Examples of Schedule NJK-1 in a sentence
Column A, Schedule NJK-1 must be completed for every partner, regardless of residency.The amounts reported in Column B, Schedule NJK-1 represent the partner’s share of the partnership’s income, gain or loss allocated to New Jersey as reported in Column B, Form NJ-1065.
If the partner is an Individual Retirement Arrangement (IRA), enter the identification number of the custodian of the IRA, not the Social Security Number of the person for whom the IRA is maintained.If a husband and wife each had an interest in the partnership, prepare a separate Schedule NJK-1 for each spouse.
The amounts reported in Column A, Schedule NJK-1, represent the partner’s share of the partnership’s income, gain or loss from all sources as reported in Column A, Form NJ- 1065.
The partner’s deduction is entered on the partner’s Schedule NJK-1 and deducted on the partner’s Gross Income Tax return.
If an amended Schedule NJK-1 is filed, do not report less than the amount reported on the original Schedule NJK-1.Line 2 – Partner’s HEZ DeductionIf the partnership is a qualified primary care medical or dental practice located in or within 5 miles of a Health Enterprise Zone (HEZ) the partnership must determine if the partners are entitled to an HEZ deduction and the amount.
Amounts received as “early retirement benefits” and amounts reported as pension on Schedule NJK-1, Partnership Return Form NJ-1065 are also taxable.
If a Schedule NJK-1 was not received, include on Line 25 the net of the items listed on the Federal Sched- ule K-1 received.
If you did not receive a Schedule NJ-K-1, you must en- close a copy of the Federal Schedule K-1 and complete Reconciliation Worksheet B contained in Tax Topic Bulletin GIT-9S, Income From S Corporations.
Enter the name of each S corporation as listed on Schedule NJ-K-1 (or Federal Schedule K-1).Federal EIN.
Bene- ficiaries receiving income from an estate or trust must include on Line 25 the Total Distribution reported on Schedule NJK-1, Form NJ-1041.