Get Form Njk-1 - 2000 - State Of New Jersey - State Nj

New Jersey partnership return Businesses with more than two partners and income or loss from New Jersey sources may be charged a $150 filing fee per partner (capped at $250,000). The tax rate on non-resident partner income ranges from 6.37% to 9%.

For New Jersey Gross Income Tax purposes, all items of income, expense, gain, or loss resulting from the activities of the partnership, regardless of the item's character or category, must be included in the amount reported on the NJ-1065 as “Partnership Income” and then apportioned to each partner on Schedule NJK-1.

(a) A partnership having a resident New Jersey owner of an interest in the entity or having any income derived from New Jersey sources is required to file a partnership return Form NJ-1065 on or before the 15th day of the fourth month after the end of the tax year.

Schedule NJK-1 provides each partner with information regard- ing that partner's share of partnership income. A Schedule NJK-1 must be completed for every partner that was a partner in the partnership at any time during the year.

Partnerships file an information return to report their income, gains, losses, deductions, credits, etc. A partnership does not pay tax on its income but "passes through" any profits or losses to its partners.

A partner will report his or her share of ordinary partnership income on Schedule E of Form 1040. Separately stated items of income or loss are reported on the appropriate forms or schedules. For example, capital gains shown on the partner's Schedule K-1 are reported on Schedule D of the partner's Form 1040.

Partnerships Investments by each partner are credited to the partners' capital accounts. Withdrawals from the partnership by a partner are debited to the respective drawing account. The net income for a partnership is divided between the partners as called for in the partnership agreement.