I am new to living in NH. NH has no income tax on wages and salaries but there are two options to file: "Interest and Dividends" and "Business income".
I have schedule C income, a 1099-DIV for a retirement fund and a 1099-INT for savings account filed on my federal return. None of it directly transferred to a state return as far as I can see.
Do any of these require filing a NH State return? How do I know if there is anything else on my federal that I need to file on my state?
A few notes to add:
It depends. If you are required to file on your interest and dividends TurboTax has the Form DP-10.
New Hampshire does not tax individuals' earned income. The state only taxes interest and dividends at 5% on residents and fiduciaries whose gross interest and dividends income, from all sources, exceeds $2,400 annually ($4,800 for joint filers).
The Business Profits Tax: Any business organization, organized for gain or profit carrying on business activity within the State is subject to this tax.
@DianeW777 If I was required, wouldn't that taxable income automatically be transferred to the state return? I am not seeing that. I do not believe my gross gross interest and dividends exceeded that threshold.
For business income, I file my schedule Cs (I have two) as a sole proprietor, not a structured business (LLC, etc). Would that still be considered income I need to report on a state return?
Thank you
Yes, if you do not meet the thresholds for interest and dividends you are not required to file. Likewise if you don't meet the gross income threshold in your businesses of $103,000 for 2023, you would not be required to file.
@DianeW777 Quick followup question:
If I do not meet those thresholds, do I simply just not file an NH return at all, or should I file them with just "0"?
Thanks
No, you would not file them at all. At lease most State Department of Revenue as well as the IRS do not want unnecessary returns.