MCTMT TAX SHOULD THE TAX BE PAID BY THE PARTNER ON 1040 OR BY PARTNERSHIP VIA 1065
FOR THE MCTMT TAX IN NY. FOR A PARTNERSHIP SHOULD IT BE PAID INDIVIDUALLY BY PARTNER OR THRU THE PARTNERSHIP?
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bU5QIQe2mr36jyacfA8pyY
02/06/10 1:09pm PST
Viewed by asker 02/06/10 1:11pm PST
Viewed by asker 02/06/10 1:11pm PST
2 Replies
02/08/10 12:59pm PST
Partnership pays the tax on compensation for its employees - this is usually done through your payroll company. The individual partners will also have to file returns on their personal income on an MTA return. See NY State http://www.tax.state.ny.us/forms/mctmt_cur_forms.htm for forms.
03/11/10 7:51pm PST
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If the Partnership Co is in NYC and partner receiving K 1 for NY, how he/can file MTA tax return in turbo tax? Where should he enter MCTMT tax amount if estimated paid by him as a individual partner living in NJ he is getting K 1 from his partnership Co in NYC? Though this MCTMT tax should be entered in Schedule A and should be deductible in itemized deduction.
