and we currently have about $33,000 in assets. So not the biggest club out there, but we think we have been successful.
The club I belonged to for 10 years closed about 5 years
ago. I am missing the club environment and would like to
join another. I live in Polk County Fl, but would not mind
joining a good online club also, any advise?
OH does not require a return from an investment club whose only source of income is interest, dividends, and capital gains. If you club invests in another partnership, then an OH IT-1140 is required.
If I am not mistaken, NJ requires you to send in a copy of the federal K-1. You need not do a state K-1 for a club based out of state. If anyone knows different, or if my memory is playing tricks on me, please let me know.
The only time NJ *may* require the federal K-1 is if the NJ return is under audit. NJ treatment of partnership income is different from federal treatment. For NJ purposes, all gross income distributed by a partnership is treated as a single amount of partnership income. It isn't separated into interest, dividend, capital gains, etc.
Florida, Illinois, and Washington do not require partnership returns. Iowa requires a return only if the club is based in Iowa. Louisiana only requires a return if the club is based in Louisiana and has non-resident partners. Alabama's filing requirement is not clear. New Jersey is the only state that requires a return regardless of where the club is based.
Since I don't know where Mark's club is based, it would appear that it would need to file 1, 2, or 3 state returns (definitely NJ; possibly IA or LA; and perhaps AL). bivio prepares NJ, but not the other three.
I am the president of the Nationwide Investment Club and we are an online club. Currently we have 8 members with 2 in Florida, (West Palm and Pensacola,) along with members in Washington, New Jersey, Iowa, Louisiana, Illinois and Alabama. The club formed in 2008 to follow the Better Investing philosophy and we currently have about $33,000 in assets. So not the biggest club out there, but we think we have been successful.
The club I belonged to for 10 years closed about 5 years
ago. I am missing the club environment and would like to
join another. I live in Polk County Fl, but would not mind
joining a good online club also, any advise?
Stuart Weissman on
So just to be clear, my online club needs to file a partnership return with NJ as well as with state in which it was originally established? Also, when filing my income taxes, I must file both a Federal K-1 with my US 1040 and State K-1 with my NJ 1040?
Shouldn't Bivio have prompted our treasurer to have done this if this is the case? Also, I've simply been sending in a copy of my federal K-1 for this online club with my state tax return since tax year 2008. The NJ Department of Taxation has never questioned it. Is it possible since I do my taxes in TurboTax, it simply transfers my Federal amount to my NJ income tax form and this is why it prompts me to supply a copy of my federal K-1 with my return? Keep in mind, I cannot file electronically for NJ due to a number of reasons.
I believe you are wrong, and Ira is correct. New Jersey requires a New Jersey state partnership return whenever there is a member who is a NJ resident, no matter where the club is based.
Rip west
Mike Marr on
Hi Rip,
Is there a recourse where this info can be easily obtained? I am the treasurer for an online club that has new members from Texas, Florida, New York, New Jersey,
Nevada and Minnesota.
The club operates as a Minnesota Partnership and I have sent a partnership return every year. I have heard New York requires a partnership filing and you say
New Jersey does as well. Any idea if Nevada requires filing?
Mike M
From: club_cafe@bivio.com [mailto:club_cafe@bivio.com]
On Behalf Of Stuart Weissman Sent: Monday, June 01, 2015 5:24 PM To: club_cafe@bivio.com Subject: Re: [club_cafe] Club membership
So just to be clear, my online club needs to file a partnership return with NJ as well as with state in which it was originally established? Also, when filing my income taxes, I must file both a Federal K-1
with my US 1040 and State K-1 with my NJ 1040?
Shouldn't Bivio have prompted our treasurer to have done this if this is the case? Also, I've simply been sending in a copy of my federal K-1 for this online club with my state tax return since tax year 2008.
The NJ Department of Taxation has never questioned it. Is it possible since I do my taxes in TurboTax, it simply transfers my Federal amount to my NJ income tax form and this is why it prompts me to supply a copy of my federal K-1 with my return? Keep in
mind, I cannot file electronically for NJ due to a number of reasons.
I believe you are wrong, and Ira is correct. New Jersey requires a New Jersey state partnership return
whenever there is a member who is a NJ resident, no matter where the club is based.