New Jersey Partnership Return - Corporation Business Tax

Partnership Return - Corporation Business Tax
2023 NJ-CBT-1065 Partnership Return CBT
NJ-CBT-1065

New Jersey Partnership Return

2023

Corporation Business Tax

For Calendar Year 2023, or Tax Year Beginning

, 2023 and Ending

, 20

Legal Name of Taxpayer
Trade Name of Business if different from legal name above
Address (number and street or rural route)
City or Post Office	

State	

ZIP Code

You Must Enter Your Federal EIN
Federal EIN

# of Resident Partners

Principal Business Activity

# of Nonresident Partners with Physical Nexus to NJ

Date Business Started

# of Nonresident Partners without Physical Nexus to NJ
Check applicable boxes

Initial Return

Final Return

Amended Return

Application for Federal Extension is Attached

Nonresident Partners Tax

Column A
Amount From All Sources

	

1.	 Total Income (From line 12, NJ-1065)..............................................................................................................................

1.

	

2.	 Total Nonresident Noncorporate Partner Share of Tax (Line 2c, col. J of Partners Directory).........................................

2.

	

3.	 Total Nonresident Corporate Partner Share of Tax (Line 2c, col. K of Partners Directory)..............................................

3.

	

4.	 Total Tax (Add lines 2 and 3)............................................................................................................................................

4.

	 5.	 Interest on Underpayment of Estimated Tax....................................................................................................................
		 Check box if CBT-160-P attached	

5.

	

6.	 Total Due (Add lines 4 and 5)...........................................................................................................................................

6.

	

7.	 Less: Pass-Through Business Alternative Income Tax Credit (See instructions).............................................................

7.

	

8.	 Less: Total Tax Paid on Behalf of Partnership from Tiered Partnership Payment Schedule............................................

8.

	

9.	 Less: Estimated Payments/Credit from 2022...................................................................................................................

9.

	 10.	 Less: Payment from CBT-206..........................................................................................................................................

10.

	 11.	 Total Balance Due............................................................................................................................................................

11.

	 12.	 Overpayment....................................................................................................................................................................

12.

	 13.	 Credit to 2024...................................................................................................................................................................

13.

	14.	 Refund..............................................................................................................................................................................

14.

Signature of General Partner or
Limited Liability Company Member

Tiered Partnership

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. Declaration of preparer (other than
general partner) is based on all information of which preparer has any knowledge.
Paid Preparer’s Signature

Date
Check if Self-Employed

Date

Firm’s Name (or yours if self-employed)

Preparer’s SS # or PTIN

Preparer’s Address

Preparer’s Federal EIN #

NJ-CBT-1065
Partnership Name as shown on Form NJ-CBT-1065

Schedule T	

Tiered Partnership

Tiered Partnership Payment Schedule
List the Partnership Name(s), Federal Identification Number(s), Share of New Jersey Tax reported on line 1 of Part III of each Schedule NJK-1
received, and Share of Pass-Through Business Alternative Income Tax reported on each Schedule PTE-K-1 received.
Name

FEIN

A.
B.
C.
D.
E.
F.
Total Tax Paid on Behalf of Partnership
Enter here and on line 8, Form NJ-CBT-1065
Total Share of Pass-Through Business Alternative Income Tax
If the nonresident partners tax box on Form NJ-1065, Schedule A, Part II,
line 3 is checked, also enter this amount on Form NJ-CBT-1065, line 7.

Share of NJ Tax

Share of Pass-Through Business
Alternative Income Tax

CBT-160-P

Underpayment of Estimated NJ Partnership Tax

NJ Division of Taxation

Attach to your tax return (Form NJ-CBT-1065)

Partnership Name

Part I	

Federal EIN

How to Calculate Your Underpayment

For tax years ending on or after July 31, 2023, but ending before January 1, 2024, no interest will be assessed on an underpayment of estimated tax resulting from the provisions of P.L. 2023, c.96, provided all additional estimated tax is paid by the
second estimated payment due date after January 1, 2024.
Note: If you meet any of the exceptions that avoid the underpayment charge for any quarter, complete Part II.
(a)

1.	

Amount of 2023 Tax – Refer to line 1 instruction on reverse side................................................................................

2.	

90% of line 1.................................................................................................................................................................

3.	

Prior year’s tax – Enter the amount from line 4 of the 2022 NJ-CBT-1065...................................................................

4.	

Enter the lesser of lines 2 or 3......................................................................................................................................
(a)

(b)

(c)

(d)

25% of tax

50% of tax

75% of tax

100% of tax

22.5% of tax

45% of tax

67.5% of tax

90% of tax

5. 	 Enter in columns (a) through (d) the installment dates that correspond to
the 15th day of the fourth, sixth, and ninth months of your tax period and
the first month succeeding the close of your tax period................................
6.	

Enter 25% of line 4 in columns (a) through (d).............................................

7.	

(a) Amount paid or credited for each period.................................................

	

(b) Overpayment of previous installment (enter any overpayment shown
on line 9 that is more than the total of all prior underpayments as a credit
against the next installment).........................................................................

8.	

Add lines 7(a) and 7(b).................................................................................

9.	

Underpayment (subtract line 8 from line 6) or overpayment (subtract line 6
from line 8)....................................................................................................

Part II	

Exceptions (See Instructions)

10.	 Total amount paid or credited from the beginning of the tax year through
the installment dates that correspond to the 15th day of the fourth, sixth,
and ninth month of your tax period and the first month succeeding the
close of your tax period.................................................................................
11.	 Exception 1 – Tax based on the facts shown on the prior year’s return but
using current year’s rates. Refer to instructions on reverse side regarding
the taxable periods of less than one year.....................................................

12.	 Exception 2 – Tax based on annualized tax.................................................

Part III	

Installment Interest Due (See Instructions)

13.	 Amount of underpayment from line 9............................................................
14.	 Enter the same installment dates used above at line 5................................
15.	 Enter the date of payment or the 15th day of the fourth month after the
close of the tax year, whichever is earlier.....................................................
16.	 Number of months from the date on line 14 to the date on line 15.
(A part of a month is deemed to be a full month)..........................................
17.	 Interest..........................................................................................................
18.	 Installment interest due – Add columns (a), (b), (c), and (d) of line 17.
	
Enter the total here and include on line 5 of Form NJ-CBT-1065.................................................................................................................

This Form May Be Reproduced

CBT-160-P Instructions
Purpose of Form

This CBT-160-P is used by partnerships to determine whether they paid enough estimated tax, whether they are subject to an interest
charge for underpayment of estimated tax, and if so, the amount of interest.

How to Use This Form

Complete Part I of CBT-160-P to find out if you have an underpayment for any of the four payment periods. If you have an underpayment
on line 9 (column a, b, c, or d), go to Part II. If you cannot meet either of the exceptions for a payment period, go to Part III. If you are using
CBT-160-P either to calculate the interest on underpayment of estimated tax or to show that you qualify for any exception, attach CBT160-P to your tax return, NJ-CBT-1065.
Note: For tax years ending on or after July 31, 2023, but ending before January 1, 2024, no interest will be assessed on an underpayment
of estimated tax resulting from the provisions of P.L. 2023, c.96, provided all additional estimated tax is paid by the second estimated payment due date after January 1, 2024.

Part I – How to Calculate Your Underpayment

Complete lines 1 through 9 in Part I. The instructions for most of these lines are on the form itself. Follow the instructions below for the
lines indicated.
Line 1 – Enter in column (a) the amount reported on line 4 of NJ-CBT-1065.
Line 7(b) – Enter any overpayment shown on line 9 that is more than the total of all earlier underpayments.
Line 9 – If line 9 shows an underpayment, complete Part II to see if either of the exceptions apply.

Part II – Exceptions

You will not have to pay interest if all of your tax payments (Part II, line 10) were made on time and are equal to or more than either of the
amounts computed as explained by the exceptions (lines 11 and 12) for the same payment period (column a, b, c, or d).

Exception I – Tax Based on Prior Year’s Return Using Current Year’s Rates

This exception applies if the amount the partnership paid is equal to or more than the tax calculated by using the current year’s rates but
based on the facts shown on the prior year’s return and the law that applies to the prior year. If the prior year return covered a period of
less than a year, the prior return must be annualized by dividing the taxable net income by the number of whole months covered by the
short period return and multiplying by 12.

Exception II – Tax Based on Annualized Tax

This exception applies if the estimated tax paid was equal to or more than 90% of the amount the partnership would owe if its estimated
tax was based on a tax calculated from annualizing tax for the months preceding an installment date.
A partnership may annualize its tax as follows:
a.	

For the first three months if the installment was required to be paid in the fourth month.

b.	

For the first three months or for the first five months if the installment was required to be paid in the sixth month.

c.	

For the first six months or for the first eight months if the installment was required to be paid in the ninth month.

d.	

For the first nine months or for the first 12 months if the installment was required to be paid in the first month succeeding the close of
your tax period.

Part III – Installment Interest Due

If no exception applies, complete lines 13 through 18.
A payment of estimated tax on or before any installment date is considered a payment of any previous underpayment only to the extent
the payment is more than the amount of the current installment as figured on line 6. If the partnership made more than one payment for an
installment, attach a separate calculation for that installment.
Interest is calculated on the amount of the underpayment from the installment due date to the date of payment or the original due date of
the final tax return, whichever is earlier. The annual interest rate is 3% above the average predominant prime rate and is imposed each
month or part of a month the underpayment exists. Changes in the average predominant prime rate must be reflected in the interest calculation. The interest rates assessed by the Division of Taxation are published online at www.nj.gov/treasury/taxation/pdf/pubs/tb/tb21r.pdf.
The average predominant prime rate is the rate as determined by the Board of Governors of the Federal Reserve System, quoted by commercial banks to large businesses on December 1 of the calendar year immediately preceding the calendar year in which payment was
due or as redetermined by the Director in accordance with N.J.S.A. 54:48-2.

NJ-CBT-V	

Corporation Business Tax Partnership Payment Voucher

2023

For period beginning

, 2023 and ending

, 20

Federal Employer ID Number (required)

Return this voucher with payment to.
Corporation Business Tax – Nonresident Partner Tax
PO Box 642
Trenton, NJ 08646-0642

Partnership Name

Mailing Address

City, Town, Post Office

State

ZIP Code

Make checks payable to: State of New Jersey – CBT
Write the federal ID number and tax year on the check.

Enter amount of payment here:

$

,

0235900000000000000002312060000000000
Cut Along Dotted Line

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