New Jersey Fiduciary Return Form

Fiduciary Return Form
2023 New Jersey Income Tax Fiduciary Return, Form NJ-1041
New Jersey
Income Tax Fiduciary Return

NJ-1041

2023
5-F

For Tax Year January 1, 2023 – December 31, 2023, Or Other Tax Year Beginning
Check this box

, 2023, Ending 20

if application for federal extension is enclosed or enter confirmation number

Check box if this is an amended return
Federal Employer Identification Number

Name of Estate or Trust
Name and Title of Fiduciary

You must enter your FEIN above
For Privacy Act Notification, see instructions

	

Address of Fiduciary (Number and Street or Rural Route)	
City, Town, Post Office

State

ZIP Code

RESIDENCY STATUS: (check only one box)

	1.

Resident Estate	

– Date of decedent’s death	

	2.
	
	3.

Resident Trust	

– Date trust created	

Nonresident Estate	

– Date of decedent’s death and state	

`	4.

Nonresident Trust	

– Date trust created and state	

	

Change of Address

5. If estate was closed or trust terminated, check box

GUBERNATORIAL	
ELECTIONS FUND	
Note: 	

Do you want to designate $1	
of your taxes for this fund?	

	

Type of Trust

}

	

	

Name of State

and state the date
YES
	

NO

	

Note: If you check the “yes” box, it will not

increase the tax or reduce the refund.

Nonresident estates and trusts, see instructions.
.......................................................

6.

...................................................

7.

8. Net profits from business (Schedule NJ-BUS-1, Part I, line 4)............................................................................

8.

9. Net gains or income from disposition of property (From Schedule A, line 46)...................................................

9.

6. Interest..............................Tax-Exempt Interest
7. Dividends........................... Tax-Exempt Dividends

10. Net gains or income from rents, royalties, patents, and copyrights (Schedule NJ-BUS-1, Part II, line 4)........... 10.
11. Distributive Share of Partnership Income (Schedule NJ-BUS-1, Part III, line 4) (Enclose Schedule NJK-1).....

11.

12. Net pro rata share of S Corporation Income (Schedule NJ-BUS-1, Part IV, line 4) (Enclose Schedule NJ-K-1)

12.

13. Other Income – State Nature

............................

13.

14. Gross Income (Add lines 6 through 13) If $10,000 or less, see instructions......................................................

14.

15. Income from everywhere distributed to beneficiaries (From Schedule B, line 48A)...........................................

15.

16. Total Income (Subtract line 15 from line 14).......................................................................................................

16.

16a. Nonresidents: NJ Income from Schedule E, line 11............... 16a.
17. Commissions paid or accrued by executor or trustee (related to
income reported on line 14).....................................................................

17.

18. Exemption – Enter $1,000 (Part-year taxpayers, see instructions).........

18.

19. Health Enterprise Zone Deduction..........................................................

19.

20. Alternative Business Calculation Adjustment
(Schedule NJ-BUS-2, line 11)..................................................................

20.

21. NJBEST Deduction..................................................................................

21.

22. Total deductions and exemption (Add lines 17 through 21)..............................................................................

22.

23. Taxable Income (Subtract line 22 from line 16).................................................................................................

23.

NJ-1041 2023	

Page 2

Name of Estate or Trust

Federal Employer Identification Number

Name and Title of Fiduciary
24. Taxable Income (From Page 1, line 23)............................................................................................................
NONRESIDENTS ONLY:
25.
25. Tax on amount on line 24 (From Tax Table) 	
	
(Line 16a)
=
%
26. Income Percentage	
	
(Line 16)
27. Tax
Residents: Enter amount or check box
if not subject to tax and enclose statement. (See instructions)
Nonresidents: (Multiply amount from line 25
x
% from line 26)................................
28. Credit for income or wage taxes paid by New Jersey estates or trusts
to other jurisdictions (From Schedule C, line 53)..................................... 28.
29. Balance of Tax (Subtract line 28 from line 27).........................................

24.

27.

29.

30. Sheltered Workshop Tax Credit................................................................ 30.
31. Balance of Tax after Credit (Subtract line 30 from line 29)................................................................................
32. Interest on Underpayment of Estimated Tax (See instructions)
Check box
if Form NJ-2210 is enclosed.....................................................................................................

31.
32.

33. Total Tax Due (Add lines 31 and 32)..................................................................................................................

33.

34. New Jersey Income Tax previously paid...........................................................................................................

34.

36c.

37. Total New Jersey Income Tax Withheld (From enclosed withholding statements. See instructions)................

37.

38. Total payments and credits (Add lines 34, 35c, 36c, and 37)............................................................................

38.

39. Balance of Tax Due (If line 38 is less than line 33, subtract line 38 from line 33)..............................................

39.

40. Overpayment (If line 38 is more than line 33, subtract line 33 from line 38).....................................................

40.

41. Credit to 2024 Tax.............................................................................................................................................

41.

42. Refund (Subtract line 41 from line 40)...............................................................................................................

42.

SIGN HERE

35a. Tax paid on your behalf by Partnership(s) (See instructions)................... 35a.
35b. Tax paid on your behalf by Partnership(s) and Distributed
(From Schedule B, line 48C).................................................................... 35b.
35c. Balance of tax paid on your behalf by Partnership(s)
(Subtract line 35b from line 35a).......................................................................................................................
36a. Pass-Through Business Alternative Income Tax Credit
(See instructions)..................................................................................... 36a.
36b. Pass-Through Business Alternative Income Tax Credit Distributed
(From Schedule B, line 48D).................................................................... 36b.
36c. Balance of Pass-Through Business Alternative Income Tax Credit
(Subtract line 36b from line 36a).......................................................................................................................

35c.

Under penalties of perjury, I declare that I have examined this return, including accompanying schedules and statements, and to the best of my knowledge and
belief, it is true, correct, and complete. If prepared by a person other than taxpayer, this declaration is based on all information of which the preparer has any
knowledge.

Pay amount on line 39 in
full. Write FEIN on check
or money order and make
payable to:

Signature of Fiduciary or Officer Representing Fiduciary	

State of New Jersey – TGI
Division of Taxation
Revenue Processing Center
PO Box 888
Trenton, NJ 08646-0888

Date

I authorize the Division of Taxation to discuss my return and enclosures with my preparer (below)
Signature of Preparer Other than Fiduciary (If NJ-1040-0 is enclosed, check box)
Firm Name	

Division Use	1

	

Federal Identification Number

Firm’s Federal Employer Identification Number

2

3

4

5

6

7

You can also make a payment on our website:
nj.gov/taxation

NJ-1041 2023	

Page 3

Federal Employer Identification Number

Name of Estate or Trust

Net Gains or Income From
Disposition of Property

Schedule A
(a)

(b)

Kind of property and description

Date
acquired
(Mo., day, yr.)

Name and Title of Fiduciary

List the net gains or income, less net loss, derived from the sale, exchange, or other disposition of
property including real or personal whether tangible or intangible as reported on federal Schedule D.

(c)

Date
sold
(Mo., day, yr.)

(d)
Gross sales price

(e)

Cost or other basis as
adjusted (see instructions)
and expense of sale

(f)

Gain or (loss)
(d minus e)

43.

44.

Capital Gains Distributions.................................................................................................................................

44.

45.

Other Net Gains..................................................................................................................................................

45.

46.

Net Gains (Add lines 43, 44, and 45) (Enter here and on line 9) (If loss, enter zero).........................................

46.

Schedule B

Beneficiaries’ Shares of Income

Enclose New Jersey Schedule NJK-1
Distributions

Name and Address of Each
Beneficiary

Indicate
Residency
Status

Social Security Number

Column A
Total Income

Column C
Tax Paid by
Partnerships

Column B
NJ Source Income

Column D
Pass-Through
Business Alternative
Income Tax Credit

47.

48.

Total	
	
	
	

Schedule C
	

49.

(Enter amount from line 48A on line 15)
(Enter amount from line 48B on Schedule E, line 10)
(Enter amount from line 48C on line 35b)
(Enter amount from line 48D on line 36b)
48A.
	

Credit For Income or Wage Taxes 	
Paid To Other Jurisdiction 	

48B.

48C.

A copy of other state or political subdivision tax
return must be retained with your records.

Income properly taxed by both New Jersey and other jurisdiction during tax year.
See instructions. (Indicate jurisdiction name
)............................................
(Do not combine the same income taxed by more than one jurisdiction.) Amount on line 49 cannot
exceed amount on line 50.

49.

50.

Income Subject to Tax by New Jersey. (From line 16).............................................................................

50.

51.

Maximum Allowable Credit	
(Divide line 49 by line 50)	

51.

52.

Income tax paid to other jurisdiction.........................................................................................................

52.

53.

Credit Allowed. (Enter lesser of line 51 or line 52 here and on line 28)....................................................

53.

Schedule D

	

	

(49)
(50)	

x

Allocation of Business Income 	
to New Jersey 	

48D.

(New Jersey Tax from line 27)

=

See instructions if other than Formula Basis of allocation is used.
Enclose Form NJ-NR-A with Form NJ-1041.

Business Allocation Percentage (From Form NJ-NR-A)
Enter below the line number and amount of each item of business income reported on Form NJ-1041 that is required to be allocated and multiply by
allocation percentage to determine amount of income from New Jersey sources.
	

From Line No.

$

x

%=$

	

From Line No.

$

x

%=$

2023

Schedule E	
	 (Form

NJ-1041)

New Jersey Gross Income Tax

New Jersey Income of Nonresident Estates and Trusts
All nonresident estates and trusts must complete this schedule and file it with
the New Jersey Income Tax Fiduciary Return (Form NJ-1041)

Enter name, address, and federal employer identification number as shown on Form NJ-1041
Name of Estate or Trust

Federal Employer
Identification Number

Name and Title of Fiduciary

Address of Fiduciary (Number and Street or Rural Route)

City, Town, Post Office	

Income From	
New Jersey	
Sources:	

State	

For the Tax Year Ended
(Month, Day, Year)
ZIP Code

Net losses in one category cannot be applied against
income in another. In case of a net loss in any
category, enter “zero” for that category.

New Jersey
Income

	

1. 	Interest..............................................................................................................................................

1.

	

2. 	Dividends..........................................................................................................................................

2.

	

3. 	Net profits from business..................................................................................................................

3.

	

4.	 Net gains or income from disposition of property..............................................................................

4.

	

5. 	Net gains or income from rents, royalties, patents, and copyrights..................................................

5.

	

6. 	Distributive share of partnership income...........................................................................................

6.

	

7. 	Net pro rata share of S corporation income......................................................................................

7.

	

8. 	Other Income – State Nature

...........

8.

	

9. 	Total Income From New Jersey Sources (Add lines 1 through 8).................................................

9.

	 10. 	New Jersey source income distributed to beneficiaries (From Schedule B, line 48B)......................

10.

	 11. 	New Jersey income (Subtract line 10 from line 9) Enter here and on line 16a.................................

11.

Name of Estate or Trust as shown on Form NJ-1041

Name and Title of Fiduciary

Federal Employer Identification Number

Schedule NJ-BUS-1	
	

Part

New Jersey Gross Income Tax	
2023
(Form NJ-1041)	
Business Income Summary Schedule
List the net profit (loss) from business(es). See Instructions.
I	 Net Profits From Business	
Social Security Number/
Federal EIN

Business Name

Profit or (Loss)

1.
2.
3.
4.

Net Profit or (Loss). (Add lines 1, 2, and 3.) (Enter here and on
line 8, NJ-1041. If loss, enter zero on line 8.)

	Part
	

	 Net Gains or Income
II From Rents, Royalties,
Patents, and Copyrights

4.

List the net gains or net income, less net loss, derived from or in the
form of rents, royalties, patents, and copyrights. See instructions.
Type of Property:
1–Rental real estate 2–Royalties 3–Patents 4–Copyrights

Source of Income or Loss. If rental real estate,
enter physical address of property.

Type – Enter
number from
list above

Social Security Number/
Federal EIN

Income or (Loss)

1.
2.
3.
4.

Net Income or (Loss). (Add lines 1, 2, and 3.)
(Enter here and on line 10, NJ-1041. If loss, enter zero on line 10.)

Part III	 Distributive Share of Partnership Income	
		
Partnership Name

Federal EIN

4.
List the distributive share of income (loss) 		
from partnership(s). See instructions.

Share of Partnership
Income or (Loss)

Share of tax paid
on your behalf by
Partnerships

Share of PassThrough Business
Alternative Income Tax

1.
2.
3.
4.

Distributive Share of Partnership Income or (Loss).
(Add lines 1, 2, and 3.) (Enter here and on line 11, NJ-1041.
If loss, enter zero on line 11.)

5.

Total Share of tax paid on your behalf by Partnerships (Add
lines 1, 2, and 3.) Enter total here and include on line 35a.

6.

Total Share of Pass-Through Business Alternative Income Tax
(Add lines 1, 2, and 3.) (Enter here and include on line 36a,
NJ-1041.)

Part IV	

Net Pro Rata Share of S Corporation Income	

		

S Corporation Name

List the pro rata share of income (usable 		
loss) from S corporation(s). See instructions.

Pro Rata Share of S Corporation
Income or (Usable Loss)

Federal EIN

1.
2.
3.
4.

Net Pro Rata Share of S Corporation Income or (Usable Loss).
(Add lines 1, 2, and 3.) (Enter here and on line 12, NJ-1041.
If loss, make no entry on line 12.)

5.

Total Share of Pass-Through Business Alternative Income Tax
(Add lines 1, 2, and 3.) (Enter here and include on line 36a, NJ-1041) 5.

4.

Keep a copy of this schedule for your records

Share of Pass-Through Business
Alternative Income Tax

Name of Estate or Trust as shown on Form NJ-1041

Schedule NJ-BUS-2	
	

Federal Employer Identification Number

New Jersey Gross Income Tax	
Alternative Business Calculation Adjustment

(Form NJ-1041)	

Part I

Name and Title of Fiduciary

Income (Loss)

Column A

Column B

Reportable Regular
Business Income

Alternative Business
Income/(Loss)

1. Net Profits From Business

1a.

1b.

2. Net Gain or Income From Rents,
Royalties, Patents, and Copyrights

2a.

2b.

3. Distributive Share of Partnership Income

3a.

3b.

4. Net Pro Rata Share of S Corporation
Income

4a.

4b.

5. Loss Carryforward From
Tax Year 2022

5b.

6. Totals

Part II

2023

6a.

(

)

(

)

6b.

Adjustment Calculation

7. Total Regular Business Income

7.

8. Total Alternative Business Income/(Loss).
(If loss, enter zero)

8.

9. Business Increment
(Subtract line 8 from line 7)

9.

10. Adjustment Percentage

10.

11. Alternative Business Calculation
Adjustment (line 9 x 0.50)

11.

0.50

Part III Loss Carryforward to Tax Year 2024
12. Loss Carryforward to Tax Year 2024

Line 1a.	
Line 1b.	
Line 2a.	
Line 2b.	
Line 3a.	
Line 3b.	
Line 4a.	
Line 4b.	
Line 5b.	
Line 6a.	
Line 6b.	
Line 7.	
Line 8.	
Line 9.	
	
Line 10.	
Line 11.	
Line 12.	

12.

Instructions
Enter the amount from line 8, Form NJ-1041.
Enter the amount from Part I, line 4, Schedule NJ-BUS-1 (Form NJ-1041).
Enter the amount from line 10, Form NJ-1041.
Enter the amount from Part II, line 4, Schedule NJ-BUS-1 (Form NJ-1041).
Enter the amount from line 11, Form NJ-1041.
Enter the amount from Part III, line 4, Schedule NJ-BUS-1 (Form NJ-1041).
Enter the amount from line 12, Form NJ-1041.
Enter the amount from Part IV, line 4, Schedule NJ-BUS-1 (Form NJ-1041).
Enter the amount from line 12 of your 2022 Schedule NJ-BUS-2 (Form NJ-1041).
Enter the total of lines 1a through 4a.
Enter the total of lines 1b through 5b, netting gains with losses.
Enter the amount from line 6a of this schedule.
Enter the amount from line 6b of this schedule. If loss, enter zero here.
Subtract line 8 from line 7. If the result is zero, also enter zero on line 11 and on line 20 of Form NJ-1041, and
continue with line 12.
The adjustment percentage for Tax Year 2023 is 50% (0.50).
Multiply the amount on line 9 by 50% (0.50). Enter here and on line 20 of Form NJ-1041.
If the amount on 6b is a loss, enter the amount of the loss on this line. Otherwise, enter zero.

Keep a copy of this schedule for your records

New Jersey Gross Income Tax

NJ-NR-A
(10-23)

Business Allocation Schedule

For Tax Years Beginning On and After January 1, 2023

Use this schedule if business activities are carried on both inside and outside New Jersey or if business activities are carried on 100% outside New Jersey.
For tax years beginning on and after January 1, 2023, services are sourced based on market sourcing, not cost of performance.

This form must be enclosed and filed with your New Jersey Income Tax return.
Enter name, address, and Social Security/federal employer identification number as shown on Form NJ-1040NR, NJ-1041, or NJ-1065.
Legal name of taxpayer

Social Security Number/Federal EIN

Trade name of business if different from legal name above

For the Tax Year Ending
(Month, Day, Year)

Address (number and street or rural route)
City or Post Office	

State	

ZIP Code

Business Allocation Percentage
Receipts:

Amounts (omit cents)

1. From sales of tangible personal property shipped to points within New Jersey..................................................... .

1.

2. From services, if the benefit of the service is received in New Jersey.....................................................................

2.

3. From rentals of property situated in New Jersey......................................................................................................

3.

4. From royalties for the use in New Jersey of patents, copyrights, and trademarks....................................................

4.

5. All other business receipts earned in New Jersey...................................................................................................

5.

6. Total New Jersey receipts (Total of lines 1 through 5).............................................................................................

6.

7. Total receipts from all sales, services, rentals, royalties, and other business transactions everywhere..................

7.

8. Business Allocation Percentage (Allocation Factor)(Divide line 6 by line 7).
Carry the fraction to 6 decimal places and express as a percent. ..........................................................................

8.

%

Schedule NJK-1	
	

	

New Jersey
Division of Taxation	
Beneficiary’s or Grantor’s Share of Income

(Form NJ-1041)	

For Calendar Year 2023 or Fiscal Year Beginning

	

Part I	

, 2023 and Ending

2023
, 20

General Information

Beneficiary or Grantor Information

Estate or Trust Information

Federal Identification Number

Federal Identification Number

Name

Name of Estate or Trust

Street Address

Name of Fiduciary
Street Address

City	

State	

Check Applicable Box
	
	Individual	
	Trust	
	
Tax-Exempt Entity	
	Grantor	

Resident	Nonresident
	
	
	
	

	
	

Final NJK-1	
Amended NJK-1

Part II	

ZIP Code

City	

State	

Check Applicable Box
	

Resident	Nonresident

	Estate	
	Trust	
	 Grantor Trust	

ZIP Code

	
	
	

Member of Composite Return

Beneficiary’s Share of Income
Total Distribution

New Jersey Source
Income Distributed

Tax Paid by
Partnerships and
Distributed

Pass-Through Business
Alternative Income Tax
Credit Distributed

Net Income From Estate or Trust

Part III	

Grantor’s Share of Income
Everywhere Income

Interest	

NJ Exempt

...............

Dividends	

NJ Exempt

...............

Net profits or loss from business..................................................................
Net gains, income or loss from disposition of property.................................
Net gains, income or loss from rents, royalties, patents, and copyrights.....
Distributive share of partnership income or loss..........................................
Net pro rata share of S corporation income or loss......................................
Other Income – state nature

..........................

Tax paid by partnership(s) on behalf of trust................................................
Pass-Through Business Alternative Income Tax Credit................................

This Form May Be Reproduced

NJ Source Income

Beneficiary and Grantor Reporting of Income
For Gross Income Tax reporting purposes, the net income earned by an estate or trust does not retain its character, i.e., interest, partnership income; rather it is a specified income category, Net Gains or Income Derived
Through Estates or Trusts.
The net income from an estate or trust actually distributed or required to be distributed during the tax year is
taxable to the beneficiary in the income category, “Net Income From Estates and Trusts.” In completing New
Jersey Form NJ-1040, NJ-1040NR, or NJ-1041, the income is included on the line “Other Income.”

Beneficiary Reporting of NJK-1 Information
Resident Individual, Estate, or Trust. Include the Total Distribution on Form NJ-1040 or Form NJ-1041,
Other Income. Include the Pass-Through Business Alternative Income Tax Credit Distributed on Form NJ-1040,
line 63, or Form NJ-1041, line 36a.
Nonresident Individual. Include the Total Distribution on Form NJ-1040NR in column A, Other Income. Include the New Jersey Source Income Distributed in column B, Other Income. Include the Tax Paid by Partnerships and Distributed on Form NJ-1040NR, line 52. Include the Pass-Through Business Alternative Income Tax
Credit Distributed on Form NJ-1040NR, line 56.
Nonresident Estate or Trust. Include the Total Distribution on Form NJ-1041, Other Income. Include the New
Jersey Source Income Distributed on Schedule E, Other Income. Include the Tax Paid by Partnerships and
Distributed on Form NJ-1041, line 35a. Include the Pass-Through Business Alternative Income Tax Credit Distributed on Form NJ-1041, line 36a.

Grantor Reporting of NJK-1 Information
Resident Grantor. Include the Everywhere Income amounts in each category of income on Form NJ-1040.
Include the Pass-Through Business Alternative Income Tax Credit Distributed on Form NJ-1040, line 63.
Nonresident Grantor. Include the Everywhere Income amounts in each category of income on Form
NJ-1040NR, column A. Include the New Jersey Source Income amounts in each category of income in column B. Include Tax Paid by Partnerships on Behalf of Trust on Form NJ-1040NR, line 52. Include the PassThrough Business Alternative Income Tax Credit Distributed on Form NJ-1040NR, line 56.