NJ-1041: Fiduciary Income Tax Return (2024)
New Jersey · NJ Division of Taxation · Used for tax years 2024
Form NJ-1041 is the 2024 New Jersey Fiduciary Income Tax Return for estates and trusts. It reports income, distributions to beneficiaries, deductions, credits, and payments to calculate tax due or a refund.
Who files this form
Form NJ-1041 is New Jersey’s fiduciary income tax return for estates and trusts. It includes residency choices for resident estates, resident trusts, nonresident estates, and nonresident trusts.
All nonresident estates and trusts must complete Schedule E and file it with Form NJ-1041.
The form refers filers with gross income of $10,000 or less to the instructions. Those instructions were not provided, so the supplied text does not establish the full filing requirements.
What you'll need
Have the estate or trust’s federal employer identification number (FEIN), the fiduciary’s name and address, and the applicable date of death or trust creation ready.
Depending on the income and credits reported, the form calls for:
- Withholding statements supporting line 37, enclosed with the return.
- Schedule NJK-1 for partnership income, Schedule NJ-K-1 for S corporation income, and New Jersey Schedule NJK-1 for beneficiaries’ shares reported on Schedule B.
- Schedule NJ-BUS-1 for business, rental, royalty, partnership, and S corporation income, as applicable.
- Schedule NJ-BUS-2 for the alternative business calculation adjustment.
- Schedule E for all nonresident estates and trusts.
- Form NJ-NR-A when business activities occur both inside and outside New Jersey, or entirely outside New Jersey.
Keep a copy of another jurisdiction’s tax return in your records if claiming the Schedule C credit. Keep copies of Schedules NJ-BUS-1 and NJ-BUS-2 as well.
How to file
Complete the applicable schedules and sign and date the return as the fiduciary or officer representing the fiduciary.
The form prints this mailing address:
Division of Taxation
Revenue Processing Center
PO Box 888
Trenton, NJ 08646-0888
Pay the amount on line 39 in full. Write the FEIN on the check or money order and make it payable to State of New Jersey - TGI.
You can also make a payment at nj.gov/taxation. The supplied text does not give electronic filing instructions.
Common mistakes
- Leaving out the FEIN. The form says you must enter it.
- Checking more than one residency box. Check only one.
- Using a loss in one Schedule E income category to offset another category. Enter zero for a category with a net loss.
- Double-counting income on Schedule C. Do not combine the same income taxed by more than one jurisdiction. Line 49 cannot exceed line 50.
- Omitting Schedule E for a nonresident estate or trust. All nonresident estates and trusts must file it with NJ-1041.
- Omitting the FEIN from a payment. Write it on the check or money order.
Questions people ask
How do I mark an amended return?
Check the amended-return box at the top of Form NJ-1041.
What if the estate closed or the trust terminated?
Check the box on line 5 and enter the date.
Does designating $1 for the Gubernatorial Elections Fund change the tax or refund?
No. The form says checking “yes” will not increase the tax or reduce the refund.
Can an overpayment be credited to next year’s tax?
The 2024 form includes line 41 for a credit to 2025 tax. Line 42 calculates the refund by subtracting that credit from the overpayment on line 40.
How do beneficiaries report distributed estate or trust income?
The reporting text says net income actually distributed or required to be distributed during the tax year is taxable to the beneficiary as “Net Income From Estates and Trusts.” On Forms NJ-1040, NJ-1040NR, or NJ-1041, it is included on the “Other Income” line.