Instructions For Form Nj-1065 - Partnership Return And New Jersey Partnership Njk-1 - 2011 Page 12
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1712 ————————————————— 2011 Form NJ-1065 ———-—————-——————————
INCOME INFORMATION
NJ-1065. The partner to whom the guaranteed payment was
made must be receiving the payment as a result of a period of
The amounts reported in Column A, Schedule NJK-1,
service to the partnership pursuant to a retirement agreement
represent the partner’s share of the partnership’s income, gain
or pension plan.
or loss from all sources as reported in Column A, Form NJ-
1065. The partner’s share shall be determined by the
Make no entry on Line 5, Column B. Pension income to
partnership agreement in the same manner as the partner’s
nonresidents is not subject to New Jersey gross income tax.
distributive share of partnership income is determined for
Federal income tax purposes. Column A, Schedule NJK-1
Line 6 – Net Gain (Loss) from the Disposition of Assets as
must be completed for every partner, regardless of residency.
a Result of a Complete Liquidation
Enter on Line 6, Column A, the partner’s share of the net gain
The amounts reported in Column B, Schedule NJK-1
(loss) from the disposition of assets as a result of a complete
represent the partner’s share of the partnership’s income, gain
liquidation reported on Line 23, Column A, Form NJ-1065.
or loss allocated to New Jersey as reported in Column B,
Enter on Line 6, Column B, the partner’s share of the net gain
Form NJ-1065. Column B, Schedule NJK-1 should be
completed for all partners.
(loss) from the disposition of assets as a result of a complete
liquidation reported on Line 23, Column B, Form NJ-1065.
Line 1 - Partnership Income (Loss)
Enter on Line 1, Column A, the partner’s share of partnership
income or loss reported on Line 21, Column A, Form NJ-
PART III
1065.
PARTNER'S INFORMATION
Enter on Line 1, Column B, the partner’s share of partnership
Line 1 – Nonresident Partner’s Share of New Jersey Tax
income or loss reported on Line 21, Column B, Form NJ-
Enter on Line 1, the partner's share of New Jersey tax reported
1065.
in either Column J or Column K of the Partners Directory.
Line 2 – Net Guaranteed Payments
If an amended Schedule NJK-1 is filed, do not report less
Enter on Line 2, Column A, the partner’s amount of net
than the amount reported on the original Schedule NJK-1.
guaranteed payments reported on Line 22c, Column A, Form
NJ-1065.
Line 2 – Partner’s HEZ Deduction
Enter on Line 2, Column B, the amount from Column A
If the partnership is a qualified primary care medical or dental
multiplied by the business allocation percentage from Line
practice located in or within 5 miles of a Health Enterprise
16b, Form NJ-1065.
Zone (HEZ) the partnership must determine if the partners are
entitled to an HEZ deduction and the amount. The partner’s
Line 3 - Partner’s 401(k) Contribution
deduction is entered on the partner’s Schedule NJK-1 and
Enter on Line 3, Column A, the amount of the partner’s
deducted on the partner’s Gross Income Tax return. Refer to
contribution to a 401(k) plan. Contributions in excess of
the Division’s web site, , for
Federal limits and taxable for Federal income tax purposes
qualification and calculation information.
may not be included on this line.
Enter the partner’s HEZ deduction.
Enter on Line 3, Column B, the amount from Column A
multiplied by the business allocation percentage from Line
Line 3 – Partner’s Sheltered Workshop Tax Credit
16b, Form NJ-1065.
Enter on Line 3 the partner’s share of the Available Sheltered
Line 4 – Distributive Share of Partnership Income (Loss)
Workshop Tax Credit from Line 8 of the Partnership’s
Add Lines 1 and 2, Column A, then subtract Line 3, Column
“Sheltered Workshop Tax Credit” schedule.
A from this result. Enter the remainder on Line 4, Column A.
PART IV
Add Lines 1 and 2, Column B, then subtract Line 3, Column
SUPPLEMENTAL INFORMATION
B from this result. Enter this amount on Line 4, Column B.
Attach a separate schedule to provide any detailed information
Line 5 – Pension
affecting the partner’s share of income, such as IRC §754
Enter on Line 5, Column A, the partner’s share of guaranteed
adjustments.
payments – pension reported on Line 22b, Column A, Form
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