Thank you for responding.
Just so I fully understand can you confirm the following:
Again, assuming:
- W-2 from the company in Virginia
- K-1 from the company in Virginia
- investment income
First scenario is resident of New York:
- resident of New York (let's just assume 10% tax rate for simplicity)
- Virginia business (let's just assume 5% tax rate for simplicity)
I would be required to file in Virginia for both W-2 and K-1 income (at 5% let's say). In New York I would be required to file for all income (W2, K-1, investment), but since my Virginia W-2 and K-1 income was taxed at 5%, the lesser tax (in this case 5% for Virginia) would be used and 10% for investment income. i.e., I would not be taxed at 10% for W2 and K-1 income. Correct?
Second scenario is resident of Florida
- resident of Florida (no income tax)
- Virginia business (let's just assume 5% tax rate for simplicity)
Since Florida doesn't have income tax, I would file a non-resident taxes for W-2 and K-1 income in Virginia (at 5%) and 0% (no filing) for my investment income. Is this correct?
