Form It-Nr - Inheritance Tax Return Non-Resident Decedent - New Jersey Division Of Taxation Page 36
Download a blank fillable Form It-Nr - Inheritance Tax Return Non-Resident Decedent - New Jersey Division Of Taxation in PDF format just by clicking the "DOWNLOAD PDF" button.
Open the file in any PDF-viewing software. Adobe Reader or any alternative for Windows or MacOS are required to access and complete fillable content.
Complete Form It-Nr - Inheritance Tax Return Non-Resident Decedent - New Jersey Division Of Taxation with your personal data - all interactive fields are highlighted in places where you should type, access drop-down lists or select multiple-choice options.
Some fillable PDF-files have the option of saving the completed form that contains your own data for later use or sending it out straight away.
ADVERTISEMENT
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41WORKSHEET 2
RATIO TAX USING NET ESTATE
METHOD 2
DIRECTIONS FOR COMPLETING THE INHERITANCE TAX RETURN USING THE INFORMATION GIVEN IN EXAMPLE 1 ON PAGE 14.
Schedule A
Enter the description and values of the New Jersey and Pennsylvania real estate.
Schedule B
Since there are no assets of this type owned enter the word "none".
Schedule B(1)
Enter the description and values of the bank accounts, stock, and boat.
Schedule C
Attorney's fees, executor's commissions, and administration expenses are entered in the
upper section of the schedule. Note that the expenses in this section are added and entered
on the subtotal line. Then this total is entered on line 4 of worksheet 2. In this example
the subtotal is $6,300. Credit card debt, telephone and electric bills and funeral expenses
are entered in the lower section of the schedule. The expenses on the entire schedule are then
added to give you the total expenses of the estate. In this example the total expenses
are $20,530.
Schedule E
Answer the questions at the top of the schedule. If any are answered yes then complete the bottom
section.
Schedule F
Enter the name and address of each beneficiary and complete each column.
Directions for completing the worksheet using the numbers given in the example .
Line 1 Enter the total value of the New Jersey real estate ($100,000) and the boat ($10,000) that was
kept in New Jersey.
Line 2 Enter the gross estate everywhere ($500,000).
Line 3 Divide line 1 by line 2 to get the ratio of the New Jersey taxable assets to the total (gross)
estate everywhere. All decimals are to be carried to 4 places. The ratio in this example is .2200.
Line 4 Enter the amount from the subtotal line in Schedule "C".
Line 5 Multiply line 4 by line 3. This gives you the portion of the expenses listed on line 4 which
will be subtracted from the value of the New Jersey assets listed on line 1. ($1,386)
Line 6 Subtract line 5 from line 1. This gives you a reduced value of the New Jersey assets that
will be taxed. ($108,614)
Line 7 Enter the value of the net estate from IT-NR page 1, line 7. ($479,470).
Line 8 Divide line 6 by line 7. This gives you the ratio of the reduced value of the New Jersey
assets to the total net estate everywhere. The ratio in this example is .2265.
Line 9 Enter the New Jersey resident tax on the total net estate everywhere. Since the beneficiary
in this estate is a Class "D" beneficiary (the tax rate for a Class "D" beneficiary is 15%) the tax is
computed by multiplying the net estate by 15% ($479,470 X 15%). The result is $71,920.50.
This is the tax that would be due if the decedent was a resident of New Jersey and all of his assets
listed in the example were located in New Jersey.
Line 10 Multiply the amount on line 9 by the ratio on line 8. This gives you the New Jersey
Non-resident Inheritance Tax $16,290.00. Insert this number on IT-NR page 1, line 11.
WORKSHEET 2 - METHOD 2
RATIO TAX USING NET ESTATE
1 Gross value of New Jersey real estate & tangible personal property
1
110,000.00
[from Schedule "A" and/or "B(1)"]
2 Total gross estate wherever situate (IT-NR page1, line 5)
2
500,000.00
3 Gross to gross ratio (line 1 divided by line 2)
3
0.2200
4 Total of administration expense, counsel fees and commissions
4
6,300.00
(from subtotal line of Schedule "C")
5 Deduction from gross value of NJ taxable property
5
1,386.00
(Line 4 multiplied by line 3)
6 Net New Jersey taxable property (line 1 minus line 5)
6
108,614.00
7 Net estate wherever situate (IT-NR, page 1, line 7)
7
479,470.00
8 Ratio (line 6 divided by line 7) (not to exceed 100%)
8
0.2265
9 New Jersey Resident Tax on amount reported on line 7
9
71,920.00
(see page 2 of instructions for classes of beneficiaries and tax rates)
10 New Jersey Non-Resident Ratio Tax (Line 8 multiplied by line 9)
10
16,290.00
(insert this number on IT-NR page 1, line 11)
All decimals are to be rounded to four places.
Page 17
ADVERTISEMENT
0 votes
Related Articles
Related forms
Form C-6205-st - Request To Be Placed On A Non-reporting Basis - New Jersey Division Of Taxation
Financial
Form Cbt-100s - Schedule I - -certificate Of Inactivity (2016) - New Jersey Division Of Taxation
Financial
Form C-9021 - Application For Reinstatement Of Corporate Charter - New Jersey Division Of Taxation
Financial
Form O-71 - Transfer Inheritance And Estate Tax - State Of New Jersey Division Of Taxation
Financial
Related Categories
Parent category: Financial