Form 1041 (Schedule K-1) for New Jersey 2024-2025

Form 1041 (Schedule K-1) for New Jersey: What You Should Know

Taxpayers must fill out Part L, if the beneficiary is an individual, and Part P, if the beneficiary is the decedent's estate. An individual beneficiary must report his or her tax liability on Schedule 1, Schedule K (Form 1041), and submit the following information: Your name and date of birth Your Social Security number. Do not use your married filing separately or single filing jointly identification number. Your total adjusted gross income from all sources. Your gross income from all sources, less allowable deductions. You reported any capital gain or loss in the last year you received nonperiodic payments of income or qualified pensions from a mutual fund or pension plan, or from an employer plan. Do you have or did you receive a Form 1099-B? You reported any interest or dividend received that should have been reported on Form 1099-B, but you do not have a 1099-B for this tax year. Do you have or did you receive a Form 1099-C? If applicable, you had a Form 1099-B filed in error, or received a Form 1099-C or 1099-B that is incomplete or erroneous. Your gross income from all sources. The total amount of income and capital gain from all sources reported on Schedule K-1. The total amount of income from all sources, less allowable deductions. If no Schedule K-1 was required, and you received a Form 1099-B or Form 1099-C, fill out the next two pages: Form 1099-B. For 2017–18. Form 1099-C. For 2016–17. Complete Part 1, line 4. Part 2, line 17. Part 1, line 5. Part 2, line 9. If a Form 1099-B or Form 1099-C was sent to you, attach a copy of each such Form to your Form 1040 (or other form). A copy of the Form 1099-K that was received must also be filed on the same form or as an attachment or attachment.

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