NJ Resident Taking Job in NYC

AskTaxGuru.com Junior Member skwak asked:

Hello,

I am a NJ resident and have always worked in NJ. That made my income tax situation simple, pay the Federal Government and pay the State of NJ.

I am looking at taking a new position in NYC. The annual income will likely be $200K vs the $150K I make in NJ. What should I anticipate being my additional tax burden by taking this position? That is, regardless of who get my tax dollars, NJ, NY, NYC - what should I anticipate as my new tax rate?

Thanks to anyone who can help!

Are losses from NJ LLC's deductible on the NJ Individual Tax return?

A forum question posted by Leah, an AskTaxGuru Junior Member reads:

Are the LLC's losses generated from an NJ LLC deductible on the individual shareholders tax return, assuming there is sufficient basis to claim these losses?

Answered by Tax Guru:

New Jersey State does not conform with the Federal tax return when it comes to reporting the K-1 losses from LLC's or S Corporations. As such, according to New Jersey State Tax, "if the net amount from all Schedule NJK-1's is zero or less" no deduction for any losses are allowed on the Form NJ 1040."

Thus, these losses are not deductible on the NJ 1040 tax return, but taxpayers can offset the losses of K-1's from one or more LLC's with gains from other K-1's.

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