NJK-1: Partner's Share of Income (2024)
New Jersey · NJ Division of Taxation · Used for tax years 2024
Schedule NJK-1 reports a partner’s share of partnership income or loss for New Jersey tax purposes for 2024. It includes ownership percentages, total and New Jersey source income amounts, and the partner’s share of certain taxes, deductions, and credits.
What you'll need
The 2024 Schedule NJK-1 asks for:
- The partner’s name, address, Social Security number or federal EIN, and entity type.
- The partnership’s name, address, and federal EIN.
- The date the partner’s interest in the partnership began.
- The partner’s profit-sharing, loss-sharing, and capital-ownership percentages before a decrease and at year-end or termination.
- Income amounts, including partnership income or loss, net guaranteed payments, 401(k) contributions, pension, and gains or losses from complete liquidation.
- The partner’s share of New Jersey tax, HEZ deduction, Sheltered Workshop Tax Credit, and Pass-Through Business Alternative Income Tax.
Part IV directs you to attach a schedule for supplemental information.
Common mistakes
- Do not use a disregarded entity’s EIN in the main “Partner’s SS # or Federal EIN” field. The form explicitly warns against this.
- If the partner is a disregarded entity, check the designated box and enter its federal EIN and name in the separate fields provided.
Questions people ask
What period does this Schedule NJK-1 cover?
This is the 2024 version. It covers calendar year 2024 or a fiscal year beginning in 2024, with spaces to enter the fiscal year’s beginning and ending dates.
How is the distributive share of partnership income or loss calculated?
Part II, line 4 is line 1, partnership income or loss, plus line 2, net guaranteed payments, minus line 3, the partner’s 401(k) contribution.
Which income column applies to NJ-1040 and NJ-1040NR filers?
Part II labels column A, “Total Distribution,” for NJ-1040 filers and column B, “New Jersey Source Amounts,” for NJ-1040NR filers. For the distributive share on line 4, the form points to NJ-1040 line 21 and NJ-1040NR line 23.
Can the schedule be marked as final or amended?
Yes. Part I includes separate boxes for “Final NJK-1” and “Amended NJK-1.”