Instructions For Nj-1065 - Partnership Return And New Jersey Partnership Njk-1 (Page 4 of 17) in pdf

4______________________________________2013 Form 1065 ______________________________________

7004 must be submitted as your request to New Jersey on or

Passive Loss Limitations

before the original due date of the return.

Passive loss limitations do not apply for New Jersey gross

income tax purposes. The full amount of current loss may be

In addition, any partnership that has a filing fee or tax due

used to offset income or gain, regardless of Federal passive

must file Form PART-200-T, "Partnership Application for

loss limitations.

Extension of Time to File Return PART-100". The applicable

payment must accompany this form. Form PART-200-T must

Determining Gain or Loss on the Sale or

be postmarked on or before the original due date for the

Disposition of Partnership Assets, Koch Effect

return.

See specific instructions found on back of Form

The partnership in determining gain or loss, for New Jersey

PART-200-T.

purposes, on the sale or disposition of partnership asset(s)

There is no extension of time to pay the fee and/or tax due.

must use the same basis in the asset(s) as used for federal tax

Penalties and interest are imposed whenever the fee and/or tax

purposes.

The New Jersey Supreme Court’s decision in

are paid after the original due date.

Sidney & Dorothy Koch v. Director Division of Taxation does

A five-month extension of time to file your New Jersey

not apply to the sale, disposition or liquidation of assets by a

partnership.

Return PART-100, Partnership Filing Fee and Tax Payment

Return, may be granted if at least 80% of the total fee and/or

Gains or losses incurred by a partnership are passed through

tax reported on your Return PART-100 when filed is paid in

to the partners to be reflected on their respective New Jersey

the form of a tiered partnership payment, installment payment,

tax returns. Partners who are taxpayers subject to New Jersey

estimated payments, or other payments made by the original

Gross Income Tax will generally report this gain or loss as a

due date.

component of their “Distributive share of partnership income”

unless the partnership had a complete liquidation.

If you file Form PART-200-T “Partnership Application for

Extension of Time to File Return PART-100,” you must also

Resident taxpayers that sell or dispose of a partnership interest

file Return PART-100 “Partnership Filing Fee and Tax

may be entitled to a Koch type adjustment, to their federal

Payment Return” when you file Form NJ-1065.

basis in the partnership, when determining New Jersey gain or

loss.

The gain or loss on the sale or disposal of the

An extension of time to file Form NJ-1065 does not extend

partnership interest will then be reflected on the taxpayer’s

the time for filing the tax returns of the partners.

New Jersey return in the category of income “Net gains or

income from disposition of property”. The sale or disposition

Estimated Payments

of a partnership interest is the only time a partner, that is a

Partnerships are required to make installment payments of

taxpayer for Gross Income Tax purposes, can make Koch type

estimated tax. Partnerships that are subject to tax payments

basis adjustments.

shall make installment payments of 25% of that tax on or

Forms and Assistance

before the 15

day of each of the fourth month, sixth month

and ninth month of the privilege period and on or before the

New Jersey tax forms may be obtained by:

day of the first month succeeding the close of the



Downloading the needed forms from our Web site at

privilege period.

Estimated payments must be filed and paid electronically. To



file and pay electronically, visit the Division of Taxation

Writing to:

website at

NJ D

IVISION OF

AXATION

Partnerships are not to file Form CBT-150 “Corporation

AXPAYER

ORM

ERVICES

Business Tax Statement of Estimated Tax.” Form CBT-150 is

PO B

269

a Corporation Business Tax form, not a Partnership Form.

TRENTON NJ 08695-0269

Accounting Method

Assistance from a Division representative is available Monday

through Friday from 8:30 a.m. to 4:30 p.m. by contacting the

A partnership’s accounting method(s) used for Form NJ-1065

Division’s Customer Service Center at 609-292-6400.

shall be the same as the accounting methods(s) used for

Federal Form 1065.

Electronic Filing Assistance

Accounting Periods

Electronic filing assistance can be obtained by:

The 2013 Form NJ-1065 should be used for calendar year



Calling the Division of Revenue and Enterprise Services

2013, or for a fiscal year, which began in 2013. If filing for a

Call Center at 609-292-9292.

fiscal year or a short tax year, enter at the top of Form



Downloading the needed formats from the New Jersey

NJ-1065 the month and day the tax year began, and the

Division of Revenue and Enterprise Services Website at:

month, day and year that it ended. The partnership’s tax year

for New Jersey income tax purposes must be the same as its

tax year for Federal income tax purposes.

Instructions For Nj-1065 - Partnership Return And New Jersey Partnership Njk-1 Page 4

Related Articles

Related forms

Related Categories