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________________________________________2012 Form 1065 _______________________________________ 5



A late payment penalty of 5% of the outstanding tax balance

Downloading the needed formats from the New Jersey

may be imposed.

Division of Revenue and Enterprise Services Website at:

Interest will be computed at 3% above the prime rate for every

month or fraction of a month the tax is unpaid, compounded

Amended Return or Federal Change

annually. At the end of each calendar year, any tax, penalties,

An amended Form NJ-1065 must be filed if an amended

and interest remaining due (unpaid) will become part of the

balance on which interest is charged.

Federal Form 1065 return is filed, or if the Internal Revenue

Service changes or corrects any item of income, gain or loss

Fraudulent Returns

previously reported. The amended New Jersey return shall be

Any person who willfully fails to file a return, files a

filed within 30 days of the date the amended Federal Form

fraudulent return, or attempts to evade the tax in any manner

1065 is filed or, in the case of a Federal audit, within 90 days

may be liable for a penalty not to exceed $7,500 or

after the final determination of the change. Where an amend-

imprisonment for a term between three years and five years, or

ment to Form NJ-1065 results in a need to amend the

both.

Schedules NJK-1, an amended Schedule NJK-1 must be

forwarded to the Division of Taxation and to each partner.

Rounding Off to Whole Dollars

An amended Form NJ-1065 and an amended Schedule NJK-1

Money items on the return and schedules may be shown in

for each partner must also be filed to correct any error on or

whole dollars (eliminate amounts under 50 cents; enter

reflect any change to the original Form NJ-1065, whether or

amounts over 50 cents as the next higher dollar amount).

not an amended Federal Form 1065 was filed for that year.

Signatures

To amend your original Form-1065, get a blank Form

NJ-1065 for the tax year that is to be amended and check the

Form NJ-1065 is not considered to be a return unless signed,

“Amended Return” box at the top of the form. Complete the

either by a general partner, limited liability company member

form entering the corrected information and attach an

or, if applicable, a receiver, trustee in bankruptcy, or assignee.

explanation of the changes. Mail amended partnership returns

Anyone who prepares a partnership return for a fee must sign

to:

the return as a “Paid Preparer” and must enter his or her social

NJ Division of Taxation

security number or federal practitioner tax identification

Revenue Processing Center

number. The company or corporation name and Federal

PO Box 194

Employer Identification Number, must be included, if

Trenton NJ 08646-0194

applicable. The preparer required to sign the partnership

return must sign it by hand; signature stamps or labels are

Penalty and Interest Charges

not acceptable. If someone prepares the return at no charge,

A penalty of $100 for each month or fraction of a month will

the paid preparer’s area need not be completed. A tax preparer

be imposed for a partnership who is required to file

who fails to sign the return or provide a correct tax

electronically, but fails to do so. In addition, a late filing

identification number may incur a $25 penalty for each

penalty of 5% per month (or fraction of a month) up to a

omission.

maximum of 25% of the outstanding tax liability will also be

imposed.

Composite Return for Qualified

Electing Nonresident Partners

The Division may impose a penalty against the partnership if

the partnership is required to file Form NJ-1065, as well as

A partnership which has New Jersey source income may file a

Return PART-100 and (1) fails to file the return on time,

composite return (Form NJ-1080C) on behalf of its qualified

including any extension, (2) files a return that fails to show all

nonresident partners who elect to be included in the composite

the information required, or (3) fails to file an amended

filing. Tax will be calculated for 2012 at two tax rates: 6.37%

partnership return within 90 days of the date a final Federal

and 8.97% without regard to each partner’s filing status,

determination or disallowance is issued or within 90 days of

dependent exemptions, or any deductions. Composite

the date the amended Federal Form 1065 is filed, unless the

estimated tax payments may also be made.

failure is due to reasonable cause and not due to willful

A partner may not participate in the composite return if:

neglect.



The partner is an estate or trust;

A penalty of $100 for each month or fraction of a month may



The partner is a partnership or corporation;

be imposed for failure to file.



The partner files on a fiscal year basis;



A late filing penalty of 5% per month (or fraction of a month)

The partner is a New Jersey resident during any part of

up to a maximum of 25% of the outstanding tax liability when

the year;

a return is filed after the due date or extended due date may



The partner derives income from New Jersey sources

also be imposed.

other than the income from this or any other composite

return.

Instructions For Form Nj-1065 - Partnership Return And New Jersey Partnership Njk-1 - 2012 Page 5

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