what does nen being a limited partnership mean for taxes? doesn't a k-1 or something need to be filed? how are we supposed to know the info to fill it out?
they will send you a K 1 I think it is called.. gets there late though.. if you have just a few shares just file without the info.. it will make very little difference probably
NEN will send up K-1 forms. I use the form to plug into Turbotax and pay tax. It is not so hard to file NEN Fed tax. If the earning is exceeding Massachussete non-resident level (I believe $8000 last year), then NEN holder need to pay MA state tax.There is no dividend. What we got was cash-payout, which is treated as Capital Gain in the future when we sell NEN.
How do you determine the cost basis if you converted Class A shares to NEN stock and then sold?
For a small NEN shareholder with couple of hundreds share or less than thousands of shares, No need to worry about MA state tax. MA tax free non-resident tax earning limit of $8000 won't be exceeded.