The S Corp was profitable this year.
2007-02-25 07:36:26 · 2 answers · asked by David V 1 in Business & Finance ➔ Taxes ➔ Other - Taxes
It depends.
Did the S corp you own file a tax return in New York? Or actually, any other state?
They should be providing you with federal and state K-1s and equivalents.
Many states offer a composite return for non-resident shareholders to file, taking the burden of reporting away for the individual. However, for NY you need somewhere between 10 and 15 non-resident shareholders and approval (I believe) to file a composite return in New York.
Your best bet would be to contact the accountant that prepared the federal 1120S and find out what your filing responsibilities are.
Corporate returns are not due until March 15 and they might not have provided you with the K-1 yet.
Good luck.
2007-02-25 12:25:01 · answer #1 · answered by Molly 6 · 0⤊ 1⤋
No, only MA. Unless you performed services for the corp in NY, none of your share of the income is taxable in NY.
2007-02-25 15:51:39 · answer #2 · answered by Bostonian In MO 7 · 0⤊ 0⤋