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Topic: Tax Related Question
On the NJ return you do not submit any K-1s to the state. The K-1 information is included in the Partners Directory. You must include all partners regardless of where they are resident. All partners must receive a copy of their NJK-1 regardless of where they are resident because they will need it if they are required to file a NJ return for any other reason (such as employment, business income, rental income sourced to NJ).
 
Ira Smilovitz
 
In a message dated 2/21/2012 1:07:43 P.M. Eastern Standard Time, laurie@bivio.biz writes:

c. On the NJ return, will I only need to submit the NJ
partners' K1 or do I need to inlcude the NY partner since he
was a NJ resident for 11 months of the year?

Yes.  He'll need a K-1 if he was a resident for any part of the year.
Thanks Ira.
 
Laurie – when I run the NY state tax return by changing the club’s address to a NY one, will that eliminate the NJ tax return on Bivio?
 
Sent: Tuesday, February 28, 2012 9:36 AM
Subject: Re: [club_cafe] Re: Tax Related Question
 
On the NJ return you do not submit any K-1s to the state. The K-1 information is included in the Partners Directory. You must include all partners regardless of where they are resident. All partners must receive a copy of their NJK-1 regardless of where they are resident because they will need it if they are required to file a NJ return for any other reason (such as employment, business income, rental income sourced to NJ).
 
Ira Smilovitz
 
In a message dated 2/21/2012 1:07:43 P.M. Eastern Standard Time, laurie@bivio.biz writes:

c. On the NJ return, will I only need to submit the NJ
partners' K1 or do I need to inlcude the NY partner since he
was a NJ resident for 11 months of the year?

Yes.  He'll need a K-1 if he was a resident for any part of the year.
On Tue, Feb 28, 2012 at 9:59 AM, Nick wrote:
when I run the NY state tax return by changing the clubs address to a NY one, will that eliminate the NJ tax return on Bivio?

It won't eliminate it, but you'll have to change your address back and rerun it if you need it again.

--
Laurie Frederiksen
Invest with your friends!
www.bivio.com

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Laurie,
 
I ran the NY state return and it did do away with the NJ return for both 2011 and 2010. I will have to rerun NJ once all partners have accessed their NY state K-1 forms. Just an update in case anyone else has this type of situation.
 
Nick
 
Sent: Tuesday, February 28, 2012 7:53 PM
Subject: Re: [club_cafe] Re: Tax Related Question
 
On Tue, Feb 28, 2012 at 9:59 AM, Nick wrote:
when I run the NY state tax return by changing the clubs address to a NY one, will that eliminate the NJ tax return on Bivio?

It won't eliminate it, but you'll have to change your address back and rerun it if you need it again.
 
--
Laurie Frederiksen
Invest with your friends!
www.bivio.com

Become our Facebook friend!  www.facebook.com/bivio
Follow us on twitter!  www.twitter.com/bivio