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Get your taxes done using TurboTax
Per @Cynthiad66 above:
"For New Jersey purposes, income and losses of a pass-through entity are passed through to its owners (reported on a K-1). The owner(s) may then claim a refundable tax credit for the amount of tax paid by the pass-through entity on their share of distributive proceeds.
Pass-through entities included under this law are:
- Partnerships;
- federal S corporations that have made the New Jersey S corporation election; and
- Limited liability companies (LLCs).
Single member limited liability companies and sole proprietorships (Schedule C) may not elect to pay the Pass-Through Business Alternative Income Tax."
If you feel this does not apply to you, delete New Jersey Form PTE-100 from your return.
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March 13, 2023
12:46 PM