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Old 03-24-2010, 10:44 PM
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State Tax on money earned on K1 from a different state

I am a NJ resident and I have a NJ-based S corporation. My S corporation gets paid (for the services I am rendering while residing in NJ) on a K1 from a New York City-based company. Am I liable for NY taxes under those circumstances? Thanks!



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Old 10-31-2010, 09:44 AM
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" My S corporation gets paid (for the services I am rendering while residing in NJ) on a K1 from a New York City-based company. Am I liable for NY taxes under those circumstances?"---> As a New Jersey resident( full time resident in NJ as your tax home, home state), you have income from sources outside New Jersey,in this case NY, so you are required to pay tax on that income to NY , the jurisdiction outside New Jersey. Howver, you can (claim credit) or are eligible for a credit against the income tax you owe to NJ.



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