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Every partnership that has income or loss derived from sources in the State of New Jersey, or has any type of New Jersey resident partner, must file Form NJ-1065.
Partnerships file an information return on Form 1065, U.S. Return of Partnership Income. A domestic partnership must file an information return, unless it neither receives gross income nor pays or incurs any amount treated as a deduction or credit for federal income tax purposes.
A composite tax filing has the advantage of convenience for pass-through entity owners. A combined return accounts for the state tax obligations of either all owners or those who decide to participate. As an owner, you benefit from not being responsible for filing individual returns in multiple states.
A partners taxable year ends on December 31, while the partnerships fiscal year ends on June 30. The partner is to report the partners distributive share of partnership income from the partnerships taxable year that ended June 30 on the partners NJ-1040.
Qualified nonresident individuals only can participate in a composite Gross Income Tax return, form NJ-1080C, and they do not have to file their own income tax return with the State. To qualify the individual must meet the following criteria: 1. The individual was a nonresident for the entire year.
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If you are planning to start a business in New Jersey, you must register the business with the Division of Revenue at least 15 business days prior to opening; If your business is a legal entity, limited partnership, or limited liability company, you must file formation or authorization documents for the public record.
Any business conducted by an individual, partnership, or corporation or any other entity, or any combination thereof holding a license pursuant to the Control Act shall file a consolidated corporation business tax return as described at N.J.A.C.
FILING FEE EXCEPTIONS: No New Jersey source income. To qualify for this exception, all operations and facilities must be located outside New Jersey. Generally, if the partnership has New Jersey source expenses, deductions or losses, it will not qualify for this exception.

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