topic Need some details on how to enter reconciliation amounts on NJ K-1 worksheet in State tax filing https://ttlc.intuit.com/community/state-taxes/discussion/need-some-details-on-how-to-enter-reconciliation-amounts-on-nj-k-1-worksheet/01/1321687#M59170 <P>During NJ state tax preparation if you have an imported K-1 from Federal Tax Return you are asked if you got NJK-1 form with your K-1 and if you answer "No" - you get a screen named "Enter Reconciliation Amounts" with fields:</P><UL><LI>Taxes Based on Income</LI><LI>Other Additions</LI><LI>Excess Meal and Entertainment Expense</LI><LI>Other Subtractions</LI></UL><P>It's clear that if K-1 is coming from PTP or other passive partnerships - it's likely mostly inapplicable.</P><P>But what is "Taxes Based on Income" means here? Also, would be great to get a confirmation that I shouldn't worry too much about this information and screen in case of PTP.</P><P>If it matters, please answer for both cases: when the K-1 has an income coming from NJ State and when it doesn't.</P><P><span class="lia-inline-image-display-wrapper lia-image-align-inline" image-alt="Screenshot 2020-03-15 16.50.13.png" style="width: 999px;"><img src="https://ttlc.intuit.com/community/image/serverpage/image-id/6194iE6B0B684EA21F61F/image-size/large?v=v2&amp;px=999" role="button" title="Screenshot 2020-03-15 16.50.13.png" alt="Screenshot 2020-03-15 16.50.13.png" /></span></P> Mon, 16 Mar 2020 01:33:24 GMT spikhalskiy 2020-03-16T01:33:24Z Need some details on how to enter reconciliation amounts on NJ K-1 worksheet https://ttlc.intuit.com/community/state-taxes/discussion/need-some-details-on-how-to-enter-reconciliation-amounts-on-nj-k-1-worksheet/01/1321687#M59170 <P>During NJ state tax preparation if you have an imported K-1 from Federal Tax Return you are asked if you got NJK-1 form with your K-1 and if you answer "No" - you get a screen named "Enter Reconciliation Amounts" with fields:</P><UL><LI>Taxes Based on Income</LI><LI>Other Additions</LI><LI>Excess Meal and Entertainment Expense</LI><LI>Other Subtractions</LI></UL><P>It's clear that if K-1 is coming from PTP or other passive partnerships - it's likely mostly inapplicable.</P><P>But what is "Taxes Based on Income" means here? Also, would be great to get a confirmation that I shouldn't worry too much about this information and screen in case of PTP.</P><P>If it matters, please answer for both cases: when the K-1 has an income coming from NJ State and when it doesn't.</P><P><span class="lia-inline-image-display-wrapper lia-image-align-inline" image-alt="Screenshot 2020-03-15 16.50.13.png" style="width: 999px;"><img src="https://ttlc.intuit.com/community/image/serverpage/image-id/6194iE6B0B684EA21F61F/image-size/large?v=v2&amp;px=999" role="button" title="Screenshot 2020-03-15 16.50.13.png" alt="Screenshot 2020-03-15 16.50.13.png" /></span></P> Mon, 16 Mar 2020 01:33:24 GMT https://ttlc.intuit.com/community/state-taxes/discussion/need-some-details-on-how-to-enter-reconciliation-amounts-on-nj-k-1-worksheet/01/1321687#M59170 spikhalskiy 2020-03-16T01:33:24Z Re: Need some details on how to enter reconciliation amounts on NJ K-1 worksheet https://ttlc.intuit.com/community/state-taxes/discussion/re-need-some-details-on-how-to-enter-reconciliation-amounts-on-nj-k-1-worksheet/01/1348605#M60992 <P>These answers are going to pertain directly to New Jersey activity of the partnership. If you have specific questions about a PTP, I would defer to the PTP for further guidance on how to report activity pertinent to New Jersey. It appears that it involves residency of partners as well as business activity in New Jersey.</P> <P>&nbsp;</P> <P>Per the <A href="https://www.state.nj.us/treasury/taxation/pdf/current/part/1065i.pdf" target="_blank">Instructions for NJ-1065 Partnership Return and New Jersey Partnership NJK-1</A> beginning on page 7:</P> <P>&nbsp;</P> <P><STRONG>Taxes based on income</STRONG> will be added back as the <EM>amount of taxes</EM> based on income <EM>which were deducted to determine ordinary income (loss) on Line 1</EM>,&nbsp;<EM>Ordinary Income (Loss) From Trade or Business Activities.</EM>&nbsp;This will be the amount reported on line 1, Schedule K, federal Form 1065.</P> <P>&nbsp;</P> <P>Line 13b – Other Additions – Specify Enter on line 13b any other items deducted from or not included on lines 1 through 11 that are not excludable under the New Jersey Gross Income Tax Act. If an asset has been placed in service since January 1, 2004, refer to Worksheet GIT-DEP. This worksheet is available on the Division’s website. Include any net addition adjustment from Worksheet GIT-DEP, if applicable, if federal income included deduction of federal special depreciation allowance or IRC Section 179 expense; federal Section 179 recapture income; or a gain or loss on disposition of such asset. Specify each item reported. If the amount reported on line 12, NJ-1065, included any loss incurred in connection with the disposition of exempt New Jersey or federal obligations, you must add back the amount of such loss on this line.</P> <P>&nbsp;</P> <P>Line 15g – Other Subtractions – Specify Enter on line 15g any other items that are excludable or deductible from the income included in the subtotal reported on line 12 for New Jersey Gross Income Tax purposes. Specify each item subtracted. Examples of some items that might be reported on this line are: • Dividends from exempt federal and New Jersey obligations described at N.J.S.A. 54A:6-14. • Gains from the sale of exempt federal and New Jersey obligations excludable pursuant to N.J.S.A. 54A:5-1c. • Meal and entertainment expenses that constitute ordinary business expenses incurred in the conduct of 2019 Form NJ-1065 8 a trade or business that are not deductible for federal purposes. • If an asset has been placed in service since January 1, 2004, refer to Worksheet GIT-DEP. This worksheet is available on the Division’s website. Include any net subtraction adjustment from Worksheet GIT-DEP, if applicable, if federal income included deduction of federal special depreciation allowance or IRC Section 179 expense; federal Section 179 recapture income; or a gain or loss on disposition of such asset.</P> <P>Note: A partnership is not entitled to a basis adjustment in the calculating and reporting of partnership gain or loss from the sale or disposition of partnership assets as was extended to individuals, as in the Koch case, on the sale or disposition of a partnership interest. The partnership must always use federal adjusted basis when determining gain or loss. Only taxpayers as defined pursuant to N.J.S.A. 54A:1-2.l are entitled to a Koch-type adjustment.</P> <P>&nbsp;</P> <P>Please see page 2 of the instructions for who must file. Since you are a resident partner and reside in New Jersey, then Form NJ-1065 must be filed.&nbsp;</P> Sun, 22 Mar 2020 21:10:05 GMT https://ttlc.intuit.com/community/state-taxes/discussion/re-need-some-details-on-how-to-enter-reconciliation-amounts-on-nj-k-1-worksheet/01/1348605#M60992 KathrynG3 2020-03-22T21:10:05Z Re: Need some details on how to enter reconciliation amounts on NJ K-1 worksheet https://ttlc.intuit.com/community/state-taxes/discussion/re-need-some-details-on-how-to-enter-reconciliation-amounts-on-nj-k-1-worksheet/01/1349107#M61021 <P>Thank you for your answer. But the document you refer to is "Instructions for NJ-1065 Partnership Return and New Jersey Partnership NJK-1". So, this document describes what and how partnerships should put into NJ-1065 (NJK-1). And yes, it looks like all partnerships suppose to send&nbsp;NJ-1065 (NJK-1) if they have partners in NJ.</P><P>But I just file a personal tax return as a partner, not a partnership. And I didn't get&nbsp;NJ-1065 /NJK-1 in any K-1 tax package from any of PTP partnerships.&nbsp; Should I contact each of them and request an&nbsp;NJ-1065 /NJK-1 that they suppose to provide me according to this NJ state instructions?</P> Sun, 22 Mar 2020 23:21:09 GMT https://ttlc.intuit.com/community/state-taxes/discussion/re-need-some-details-on-how-to-enter-reconciliation-amounts-on-nj-k-1-worksheet/01/1349107#M61021 spikhalskiy 2020-03-22T23:21:09Z Re: Need some details on how to enter reconciliation amounts on NJ K-1 worksheet https://ttlc.intuit.com/community/state-taxes/discussion/re-need-some-details-on-how-to-enter-reconciliation-amounts-on-nj-k-1-worksheet/01/1354841#M61380 <P>I contacted my partnerships and some of them were responsive and actually sent me NJK-1 forms.</P><P>Fundrise was able to provide NJK-1 forms in a day.</P><P>But some of the partnerships have no clue what&nbsp;NJK-1 is at all looks like.</P> Tue, 24 Mar 2020 17:15:15 GMT https://ttlc.intuit.com/community/state-taxes/discussion/re-need-some-details-on-how-to-enter-reconciliation-amounts-on-nj-k-1-worksheet/01/1354841#M61380 spikhalskiy 2020-03-24T17:15:15Z Re: Need some details on how to enter reconciliation amounts on NJ K-1 worksheet https://ttlc.intuit.com/community/state-taxes/discussion/re-need-some-details-on-how-to-enter-reconciliation-amounts-on-nj-k-1-worksheet/01/1388315#M63268 <P>Hi, just wondering for those partnerships that didn't provide the NJK-1, is it ok to just leave all the adjustment fields empty?</P> Tue, 31 Mar 2020 20:51:50 GMT https://ttlc.intuit.com/community/state-taxes/discussion/re-need-some-details-on-how-to-enter-reconciliation-amounts-on-nj-k-1-worksheet/01/1388315#M63268 dragonhub 2020-03-31T20:51:50Z Re: Need some details on how to enter reconciliation amounts on NJ K-1 worksheet https://ttlc.intuit.com/community/state-taxes/discussion/re-need-some-details-on-how-to-enter-reconciliation-amounts-on-nj-k-1-worksheet/01/1388393#M63272 <P>Yes.&nbsp; I would just assume that the reason they did not provide the form is because&nbsp;there are no adjustments.</P> Tue, 31 Mar 2020 21:09:55 GMT https://ttlc.intuit.com/community/state-taxes/discussion/re-need-some-details-on-how-to-enter-reconciliation-amounts-on-nj-k-1-worksheet/01/1388393#M63272 DavidD66 2020-03-31T21:09:55Z Re: Need some details on how to enter reconciliation amounts on NJ K-1 worksheet https://ttlc.intuit.com/community/state-taxes/discussion/re-need-some-details-on-how-to-enter-reconciliation-amounts-on-nj-k-1-worksheet/01/2186494#M99444 <P>Hello - which turbotax product do I purchase to be able to generate/file the NJ-1065? I have TT Business and TT Premier purchased. When I finished filing my Federal 1120S, it only gave me two options to file for NJ: State S Corp and State Corp. I bought the latter since my LLC is not an S Corp for NJ purposes, only federal, but it did not have the 1065 option.&nbsp;</P> Fri, 09 Apr 2021 21:22:44 GMT https://ttlc.intuit.com/community/state-taxes/discussion/re-need-some-details-on-how-to-enter-reconciliation-amounts-on-nj-k-1-worksheet/01/2186494#M99444 Quick97 2021-04-09T21:22:44Z Re: Need some details on how to enter reconciliation amounts on NJ K-1 worksheet https://ttlc.intuit.com/community/state-taxes/discussion/re-need-some-details-on-how-to-enter-reconciliation-amounts-on-nj-k-1-worksheet/01/2192883#M99814 <P><SPAN style="font-size:14px"><SPAN style="font-family:Arial,Helvetica,sans-serif">Yes .&nbsp;You&nbsp;<STRONG>need</STRONG>&nbsp;to use the Premier version of&nbsp;<STRONG>TurboTax</STRONG>&nbsp;to enter a Schedule&nbsp;<STRONG>K-1</STRONG>&nbsp;in&nbsp;<STRONG>TurboTax</STRONG>. There are three types of K-1s, depending on the type of entity creating the&nbsp;<STRONG>K-1</STRONG>: partnership, S-corporation and trust/estate must use the proper form.&nbsp; If you have NJ partnership income, you need to use form NJ 1065 K-1.&nbsp; The form 1120 S is for S corp.</SPAN></SPAN></P> <P>&nbsp;</P> <P><SPAN style="font-family:Arial, Helvetica, sans-serif"><SPAN style="font-size:14px">See, </SPAN></SPAN><A href="https://www.state.nj.us/treasury/taxation/pdf/current/part/1065i.pdf" target="_blank">instructions on NJ Partnership return and NJ 1065 K1</A><SPAN style="font-family:Arial, Helvetica, sans-serif"><SPAN style="font-size:14px">, link</SPAN></SPAN></P> Sun, 11 Apr 2021 23:42:29 GMT https://ttlc.intuit.com/community/state-taxes/discussion/re-need-some-details-on-how-to-enter-reconciliation-amounts-on-nj-k-1-worksheet/01/2192883#M99814 JoannaB2 2021-04-11T23:42:29Z Re: Need some details on how to enter reconciliation amounts on NJ K-1 worksheet https://ttlc.intuit.com/community/state-taxes/discussion/re-need-some-details-on-how-to-enter-reconciliation-amounts-on-nj-k-1-worksheet/01/2193271#M99851 <P>thank you - but to clarify - I am a single member LLC and am looking to generate the NJ-1065 from my business for my personal income tax return. I purchased both Premier and TT Business and can't seem to figure out how to generate the NJ-1065. I don't know if it is complicated by the fact that I am not an S corp for NJ purposes, only for federal.</P><P>&nbsp;</P><P>ok update - I understand how to get the right software to get the NJ 1065 to trigger. (I have to enter my corporation as a partnership on the federal side in TT Business.) However, that is my dilemma. If I am not an S Corp for the State of NJ, what state tax form am I supposed to file. And the state dept tax phone lines say "too busy, call back later." ARGH.</P> Mon, 12 Apr 2021 19:36:23 GMT https://ttlc.intuit.com/community/state-taxes/discussion/re-need-some-details-on-how-to-enter-reconciliation-amounts-on-nj-k-1-worksheet/01/2193271#M99851 Quick97 2021-04-12T19:36:23Z Re: Need some details on how to enter reconciliation amounts on NJ K-1 worksheet https://ttlc.intuit.com/community/state-taxes/discussion/re-need-some-details-on-how-to-enter-reconciliation-amounts-on-nj-k-1-worksheet/01/2204976#M100607 <P><SPAN style="font-size:14px"><SPAN style="font-family:Arial,Helvetica,sans-serif">It depends. If you have Turbo Tax Business and prepared a partnership return(1065), that should flow into the New Jersey return also as a partnership return (NJ-1065).&nbsp;You need&nbsp;to purchased the state separately but once you prepare the federal return, the information should flow seamlessly into your NJ return. Are you sure you didn't pick S-Corp as the type of return you are wishing to prepare?</SPAN></SPAN></P> Thu, 15 Apr 2021 00:24:03 GMT https://ttlc.intuit.com/community/state-taxes/discussion/re-need-some-details-on-how-to-enter-reconciliation-amounts-on-nj-k-1-worksheet/01/2204976#M100607 DaveF1006 2021-04-15T00:24:03Z Re: Need some details on how to enter reconciliation amounts on NJ K-1 worksheet https://ttlc.intuit.com/community/state-taxes/discussion/re-need-some-details-on-how-to-enter-reconciliation-amounts-on-nj-k-1-worksheet/01/2206559#M100714 <P>Thank you Dave. you are right - when I dummied up entering in my business info as a Partnership, it triggered the option to purchase NJ1065. The problem lies in the fact that I am an S Corp for Federal purposes but not for NJ. I read a document on the NJ tax site that says a single member LLC is not required to file a state corp form, and rather it just flows in through the K-1 info on the NJ personal income tax state form. So hopefully that information is correct, and I do not need to file anything for NJ State business...</P><P>Appreciate the reply!</P> Thu, 15 Apr 2021 15:11:13 GMT https://ttlc.intuit.com/community/state-taxes/discussion/re-need-some-details-on-how-to-enter-reconciliation-amounts-on-nj-k-1-worksheet/01/2206559#M100714 Quick97 2021-04-15T15:11:13Z
This XML file does not appear to have any style information associated with it. The document tree is shown below.
<rss xmlns:content="http://purl.org/rss/1.0/modules/content/" xmlns:dc="http://purl.org/dc/elements/1.1/" xmlns:rdf="http://www.w3.org/1999/02/22-rdf-syntax-ns#" xmlns:taxo="http://purl.org/rss/1.0/modules/taxonomy/" version="2.0">
<channel>
<title>
topic Need some details on how to enter reconciliation amounts on NJ K-1 worksheet in State tax filing
</title>
<link>
https://ttlc.intuit.com/community/state-taxes/discussion/need-some-details-on-how-to-enter-reconciliation-amounts-on-nj-k-1-worksheet/01/1321687#M59170
</link>
<description>
<P>During NJ state tax preparation if you have an imported K-1 from Federal Tax Return you are asked if you got NJK-1 form with your K-1 and if you answer "No" - you get a screen named "Enter Reconciliation Amounts" with fields:</P><UL><LI>Taxes Based on Income</LI><LI>Other Additions</LI><LI>Excess Meal and Entertainment Expense</LI><LI>Other Subtractions</LI></UL><P>It's clear that if K-1 is coming from PTP or other passive partnerships - it's likely mostly inapplicable.</P><P>But what is "Taxes Based on Income" means here? Also, would be great to get a confirmation that I shouldn't worry too much about this information and screen in case of PTP.</P><P>If it matters, please answer for both cases: when the K-1 has an income coming from NJ State and when it doesn't.</P><P><span class="lia-inline-image-display-wrapper lia-image-align-inline" image-alt="Screenshot 2020-03-15 16.50.13.png" style="width: 999px;"><img src="https://ttlc.intuit.com/community/image/serverpage/image-id/6194iE6B0B684EA21F61F/image-size/large?v=v2&amp;px=999" role="button" title="Screenshot 2020-03-15 16.50.13.png" alt="Screenshot 2020-03-15 16.50.13.png" /></span></P>
</description>
<pubDate>Mon, 16 Mar 2020 01:33:24 GMT</pubDate>
<dc:creator>spikhalskiy</dc:creator>
<dc:date>2020-03-16T01:33:24Z</dc:date>
<item>
<title>
Need some details on how to enter reconciliation amounts on NJ K-1 worksheet
</title>
<link>
https://ttlc.intuit.com/community/state-taxes/discussion/need-some-details-on-how-to-enter-reconciliation-amounts-on-nj-k-1-worksheet/01/1321687#M59170
</link>
<description>
<P>During NJ state tax preparation if you have an imported K-1 from Federal Tax Return you are asked if you got NJK-1 form with your K-1 and if you answer "No" - you get a screen named "Enter Reconciliation Amounts" with fields:</P><UL><LI>Taxes Based on Income</LI><LI>Other Additions</LI><LI>Excess Meal and Entertainment Expense</LI><LI>Other Subtractions</LI></UL><P>It's clear that if K-1 is coming from PTP or other passive partnerships - it's likely mostly inapplicable.</P><P>But what is "Taxes Based on Income" means here? Also, would be great to get a confirmation that I shouldn't worry too much about this information and screen in case of PTP.</P><P>If it matters, please answer for both cases: when the K-1 has an income coming from NJ State and when it doesn't.</P><P><span class="lia-inline-image-display-wrapper lia-image-align-inline" image-alt="Screenshot 2020-03-15 16.50.13.png" style="width: 999px;"><img src="https://ttlc.intuit.com/community/image/serverpage/image-id/6194iE6B0B684EA21F61F/image-size/large?v=v2&amp;px=999" role="button" title="Screenshot 2020-03-15 16.50.13.png" alt="Screenshot 2020-03-15 16.50.13.png" /></span></P>
</description>
<pubDate>Mon, 16 Mar 2020 01:33:24 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/state-taxes/discussion/need-some-details-on-how-to-enter-reconciliation-amounts-on-nj-k-1-worksheet/01/1321687#M59170
</guid>
<dc:creator>spikhalskiy</dc:creator>
<dc:date>2020-03-16T01:33:24Z</dc:date>
</item>
<item>
<title>
Re: Need some details on how to enter reconciliation amounts on NJ K-1 worksheet
</title>
<link>
https://ttlc.intuit.com/community/state-taxes/discussion/re-need-some-details-on-how-to-enter-reconciliation-amounts-on-nj-k-1-worksheet/01/1348605#M60992
</link>
<description>
<P>These answers are going to pertain directly to New Jersey activity of the partnership. If you have specific questions about a PTP, I would defer to the PTP for further guidance on how to report activity pertinent to New Jersey. It appears that it involves residency of partners as well as business activity in New Jersey.</P> <P>&nbsp;</P> <P>Per the <A href="https://www.state.nj.us/treasury/taxation/pdf/current/part/1065i.pdf" target="_blank">Instructions for NJ-1065 Partnership Return and New Jersey Partnership NJK-1</A> beginning on page 7:</P> <P>&nbsp;</P> <P><STRONG>Taxes based on income</STRONG> will be added back as the <EM>amount of taxes</EM> based on income <EM>which were deducted to determine ordinary income (loss) on Line 1</EM>,&nbsp;<EM>Ordinary Income (Loss) From Trade or Business Activities.</EM>&nbsp;This will be the amount reported on line 1, Schedule K, federal Form 1065.</P> <P>&nbsp;</P> <P>Line 13b – Other Additions – Specify Enter on line 13b any other items deducted from or not included on lines 1 through 11 that are not excludable under the New Jersey Gross Income Tax Act. If an asset has been placed in service since January 1, 2004, refer to Worksheet GIT-DEP. This worksheet is available on the Division’s website. Include any net addition adjustment from Worksheet GIT-DEP, if applicable, if federal income included deduction of federal special depreciation allowance or IRC Section 179 expense; federal Section 179 recapture income; or a gain or loss on disposition of such asset. Specify each item reported. If the amount reported on line 12, NJ-1065, included any loss incurred in connection with the disposition of exempt New Jersey or federal obligations, you must add back the amount of such loss on this line.</P> <P>&nbsp;</P> <P>Line 15g – Other Subtractions – Specify Enter on line 15g any other items that are excludable or deductible from the income included in the subtotal reported on line 12 for New Jersey Gross Income Tax purposes. Specify each item subtracted. Examples of some items that might be reported on this line are: • Dividends from exempt federal and New Jersey obligations described at N.J.S.A. 54A:6-14. • Gains from the sale of exempt federal and New Jersey obligations excludable pursuant to N.J.S.A. 54A:5-1c. • Meal and entertainment expenses that constitute ordinary business expenses incurred in the conduct of 2019 Form NJ-1065 8 a trade or business that are not deductible for federal purposes. • If an asset has been placed in service since January 1, 2004, refer to Worksheet GIT-DEP. This worksheet is available on the Division’s website. Include any net subtraction adjustment from Worksheet GIT-DEP, if applicable, if federal income included deduction of federal special depreciation allowance or IRC Section 179 expense; federal Section 179 recapture income; or a gain or loss on disposition of such asset.</P> <P>Note: A partnership is not entitled to a basis adjustment in the calculating and reporting of partnership gain or loss from the sale or disposition of partnership assets as was extended to individuals, as in the Koch case, on the sale or disposition of a partnership interest. The partnership must always use federal adjusted basis when determining gain or loss. Only taxpayers as defined pursuant to N.J.S.A. 54A:1-2.l are entitled to a Koch-type adjustment.</P> <P>&nbsp;</P> <P>Please see page 2 of the instructions for who must file. Since you are a resident partner and reside in New Jersey, then Form NJ-1065 must be filed.&nbsp;</P>
</description>
<pubDate>Sun, 22 Mar 2020 21:10:05 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/state-taxes/discussion/re-need-some-details-on-how-to-enter-reconciliation-amounts-on-nj-k-1-worksheet/01/1348605#M60992
</guid>
<dc:creator>KathrynG3</dc:creator>
<dc:date>2020-03-22T21:10:05Z</dc:date>
</item>
<item>
<title>
Re: Need some details on how to enter reconciliation amounts on NJ K-1 worksheet
</title>
<link>
https://ttlc.intuit.com/community/state-taxes/discussion/re-need-some-details-on-how-to-enter-reconciliation-amounts-on-nj-k-1-worksheet/01/1349107#M61021
</link>
<description>
<P>Thank you for your answer. But the document you refer to is "Instructions for NJ-1065 Partnership Return and New Jersey Partnership NJK-1". So, this document describes what and how partnerships should put into NJ-1065 (NJK-1). And yes, it looks like all partnerships suppose to send&nbsp;NJ-1065 (NJK-1) if they have partners in NJ.</P><P>But I just file a personal tax return as a partner, not a partnership. And I didn't get&nbsp;NJ-1065 /NJK-1 in any K-1 tax package from any of PTP partnerships.&nbsp; Should I contact each of them and request an&nbsp;NJ-1065 /NJK-1 that they suppose to provide me according to this NJ state instructions?</P>
</description>
<pubDate>Sun, 22 Mar 2020 23:21:09 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/state-taxes/discussion/re-need-some-details-on-how-to-enter-reconciliation-amounts-on-nj-k-1-worksheet/01/1349107#M61021
</guid>
<dc:creator>spikhalskiy</dc:creator>
<dc:date>2020-03-22T23:21:09Z</dc:date>
</item>
<item>
<title>
Re: Need some details on how to enter reconciliation amounts on NJ K-1 worksheet
</title>
<link>
https://ttlc.intuit.com/community/state-taxes/discussion/re-need-some-details-on-how-to-enter-reconciliation-amounts-on-nj-k-1-worksheet/01/1354841#M61380
</link>
<description>
<P>I contacted my partnerships and some of them were responsive and actually sent me NJK-1 forms.</P><P>Fundrise was able to provide NJK-1 forms in a day.</P><P>But some of the partnerships have no clue what&nbsp;NJK-1 is at all looks like.</P>
</description>
<pubDate>Tue, 24 Mar 2020 17:15:15 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/state-taxes/discussion/re-need-some-details-on-how-to-enter-reconciliation-amounts-on-nj-k-1-worksheet/01/1354841#M61380
</guid>
<dc:creator>spikhalskiy</dc:creator>
<dc:date>2020-03-24T17:15:15Z</dc:date>
</item>
<item>
<title>
Re: Need some details on how to enter reconciliation amounts on NJ K-1 worksheet
</title>
<link>
https://ttlc.intuit.com/community/state-taxes/discussion/re-need-some-details-on-how-to-enter-reconciliation-amounts-on-nj-k-1-worksheet/01/1388315#M63268
</link>
<description>
<P>Hi, just wondering for those partnerships that didn't provide the NJK-1, is it ok to just leave all the adjustment fields empty?</P>
</description>
<pubDate>Tue, 31 Mar 2020 20:51:50 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/state-taxes/discussion/re-need-some-details-on-how-to-enter-reconciliation-amounts-on-nj-k-1-worksheet/01/1388315#M63268
</guid>
<dc:creator>dragonhub</dc:creator>
<dc:date>2020-03-31T20:51:50Z</dc:date>
</item>
<item>
<title>
Re: Need some details on how to enter reconciliation amounts on NJ K-1 worksheet
</title>
<link>
https://ttlc.intuit.com/community/state-taxes/discussion/re-need-some-details-on-how-to-enter-reconciliation-amounts-on-nj-k-1-worksheet/01/1388393#M63272
</link>
<description>
<P>Yes.&nbsp; I would just assume that the reason they did not provide the form is because&nbsp;there are no adjustments.</P>
</description>
<pubDate>Tue, 31 Mar 2020 21:09:55 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/state-taxes/discussion/re-need-some-details-on-how-to-enter-reconciliation-amounts-on-nj-k-1-worksheet/01/1388393#M63272
</guid>
<dc:creator>DavidD66</dc:creator>
<dc:date>2020-03-31T21:09:55Z</dc:date>
</item>
<item>
<title>
Re: Need some details on how to enter reconciliation amounts on NJ K-1 worksheet
</title>
<link>
https://ttlc.intuit.com/community/state-taxes/discussion/re-need-some-details-on-how-to-enter-reconciliation-amounts-on-nj-k-1-worksheet/01/2186494#M99444
</link>
<description>
<P>Hello - which turbotax product do I purchase to be able to generate/file the NJ-1065? I have TT Business and TT Premier purchased. When I finished filing my Federal 1120S, it only gave me two options to file for NJ: State S Corp and State Corp. I bought the latter since my LLC is not an S Corp for NJ purposes, only federal, but it did not have the 1065 option.&nbsp;</P>
</description>
<pubDate>Fri, 09 Apr 2021 21:22:44 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/state-taxes/discussion/re-need-some-details-on-how-to-enter-reconciliation-amounts-on-nj-k-1-worksheet/01/2186494#M99444
</guid>
<dc:creator>Quick97</dc:creator>
<dc:date>2021-04-09T21:22:44Z</dc:date>
</item>
<item>
<title>
Re: Need some details on how to enter reconciliation amounts on NJ K-1 worksheet
</title>
<link>
https://ttlc.intuit.com/community/state-taxes/discussion/re-need-some-details-on-how-to-enter-reconciliation-amounts-on-nj-k-1-worksheet/01/2192883#M99814
</link>
<description>
<P><SPAN style="font-size:14px"><SPAN style="font-family:Arial,Helvetica,sans-serif">Yes .&nbsp;You&nbsp;<STRONG>need</STRONG>&nbsp;to use the Premier version of&nbsp;<STRONG>TurboTax</STRONG>&nbsp;to enter a Schedule&nbsp;<STRONG>K-1</STRONG>&nbsp;in&nbsp;<STRONG>TurboTax</STRONG>. There are three types of K-1s, depending on the type of entity creating the&nbsp;<STRONG>K-1</STRONG>: partnership, S-corporation and trust/estate must use the proper form.&nbsp; If you have NJ partnership income, you need to use form NJ 1065 K-1.&nbsp; The form 1120 S is for S corp.</SPAN></SPAN></P> <P>&nbsp;</P> <P><SPAN style="font-family:Arial, Helvetica, sans-serif"><SPAN style="font-size:14px">See, </SPAN></SPAN><A href="https://www.state.nj.us/treasury/taxation/pdf/current/part/1065i.pdf" target="_blank">instructions on NJ Partnership return and NJ 1065 K1</A><SPAN style="font-family:Arial, Helvetica, sans-serif"><SPAN style="font-size:14px">, link</SPAN></SPAN></P>
</description>
<pubDate>Sun, 11 Apr 2021 23:42:29 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/state-taxes/discussion/re-need-some-details-on-how-to-enter-reconciliation-amounts-on-nj-k-1-worksheet/01/2192883#M99814
</guid>
<dc:creator>JoannaB2</dc:creator>
<dc:date>2021-04-11T23:42:29Z</dc:date>
</item>
<item>
<title>
Re: Need some details on how to enter reconciliation amounts on NJ K-1 worksheet
</title>
<link>
https://ttlc.intuit.com/community/state-taxes/discussion/re-need-some-details-on-how-to-enter-reconciliation-amounts-on-nj-k-1-worksheet/01/2193271#M99851
</link>
<description>
<P>thank you - but to clarify - I am a single member LLC and am looking to generate the NJ-1065 from my business for my personal income tax return. I purchased both Premier and TT Business and can't seem to figure out how to generate the NJ-1065. I don't know if it is complicated by the fact that I am not an S corp for NJ purposes, only for federal.</P><P>&nbsp;</P><P>ok update - I understand how to get the right software to get the NJ 1065 to trigger. (I have to enter my corporation as a partnership on the federal side in TT Business.) However, that is my dilemma. If I am not an S Corp for the State of NJ, what state tax form am I supposed to file. And the state dept tax phone lines say "too busy, call back later." ARGH.</P>
</description>
<pubDate>Mon, 12 Apr 2021 19:36:23 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/state-taxes/discussion/re-need-some-details-on-how-to-enter-reconciliation-amounts-on-nj-k-1-worksheet/01/2193271#M99851
</guid>
<dc:creator>Quick97</dc:creator>
<dc:date>2021-04-12T19:36:23Z</dc:date>
</item>
<item>
<title>
Re: Need some details on how to enter reconciliation amounts on NJ K-1 worksheet
</title>
<link>
https://ttlc.intuit.com/community/state-taxes/discussion/re-need-some-details-on-how-to-enter-reconciliation-amounts-on-nj-k-1-worksheet/01/2204976#M100607
</link>
<description>
<P><SPAN style="font-size:14px"><SPAN style="font-family:Arial,Helvetica,sans-serif">It depends. If you have Turbo Tax Business and prepared a partnership return(1065), that should flow into the New Jersey return also as a partnership return (NJ-1065).&nbsp;You need&nbsp;to purchased the state separately but once you prepare the federal return, the information should flow seamlessly into your NJ return. Are you sure you didn't pick S-Corp as the type of return you are wishing to prepare?</SPAN></SPAN></P>
</description>
<pubDate>Thu, 15 Apr 2021 00:24:03 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/state-taxes/discussion/re-need-some-details-on-how-to-enter-reconciliation-amounts-on-nj-k-1-worksheet/01/2204976#M100607
</guid>
<dc:creator>DaveF1006</dc:creator>
<dc:date>2021-04-15T00:24:03Z</dc:date>
</item>
<item>
<title>
Re: Need some details on how to enter reconciliation amounts on NJ K-1 worksheet
</title>
<link>
https://ttlc.intuit.com/community/state-taxes/discussion/re-need-some-details-on-how-to-enter-reconciliation-amounts-on-nj-k-1-worksheet/01/2206559#M100714
</link>
<description>
<P>Thank you Dave. you are right - when I dummied up entering in my business info as a Partnership, it triggered the option to purchase NJ1065. The problem lies in the fact that I am an S Corp for Federal purposes but not for NJ. I read a document on the NJ tax site that says a single member LLC is not required to file a state corp form, and rather it just flows in through the K-1 info on the NJ personal income tax state form. So hopefully that information is correct, and I do not need to file anything for NJ State business...</P><P>Appreciate the reply!</P>
</description>
<pubDate>Thu, 15 Apr 2021 15:11:13 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/state-taxes/discussion/re-need-some-details-on-how-to-enter-reconciliation-amounts-on-nj-k-1-worksheet/01/2206559#M100714
</guid>
<dc:creator>Quick97</dc:creator>
<dc:date>2021-04-15T15:11:13Z</dc:date>
</item>
</channel>
</rss>