Instructions For Nj-1065 - Partnership Return And New Jersey Partnership Njk-1 (Page 11 of 17) in pdf

________________________________________2013 Form 1065 _______________________________________ 11

from each additional page attached. Enter zero, if no tax is

to sign the return or provide a tax identification number may

reported in Column(s) J and/or K.

incur a penalty of $25 for each omission.

Line 2c – Total Tax

Add lines 2a and 2b from Columns J and K and enter the

results on Line 2c. Carry the total from Column J to Line 24

Note:

A partnership that is not required to remit a

and the total from Column K to Line 25 on the front of Form

payment of tax on behalf of its nonresident noncorporate

NJ-1065.

or nonresident corporate partners may still be required to

Signature

pay a filing fee. Refer to the instructions for the Filing Fee

The return must be signed and dated by a general partner or

Schedule that is part of both Forms PART-200-T

limited liability company member.

“Partnership Application for Extension of Time to File

Return PART-100” and PART-100 “Partnership Filing

Anyone who prepares a return for a fee must sign the return as

Fee and Tax Payment Return” to see if you are required to

a “Paid Preparer” and enter his or her social security number

make a payment.

or federal practitioner tax identification number. Include the

company or corporation name and Federal Employer

Identification Number, if applicable. A tax preparer who fails

Line by Line Instructions for Schedule NJK-1

partner is an entity other than an individual, enter the FEIN of

SCHEDULE NJK-1

the partner as well. If the partner is a person, enter his or her

Individual, trust and estate partners are subject to New Jersey

Social Security Number. If the partner is an Individual

gross income tax on their share of the partnership’s income,

Retirement Arrangement (IRA), enter the identification

whether or not the income is actually distributed. Partners who

number of the custodian of the IRA, not the Social Security

reside in New Jersey are taxed on their share of the

Number of the person for whom the IRA is maintained.

partnership’s income, regardless of the source of the income.

Nonresident partners are also subject to New Jersey gross

If a husband and wife each had an interest in the partnership,

income tax on their share of the partnership’s income, but

prepare a separate Schedule NJK-1 for each spouse. If a

only to the extent such income is allocated to New Jersey.

husband and wife held an interest together as one partner,

prepare one Schedule NJK-1.

If the partnership has met “hedge fund” status and has

Classification of Partner

checked the “hedge fund” box listed on the partner’s Schedule

Use the codes shown above in the instructions for Column A

NJK-1; the nonresident individual, trust or estate partner is not

of the partner’s directory.

required to report the New Jersey source amount income from

Column B of their Schedule NJK-1 on their nonresident gross

Date Partner’s Interest in Partnership Began

income tax return.

Enter the month, day, and year the partner obtained an interest

in this partnership.

Schedule NJK-1 provides each partner with information

regarding that partner’s share of partnership income. A Sched-

Partner’s Profit, Loss, and Capital Sharing Percentages

ule NJK-1 must be completed for every partner that was a

Enter in Column (ii), the appropriate percentages as of the end

partner in the partnership at any time during the year.

of the partnership’s year. However, if a partner’s interest

terminated during the year, enter in Column (i) the

Partners must be furnished with a copy of their Schedule NJK-

percentages that existed immediately before the termination.

1 on or before the due date of the partnership return (Form

When the profit or loss sharing percentage has changed during

NJ-1065). If a partnership interest is held by a nominee on

the year, show the percentage before the change in Column (i)

behalf of another person, the partnership is required to furnish

and the end-of-year percentage in Column (ii). If there are

Schedule NJK-1 to the nominee.

multiple changes on the profit and loss sharing percentage

during the year, attach a statement giving the date and

A copy of all NJK-1(s) must be retained by the partnership as

percentage before each change.

part of the partnership’s records.

“Capital Ownership” means the portion of the capital that the

PART I

partner would receive if the partnership was liquidated at the

GENERAL INFORMATION

end of the year and the undivided interests in the partnership’s

assets and liabilities were distributed.

Name and Address

Enter the name and address of both the partner and the

partnership. Enter the Federal Employer Identification

Number (FEIN) of the partnership and, if the particular

Instructions For Nj-1065 - Partnership Return And New Jersey Partnership Njk-1 Page 11

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