NY CT-2 form

[wdegaude]

I have completed and eFile the NY State taxes for my LLC. It requires a small payment. The BUSINESS software said that payment has to be done electronically but it does not give you any hint of how and where to do it.

Please let me know if you have the answer. THANK 

[ZoltanB45]

You will have to create an online service account with NY and pay there. Once you click that, you will need to select "business account." The CT-2 would assess a basic corporation or MTA Surcharge. That is for if they ask, what you are paying.

[wdegaude]

Thank you so much for your prompt answer.

I have another question: Completed Federal 1120-S for my LLC (registered in SC, Small Business consulting)

and the South Carolina SC1120-S. All good. But New York State Schedule K does not reduce  the South Carolina income from the the Ordinary Business Income. What am I doing wrong? or NY has a double taxation?

Please help again. THANKS AGAIN!

[ZoltanB45]

On your personal return, the K-1 will have the full ordinary income amount but you will be getting credit for taxes paid to South Carolina.

[wdegaude]

Thank you for that, Zoltan!

The LLC and myself weren't located/resident in NY State until August 2021. Does this information change your answer?

Thanks again!   

[ZoltanB45]

If you were a resident for only a part of the year, your income subject to tax will be split. Part taxed according to resident rules and the remainder subject to nonresident rules. The resident rules I explained. You are taxed on all income and given credit for taxes paid to the other state while a resident. So if you were earning SC money while living in NY, these rules would apply.

You earned your income in the state you lived at the time so non-resident rules apply. Basically you will be able to deduct the SC income on your NY personal return. NY wont use the total business income as the point of taxation.