Most of the assets transferred directly from the banks/brokerage to the beneficiaries. There was nominee income to the estate/trust. The trust held a handful of stocks and 2 bonds from a brokerage for a week or two. The estate only held interest from a bank.
"The resident estate and trust...
Did not have any tangible assets in New Jersey; and
Did not have any income from New Jersey sources; and
Did not have any trustees or executors in New Jersey.
The fiduciary of an estate or trust that meets all of the above requirements must file Form NJ-1041. Check the box on line 27 of the return, and include a statement written by the fiduciary certifying that the estate or trust is not subject to tax."
I have completed (Fed-1041 & K-1s and) NJ-1041 and distributed all income to beneficiaries on K-1 & NJK-1, included a letter with the state filing stating that the estate or trust is not subject to NJ tax.
It appears a non-resident beneficiary without NJ source income does not need to file taxes in NJ.
Isn't this correct?
My information is from here... https://www.nj.gov/treasury/taxation/pdf/pubs/tgi-ee/git12.pdf
