NJ Resident in NYS Partnership Filing State Taxes (K-1) issue/question

[VasVas]

I'm a NJ Resident but the LLC I'm a General Partner in is filing in NYS, so the State K-1 Schedule form I received is the NYS State one (IT-204-IP) instead of the NJK-1 that  Turbo Tax is asking me about when I do my NJ State taxes.

The info included in the IT-204-IP is the same as the one the NJK-1 is requiring (same as the Federal form 1065 includes, too), but it is not filed with the State of NJ.

Do I need to enter the appropriate amounts as if I received an NJK-1 anyway?

Do I not report anything for the LLC in NJ and file as a non-resident with NY?

What if there is no taxable income in the K-1 form (only losses reported)?

[LynB]

As a resident of New Jersey you need to report all income earned while a resident regardless of where the income is earned.  So yes, the K-1 needs to reported to NJ.  

I think you are also asking whether to answer "Yes" to the screen "Schedule NJK-1 Received?".  If you only received a NY K-1 then the answer should be "No".  When you answer "No" the K-1 information will still flow to your NJ tax return from your federal input.

Lastly, you asked whether or not to file a New York non-resident tax return. Per the NY website at https://www.tax.ny.gov/pit/file/nonresidents.htm:

If you are a New York State nonresident you must file Form IT-203, Nonresident and Part-Year Resident Income Tax Return, if you meet any of the following conditions:

• You are a nonresident with New York source income and your New York adjusted gross income Federal amount column (Form IT-203, line 31) exceeds your New York standard deduction.
   
• You want to claim a refund of any New York State, New York City, or Yonkers income taxes withheld from your pay.
   
• You want to claim any of the refundable or carryover credits available. 
  
  
• You had a net operating loss for New York State personal income tax purposes for the tax year, without having a similar net operating loss for federal income tax purposes

[theMathProf]

LynB,

I am in the opposite situation. I teach in NJ but live in NY. So, I file a NJ 1040-NR.  I have an S-Corp located (only) in New York. TurboTax Premier is showing 0 on line 18 Net Profits from business Schedule NJ-BUS-1. I guess because I had an $1800 loss for 2019. Is that correct? One more thing. If I make a profit in 2020 will TurboTax show that profit on line 18 next year? Or will it also show a 0 because my S Corp is located only in New York? If that is the case, then why is TurboTax using the S Corp Federal information for a NJ-BUS-1? Is that form necessary?