Federal K-1 shows Guaranteed Payment which represents the payout of a pension. NJ K-1 shows the amount on column A, line 5, for pension. I think this correct in accordance with the NJ partnership and individual instructions.
The amount was entered on the Federal input screen as a guaranteed payment and on the NJK-1 input screen as pension. But this amount did not appear as income on the NJ resident return as either a pension or a distributive share of partnership income. I think I entered the amount directly on the NJ-BUS-1, Part II, (through a worksheet) in order to pick up the income on the return. This worked. But shouldn't this be reported as "pension" on the NJ return, rather than "partnership income" (this is how I read the NJ instructions)? The tax result is the same, but wouldn't this create a matching issue for NJ?
Your thoughts are appreciated.
