Schedule NJ-BUS-1 (Fiduciary): Business Income Summary Schedule—Fiduciary (2024)
New Jersey · NJ Division of Taxation · Used for tax years 2024
Schedule NJ-BUS-1 summarizes an estate or trust’s business profits or losses, income or losses from rents, royalties, patents, and copyrights, and shares of partnership and S corporation income for New Jersey Form NJ-1041. It also reports shares of tax paid on your behalf by part
Who files this form
Schedule NJ-BUS-1 is the business income summary schedule for Form NJ-1041. It provides space for an estate or trust to report:
- Net profits or losses from businesses.
- Income or losses from rents, royalties, patents, and copyrights.
- Distributive shares of partnership income or losses.
- Pro rata shares of S corporation income or usable losses.
The schedule asks for the estate or trust’s name, its federal employer identification number, and the fiduciary’s name and title.
What you'll need
Have the following information ready to complete the schedule:
- The estate or trust’s name as shown on Form NJ-1041, its federal employer identification number, and the fiduciary’s name and title.
- Business names, Social Security numbers or federal EINs, and profit or loss amounts.
- Sources of rental, royalty, patent, or copyright income or loss, identifying numbers, and amounts. For rental real estate, provide the property’s physical address.
- Partnership names, federal EINs, income or loss shares, and shares of tax paid on your behalf by partnerships and Pass-Through Business Alternative Income Tax.
- S corporation names, federal EINs, income or usable loss shares, and shares of Pass-Through Business Alternative Income Tax.
The form does not identify specific supporting documents to attach.
Common mistakes
- Do not transfer a net loss from Part I, II, or III as a negative amount to Form NJ-1041. Enter zero on line 8, 10, or 11, respectively.
- If Part IV shows a net loss, make no entry on Form NJ-1041, line 12. This differs from the zero-entry directions for the other parts.
- Keep a copy of the schedule for your records.
Questions people ask
Where do the income totals go on Form NJ-1041?
Part I goes to line 8, Part II to line 10, Part III to line 11, and Part IV to line 12. Follow the separate loss-entry directions printed for each part.
What property type numbers should I use in Part II?
Use 1 for rental real estate, 2 for royalties, 3 for patents, and 4 for copyrights. For rental real estate, enter the property’s physical address as the source of income or loss.
Where do I report tax paid on my behalf by partnerships?
Add the amounts from lines 1, 2, and 3 in that column of Part III. Enter the total on Part III, line 5, and include it on Form NJ-1041, line 35a.
Where do Pass-Through Business Alternative Income Tax amounts go?
For partnerships, total the amounts on Part III, line 6. For S corporations, total them on Part IV, line 5. Include those totals on Form NJ-1041, line 36a.