Ok. We may be missing some details here:
- NJ will use your federal K-1 amounts since you are a resident. Is there a loss on the federal K-1?
- Are you passive or a material participant in the activity?
- Are you saying that the K-1 amount reduces the federal but is not reducing NJ? Just want to make sure I understand the issue.
- If bullet 3 is"yes" you are indicating that a loss is reflected on Schedule 1 line 5
*A reminder that posts in a forum such as this do not constitute tax advice.
Also keep in mind the date of replies, as tax law changes.
