We are full time California (CA) residents and we own a CA S-Corporation (S-Corp). We have invested in the state of Utah and New Mexico in stand-alone LLC's through our CA S-Corp. The S-Corp received Schedule K-1 from the Utah and New Mexico LLC's. I have two questions in regards to the above scenario.
1) Does the CA S-Corp need to file Utah and New Mexico state taxes?
2) Since we as shareholders receive Schedule K-1 from our S-Corp., how does the out of state investment through S-Corp affect our personal taxes (1040)?
Anita
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