Composite Return Instructions - 2011 (Page 4 of 6) in pdf

COMPLETING FORM NJ-1080-C

INSTRUCTIONS FOR PARTNERSHIPS, LIMITED LIABILITY COMPANIES AND LIMITED LIABILITY PARTNERSHIPS

Line 19 - Total Tax - Enter on Line 19 the total of Line 18, Column

NJ-K-1 for each participating partner for which a credit is being

A and Line 18, Column B.

claimed.

Line 20 - Total New Jersey Tax Withheld - Enter “0” (zero).

Line 23 - Total Payments/Credits - Enter on Line 23 the total of

Lines 20, 21 and 22.

Line 21 - Estimated Payments / Credit from 2010 Composite

Return - Enter on Line 21 the total of:

Line 24 - Amount Due - If Line 19 is more than Line 23, there is a

balance due. If you are enclosing Form NJ-2210, the amount of the

• Estimated tax payments made by the partnership for 2011;

check should also include interest, if any, calculated for the

• Credit, if any, applied from the partnership’s 2010 composite

underpayment of estimated tax. Make your check for the total

return;

amount payable to “State of New Jersey - TGI”.

• Amount, if any, paid to qualify for an extension of time to file.

Line 25 - Overpayment - If Line 19 is less than Line 23, there is an

Credit will not be given on the composite return for estimated tax

overpayment.

payments made on an individual basis by any of the participating

partners during the tax year.

Line 26 - Refund - Enter on Line 26 the amount from Line 25

(Overpayment) that you want refunded to the partnership.

Line 22 - Tax Paid on Partners Behalf by Partnership - Enter on

Line 22 the total amount of New Jersey income tax paid on

Line 27 - Credit to 2012 Tax - Subtract Line 26 (Refund) from Line

participating partners’ behalf by the partnership, as shown on Line 1,

25 (Overpayment). Enter the result on Line 27. This is the amount

Column B, Part III of Schedule NJ-K-1s. Attach a copy of Schedule

that will be credited to the 2012 composite tax liability.

COMPLETING FORM NJ-1080-C

INSTRUCTIONS FOR NEW JERSEY ELECTING S CORPORATIONS

The NJ-1080C return uses two tax rates - 6.37% and 8.97%.

Line 17 - Total New Jersey Taxable Income - Enter on Line 17 the

Individual participants with income of less than $250,000, from

total of Lines 8 through 16.

the entity preparing and filing the composite NJ-1080C return, are

Line 18 - Tax - Compute the tax by multiplying the amount on Line

listed on Schedule A - Participant Directory - Total Income Less than

17 by 6.37% in Column A or 8.97% in Column B.

$250,000. The addition of the Taxable Income amounts for all the

participants on Schedule A is carried over to the appropriate line(s) 8

Line 19 - Total Tax - Enter on Line 19 the total of Line 18, Column

through 16, Column A. The tax rate to be used on Schedule A and

A and Line 18, Column B.

on line 18 of Column A on the front of the return is 6.37%.

Line 20 - Total New Jersey Tax Withheld - Enter “0” (zero).

Individual participants with income greater than or equal to

$250,000, from the entity preparing and filing the composite NJ-

Line 21 - Estimated Payments / Credit from 2010 Composite

1080C return, are listed on Schedule B - Participant Directory - Total

Return - Enter on Line 21 the total of:

Income Greater than or Equal to $250,000. The addition of the

• Estimated tax payments made by the New Jersey electing S

Taxable Income amounts for all the participants on Schedule B is

Corporation for 2011.

carried over to the appropriate line(s) 8 through 16, Column B. The

• Amount, if any, paid to qualify for an extension of time to file.

tax rate to be used on Schedule B and on line 18 of Column B on the

• In addition, the total on line 21 must include any payments made

front of the return is 8.97%.

by an S Corporation on behalf of any nonresident nonconsenting

Lines 8 through 10 - Enter “0” (zero) on each of these lines.

shareholders who have elected to participate in the composite

return. If a nonresident nonconsenting shareholder elects to

Line 11 - Net gain or income from Disposition of Property - Enter

participate in a composite return the shareholder’s social

on this line the combined amount of Gain (loss) from Disposition of

security number reported on Form NJ-1040-SC (Payment on

Assets that was reported on Line 4, Part II, Schedule NJ-K-1, Form

Behalf of Nonconsenting Shareholders) must be the same as the

CBT-100S for all participating shareholders. If the net amount is a

number shown on Form NJ-1080-C as the entity’s Federal

loss, enter “0” (zero).

Identification Number.

If the shareholder’s social security

number and the entity’s identification number are not the same,

Line 12 - Distributive Share of Partnership Income - Enter “0”

credit will not be given on Form NJ-1080-C.

(zero) on Line 12.

Credit will not be given on the composite return for estimated tax

Line 13 - Net Pro Rata Share of S Corporation Income - Enter on

payments made on an individual basis by any of the participating

this line the combined amount of S Corporation Income that was

shareholders during the tax year.

reported on Line 1, Part II, Schedule NJ-K-1, Form CBT-100S for all

participating shareholders. If the combined amount of S Corporation

Line 22 - Tax Paid on Partners Behalf by Partnership - Enter “0”

Income is a loss, enter “0” (zero).

(zero) on Line 22.

Lines 14 through 16 - Enter “0” (zero) on each of these lines.

Line 23 - Total Payments / Credits - Enter on Line 23 the total of

Lines 20, 21, and 22.

- 4 -

Composite Return Instructions - 2011 Page 4

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