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What does "Enter your combined share of the built-in gains and net passive income from New York S Corporations" mean?

On my New York State return (non resident), I indicated that I am a shareholder of a New York S Corporation. It is asking me "Enter your combined share of the built-in gains and net passive income taxes from New York S corporations." The entry boxes are labeled "Your Share of Taxes" for Federal and NY Source. What amount do I enter? Is this asking if I've personally made any tax payments on behalf of the S Corp?
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3 Replies

What does "Enter your combined share of the built-in gains and net passive income from New York S Corporations" mean?

It is not asking about tax payments, but rather the profit you  are responsible for from NY sources.  Without knowing about your entity, I will assume all of the activity is in NY and the only k-1 you received aside from the Federal was from NY. If this is true, enter the total passive income reported on the K-1. 

What does "Enter your combined share of the built-in gains and net passive income from New York S Corporations" mean?

Thank you. When I entered the amount in both boxes, my taxes owed to New York State increased (nonresident return). TT is treating it like it was an amount that needed to be "added" from my Federal return. However, this would have already been accounted for in my Federal return.

What does "Enter your combined share of the built-in gains and net passive income from New York S Corporations" mean?

My question was whether the income already flowed to the NY return. It would have if it were the only state involved.  If this income was already appearing on the Non-Resident return, then leave that question blank. I would imagine that it may have just flowed to your home state and not New York. It would need to be included in the NY return if indeed it is NY sourced.

 

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