NY S Corporation Officer moving to NJ-Taxation

[ParkNYC]

Hi,

I own a NY S corporation and I'm moving to New Jersey. I know that I'll be still required to file federal 1120S, State NYS and local NYC corporation taxes in New York. All income (100%)  comes from New York and the corporation won't conduct any business in New Jersey. The main business office is located in NYC. For NY tax purposes I'll be a nonresident shareholder.

My question is: besides 1120S and NYS CT-3-S, NYC-4S forms, do I have to file any corporate taxes or forms in New Jersey? I know that I'll be eligible for a credit for taxes paid in NY on my NJ personal return, but I'm not sure if any NJ corporate taxes have to be filed in New Jersey if the corporation isn't conducting any business in NJ and isn't a NJ corporation. No NJ employees or office either.

Thank you,

[Rick19744]

Based on your facts, you should be good to go.

It would be good for you to print out New Jersey's recent changes in TB-108

https://www.nj.gov/treasury/taxation/pdf/pubs/tb/tb108.pdf

[ParkNYC]

Well, I know I should be good to go, but the question is, do I have to file any NJ corporate returns or forms?

Anyone???

[Rick19744]

Well good to go means based on your facts......... No you don't have to file.

[ParkNYC]

Hi there,

I'm about to file my NJ-1040 tax return and I'm not sure if my NY S Corp is non-electing S corporation in NJ.

As i said, I'm 100% shareholder in NY S corp and 100% of my business is conducted in NYC, no business or office location in New Jersey. My only connection to NJ is that I live there. I normally file federal 1120S with K-1 and my NYS Corporate taxes since my corporation has a business office in NY and 100% of my receipts are from NY. Do I have to provide any additional information regarding my  NY S corp to NJ or file any additional forms or worksheets with my NJ-1040 form? Should I mark any of those boxes or leave them blank, since my corporation is a NY not NJ S corporation? Thank you,

[AmyC]

No, your business is conducted in NY so the business only needs to file federal and NY. The k-1 will pass the information to your personal return.

[ParkNYC]

But there is still question about my S corp, please see the screenshot above. I have to mark that I didn't receive the NJ-K-1 form. Should I mark the box " Check this box if this is a non-electing S corporation in NJ" or leave it blank?

How do I take credit for the amount paid o NY on NJ return so I don't have to pay twice my S corp. income.

Thanks, @AmyC 

[PatriciaV]

Where do you see the screenshot provided earlier? You don't own a NJ S-Corp so you shouldn't have to answer those questions.

[ParkNYC]

But I own a NY S corporation and if I understand correctly I have to report that on my NJ return

On NJ Taxes NJ-1040 Line 22 I have to report net pro rata share of S corp income, this is still taxable income, isn't? 

I check box 2 since I have not received a NJ-K-1 form and my Federal K-1 information is inserted.

This is Q/A from a website which exactly illustrates my situation: S Corporation Q&A:
Q: "Assume a New Jersey resident is a 100% shareholder of a Federal and New York State S

corporation. This corporation does not do business in New Jersey, and currently does not and is
not required to file a New Jersey corporation business tax return. Does the resident share-
holder report the S corporation income (flow through items) on his New Jersey income tax
return (NJ-1040)? Is the resident shareholder required to file a New Jersey S corporation
election?
A: "The resident shareholder is required to report on his NJ-1040 his pro rata share of the Federal S
corporations income not allocated to New Jersey. The shareholder is not required to file a New
Jersey S corporation election."

Question: Should I mark the box " Check this box if this is a non-electing S corporation in NJ" or leave it blank? How do i take credit on my NJ-1040 return for the amount on my K-1reported and paid on my NY part year resident return? Thank you.

@PatriciaV 

[PatriciaV]

No, since this is a NY S-corp, do not check the box for "non-electing S-Corp." But do include the S-Corp income on your NJ tax return. 

Be sure to prepare your non-resident New York return first. This allows TurboTax to transfer the NY information correctly to your New Jersey return. 

If you've already started your NJ return, go to the States topic and delete that state. Then review NY before you add NJ to your return.