Received schedule K1 for New York State. Do I need to file New York State Tax?

Hi,

I am a california resident, I received a schedule K1 for New York State for property investment through a limited partnership LLC.

Do I need to file New York State Tax? The Box 1 on the K1 is a Loss. Please advise.

7735

1 Best answer

Expert Alumni

Mar 25, 2019 5:24:52 PM

"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."

Unless the above that applies to you, you wouldn't need to file.

Expert Alumni

Mar 25, 2019 5:24:52 PM

"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."

Unless the above that applies to you, you wouldn't need to file.

Level 2

Mar 31, 2019 6:09:40 PM

Thank you for answering my question. This is really helpful. Save me money not to buy the NY state Turbo tax.