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Nonresidents' investment income and state return
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puravidapto
Level 7
05-21-2023
07:25 PM
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TaxGuyBill et al:
For nonresidents, stocks, dividends are reported on Schedule NEC on federal return, and only the tax amount is transferred to the main form 1040-NR. Interests are not reported.
However, even if a taxpayer is a nonresident federally, she may well be a resident for the state. Because her investments are not reported on Schedule B and D, the income and loss are not transferred to the states. How do you solve the problem? This question can be divided to to sub-questions:
1 - How the investment income or loss should be treated in theory?
2 - How do you implement the treatment in Proconnect software?
You can pick a state to address the issue if things become state specific. Thanks.
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TaxGuyBill
Level 15
05-22-2023
05:47 PM
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I have no idea. 😂
I know the basic framework of Nonresident Aliens, but I generally do accept them as clients because there are too many things to know, and I don't want to focus my business in that direction.
But I would almost think it NEEDS to be state-specific. Each state may do it differently. However, I tried looking at how to do it for my state (Minnesota) and at first glance nothing is set up to do that.
