NJ 1065 - NJ allocation (Line16)

kgraghu · ‎March 14, 2023

I have 100% in Line 16 and the loss amount in 16a, Line 16b (column b) is populated with same amount as 16a based on 100%.

But my last year filing done by CPA shows 0.00 for Line 16b (column B) though the percentage was same 100% in Line 16 and 16a had a gain amount.

I think turbo tax may be correct. Will this discrepancy between last year and this year give any problem?

AliciaP1 · ‎March 22, 2023

There should be no issue either way. Line 16b of your NJ 1065 is reporting the apportioned amount of income to NJ if the percentage listed is less than 100. It's not necessary to complete the line if you are reporting 100% NJ income, but it also does not hurt anything to have it show there. The main point is to be sure to report the correct percentage.

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View solution in original post

AliciaP1 · ‎March 22, 2023

There should be no issue either way. Line 16b of your NJ 1065 is reporting the apportioned amount of income to NJ if the percentage listed is less than 100. It's not necessary to complete the line if you are reporting 100% NJ income, but it also does not hurt anything to have it show there. The main point is to be sure to report the correct percentage.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

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NJ 1065 - NJ allocation (Line16)