Schedule NJ-BUS-1 (Nonresident): Business Income Summary Schedule—Nonresident (2024)
New Jersey · NJ Division of Taxation · Used for tax years 2024
Schedule NJ-BUS-1 summarizes business income and losses for the 2024 New Jersey nonresident return, Form NJ-1040NR. It reports business profits, income from rents, royalties, patents and copyrights, partnership income, and S corporation income, along with certain taxes paid on yo
Who files this form
Schedule NJ-BUS-1 is the business income summary schedule for Form NJ-1040NR. It lists these types of income or loss:
- Net profits from businesses.
- Net gains or income from rents, royalties, patents, and copyrights.
- Distributive shares of partnership income.
- Net pro rata shares of S corporation income or usable loss.
What you'll need
The schedule asks for the following information, depending on the income you report:
- Your name as shown on Form NJ-1040NR and your Social Security number.
- Business names, Social Security numbers or federal EINs, and profits or losses.
- 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, shares of income or loss, shares of tax paid on your behalf, and shares of Pass-Through Business Alternative Income Tax.
- S corporation names, federal EINs, pro rata shares of income or usable loss, and shares of Pass-Through Business Alternative Income Tax.
Common mistakes
- Do not transfer a net loss to the corresponding Form NJ-1040NR income line. The schedule directs you to enter zero in column A on line 18, 20, 23, or 24 when the total for that part is a loss.
- Keep a copy of this schedule for your records.
Questions people ask
Where do the income totals go on Form NJ-1040NR?
Enter the Part I total on line 18, column A; Part II on line 20, column A; Part III on line 23, column A; and Part IV on line 24, column A. If a total is a loss, enter zero on the corresponding return line.
Which property type number should I use in Part II?
Use 1 for rental real estate, 2 for royalties, 3 for patents, or 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?
List your share in Part III. Add the amounts on lines 1, 2, and 3, enter the total on Part III, line 5, and include it on Form NJ-1040NR, line 52.
Where do I report my share of Pass-Through Business Alternative Income Tax?
Report partnership amounts in Part III and S corporation amounts in Part IV. Add lines 1, 2, and 3 in each applicable part. Enter the partnership total on Part III, line 6, and the S corporation total on Part IV, line 5. Include these totals on Form NJ-1040NR, line 56.