Form It-Nr - Inheritance Tax Return Non-Resident Decedent - New Jersey Division Of Taxation Page 38
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41WORKSHEET 4
DIRECT TAX
METHOD 4
DIRECTIONS FOR COMPLETING THE INHERITANCE TAX RETURN USING THE INFORMATION GIVEN IN EXAMPLE 2 ON PAGE 14
Schedule A Enter the description and values of the jointly owned New Jersey real estate
Do not include any other real estate.
Note that if the New Jersey real estate was not owned as Joint Tenants with
the Right of Survivorship but was held in the decedent's name alone and it was
specifically devised in the decedent's Last Will and Testament to the decedent's
nephew this method would be used to compute the tax and the same information
would be entered on Schedule "A".
If the above two mentioned situations did not apply but instead the New Jersey
real estate was transferred to the nephew during the 3 year period prior to the
decedent's date of death this method would be used and the information regarding
the real estate would be entered on the bottom section of Schedule "E" instead of
Schedule "A".
Directions for completing the worksheet using the numbers given in the example .
Line 1 Enter the total value of the New Jersey real estate reported on Schedule "A".
Line 2 This line is left blank since there were no assets reported on Schedule "B (1)".
Line 3 This line is left blank since there were no assets reported on Schedule "E".
Line 4 Add lines 1, 2 and 3.
Line 5 Enter the New Jersey Resident Inheritance Tax on the amount reported on line
4. 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 amount
on line 4 by 15% ($160,000.00 x 15%). The result is $24,000.00.
Line 6 Enter the amount from line 5. In these three forms of ownership the New Jersey
Resident Tax and New Jersey Non-Resident Tax is the same.
WORKSHEET 4 - METHOD 4
DIRECT TAX
1 Enter total from Schedule A
1
160,000.00
2 Enter total from Schedule B (1)
2
3 Enter total from Schedule E
3
4 Total of above lines 1, 2 and 3
4
160,000.00
5
24,000.00
5 New Jersey Resident Tax on amount reported on line 4
(See page 2 of the instructions for classes of beneficiaries and tax rates)
6 New Jersey Non-Resident Inheritance Tax - Same as line 5
6
24,000.00
(Insert this number on IT-NR page 1 line 11)
Page 19
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