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Business & farm
Answer to the questions:
- NJ will use your federal K-1 amounts since you are a resident. Is there a loss on the federal K-1? Yes, there is a loss on the federal K-1 (less than 2,000).
- Are you passive or a material participant in the activity? Material participant
- Are you saying that the K-1 amount reduces the federal but is not reducing NJ? Yes, that's correct. 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 Yes, that's correct.
‎April 3, 2020
12:25 PM