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posted Sep 9, 2020 10:07:27 AM

Filing state K-1 for nonresident

I'm a partner of an investment which should last about 5 years. Every year I receive K-1 for federal and state K-1 included. I do include the K-1 in federal return every year. Do I need to file a state return just for the K-1? I'm a nonresident and no other income from that state. Most time the net income is zero or negative numbers.  I wonder if I can file just one state return once the deal is closed combining all previous year's K-1. Or I just file state return the year when there is positive income?

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1 Replies
Not applicable
Sep 9, 2020 12:40:48 PM

what is the non-resident state?  many states do not tax non-residents on portfolio income - dividends interest capital gins but do tax non-residents on business income including rental income.  if taxable it may be important to file tax returns even in loss years if the state allows non-residents a NOL carryforward.