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Form Schedule K-1 (1065-B) Elizabeth New Jersey: What You Should Know
Note that Schedule K-1 for purposes of line 1 of NJ-1065, 2021 Partner's Instructions for Form NJ-1065 — IRS should exclude line 12 and include line 13. Partner's income tax returns Partners are urged to be sure to have any federal forms that will be used with their partnership return ready and available to each partner. This can include Federally Tax Information Forms 1065, 1095, 1099 and the like, and to have those forms ready and available during the time they expect to have to file their Partnership tax returns. Each partner should also have copies of the information reported on lines 11a. And 11b. Of Schedule K-1 along with the partner's own original form. Instructions for Form NJ-1065 Partner's Information Returns Partners should complete Line 21, Itemize Schedule K-1 (Form 1065) as follows: Income Tax withholding (line 3 of Schedule K-1) If a partnership is a resident of New Jersey and has received any income from sources within New Jersey, it must remit New Jersey income tax on those amounts to New Jersey in accordance with the schedule to line 21. If a partnership is a resident of New Jersey and does not receive any income from New Jersey sources, it must take its share of New Jersey income tax as prescribed by the schedule to line 21. 2022 Partner's Instructions for Form NJ-1065 — IRS Partners should use Schedule K-1 (Form 1065) for a partner to calculate U.S. income tax withholding on any non-New Jersey sources of income. Partner's Non-New Jersey Sources Tax Rate If Partner is a Passive Entity (PIE) and has income or gain from sources outside of New Jersey, Partner must take an active participant tax rate, as prescribed by the Schedule to line 21, into account in determining the amount of income or gain that is subject to U.S. income tax to partnership with which it is associated. Partner's Taxable Income PIE may elect to have its income taxed at a different rate to the partnership income that it receives, or to the income of its New Jersey partners, than the partnership income rate. Non New Jersey Sources of Income Tax Rate This must be set by a written election if Partner is a PIE and does not receive or have income from sources in New Jersey.
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