I own shares of $UNG and received a Federal K-1 (Form 1065). I did not receive a NJ-K-1 for it and it has me filling out Worksheet B "Reconciliation of Federal Schedule K-1". It says in the form specifically:
Information for Non-California/Non-Resident taxpayers: The partnership has derived income from the trading of qualified securities for its own account and does not generate trade or business income. Consequently, the Partnership has determined that it is an Investment Partnership for purposes of California Revenue and Tax Code Section 17955 and, thus, none of the Partnership’s income has been attributed to California sources. The income, gain, loss and expense generated by the Partnership will be passed through to unitholders and reported on their state income tax return, if any, please consult your tax advisor regarding your investment in the partnership and your state tax filing requirements. No state Schedule K-1s or K-1 equivalents have been generated for you in your K-1 package as the income, gain, loss and expense for states purposes will not differ from your federal Schedule K-1.
https://www.state.nj.us/treasury/taxation/pdf/pubs/corp/git9p.pdf
But this Reconciliation form asks for "Taxes based on income" "other additions" "Other subtractions"
According to the instructions
Line 14a – Taxes Based on Income
Enter on line 14a your share of the amount of taxes, based on income that was taken as a deduction by the partnership on federal Form 1065 to determine the amount of ordinary income (loss) that you reported on line 1, above. Obtain this information from the partnership if you do not already have it.
Line 1 is empty and there is no "taxes based on income"on the Federal K-1. There are only values for A, B, C, D, E, F, G, H1, I1, J, L, 5, 6a, 11, 13,16, 19, 20.
The call number for the 'partnership' says :
Call Tax Package Support at [phone number removed],
Monday through Friday from 8 A.M. to 5 P.M.
Central Time.
Tax Package Support representatives cannot
provide tax advice or answer questions regarding
your particular tax situation.
Which seems to indicate they wont be any help. I'll give them a try though.
Looks to me like they didnt take any taxes and just passed it on through. Does this not really apply in this situation and they would be left blank? If not is there a way for me to calculate it?
