Schedule NJ-BUS-1 (Fiduciary): Business Income Summary Schedule—Fiduciary (2025)
New Jersey · NJ Division of Taxation · Used for tax years 2025
Schedule NJ-BUS-1 summarizes an estate’s or trust’s business income and losses for New Jersey Form NJ-1041. It reports business profits, income from rents, royalties, patents and copyrights, partnership income, and S corporation income, along with specified shares of taxes paid b
Who files this form
Schedule NJ-BUS-1 is the business income summary schedule for estates and trusts using Form NJ-1041. It covers:
- Net profits or losses from businesses.
- Net 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.
What you'll need
Have the information requested on the schedule ready:
- The estate or trust 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, identifying numbers, property types, and income or loss amounts. For rental real estate, provide the property's physical address.
- Partnership names, federal EINs, income or loss shares, shares of tax paid on your behalf, and shares of 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.
Common mistakes
- Do not transfer a net loss from Parts 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 S corporation loss, make no entry on Form NJ-1041, line 12. Unlike the other parts, it does not direct you to enter zero.
- Keep a copy of the schedule for your records.
Questions people ask
Where do the income totals go on Form NJ-1041?
Add lines 1, 2, and 3 in each part. Transfer the Part I total to line 8, Part II to line 10, Part III to line 11, and Part IV to line 12. If a total is a loss, enter zero on lines 8, 10, or 11, but make no entry on line 12.
Which property type codes do 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 on lines 1, 2, and 3 in the partnership tax-paid column. Enter the total on Part III, line 5, and include it on line 35a of Form NJ-1041.
Where do I report my share of Pass-Through Business Alternative Income Tax?
For partnerships, enter the total on Part III, line 6. For S corporations, enter the total on Part IV, line 5. Include these totals on line 36a of Form NJ-1041.