Do I need to file additional state taxes for a K-1?

Hi,

I currently work and live in NY. However, my parents have set up a trust in MA which owns a rental property of which I am a 25% beneficiary of the trust. They have sent me a K-1 for my interest in the trust.

Does this mean that I have to file non-resident MA state taxes in addition to my NY taxes? Or do I not have to worry about MA?

Any clarity would be very helpful. Thanks!

Cwny,

My best guess is yes, you need to file a Non-Resident Tax form for Massachusetts.

Here is a link for you to consider: http://www.mass.gov/?pageID=dorterminal&L=6&L0=Home&L1=Individuals+and+Families&L2=Help+%26+Resources&L3=Tax+Guides&L4=Guide+for+New+Residents&L5=Personal+Income+Information&sid=Ador&b=terminalcontent&f=dor_help_nonres&csid=Ador

Now because you did pay taxes for this income to NY, you will likely receive credit for that amount from MA. It is probably a toss-up as to which state has the higher tax reates.

Thank you clydewolf,

That's what I kind of expected. I was just hoping there'd be a simpler way. I wonder what people who make alot of private investments and therefor get a lot of k-1's from different states do? Get an accountant I guess?