Get Schedule A-2002. Schedule A For Nj 1065 - Tiered Partnerships

Every partnership that has income or loss derived from sources in the State of New Jersey, or has any type of New Jersey resident partner, must file Form NJ-1065. Form NJ-CBT-1065 must be filed when the entity is re- quired to calculate a tax on its nonresident partner(s).

NJ-1065 PARTNERSHIP RETURN In the first section of the Partnership Return you must indicate the number of resident partners, the number of non-resident partners with physical nexus to New Jersey and the number of non-resident partners without physical nexus to New Jersey.

New Jersey's Corporate Business Tax (CBT) Surcharge is a 2.5% tax on every dollar of profits above $1 million and is now set to expire on December 31, 2023.

Partnerships subject to the CBT must file the NJ-CBT-1065. The separate forms help distinguish the differences that exist between the Gross Income Tax and Corporation Business Tax Acts. The filing fee is reported directly on the NJ-1065. The GIT filing fee is remitted with the Partnership Payment Voucher (NJ-1065-V).

FILING FEE EXCEPTIONS: No New Jersey source income. To qualify for this exception, all operations and facilities must be located outside New Jersey. Generally, if the partnership has New Jersey source expenses, deductions or losses, it will not qualify for this exception.

(c) The total apportioned partnership fee is equal to the sum of: 1. The number of resident partners multiplied by $ 150.00; plus 2. The number of nonresident partners with physical nexus to New Jersey multiplied by $ 150.00; plus 3.

Corporation Business Tax (CBT) Electronic Filing and Payment Mandate. In general, all Corporation Business Tax (CBT) returns and payments, whether self-prepared or prepared by a tax professional, must be submitted electronically. This includes returns, estimated payments, extensions, and vouchers.