Schedule NJ-BUS-1 (Resident): Business Income Summary Schedule—Resident (2024)
New Jersey · NJ Division of Taxation · Used for tax years 2024
Schedule NJ-BUS-1 summarizes business profits or losses, partnership income, S corporation income, and income or losses from rents, royalties, patents, and copyrights for the 2024 New Jersey Form NJ-1040. It also reports shares of Pass-Through Business Alternative Income Tax from
Who files this form
Schedule NJ-BUS-1 is the 2024 business income summary schedule for Form NJ-1040. It is used to report:
- Net profits or losses from businesses.
- Distributive shares of partnership income or losses.
- Pro rata shares of S corporation income or usable losses.
- Net income or losses from rents, royalties, patents, and copyrights.
The schedule also includes fields for shares of Pass-Through Business Alternative Income Tax from partnerships and S corporations.
What you'll need
The schedule asks for the following information:
- Your name as shown on Form NJ-1040 and your Social Security number.
- Business names, Social Security numbers or federal EINs, and profits or losses.
- Partnership names, federal EINs, income or loss shares, 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.
- For rents, royalties, patents, and copyrights: the income source, Social Security number or federal EIN, property type, and income or loss. For rental real estate, provide the property's physical address.
The form does not name specific supporting documents to gather.
Common mistakes
- Do not enter a loss total on the corresponding Form NJ-1040 income line. The schedule says to make no entry on line 18, 21, 22, or 23 if the total for that part is a loss.
- For rental real estate, enter the property's physical address as the source of income or loss.
- Keep a copy of the schedule for your records.
Questions people ask
Where do the income totals go on Form NJ-1040?
Part I goes on line 18, Part II on line 21, Part III on line 22, and Part IV on line 23. If a part's total is a loss, make no entry on its corresponding NJ-1040 line.
How do I calculate each part's income or loss total?
Add lines 1, 2, and 3 in that part and enter the result on line 4.
Where do I report my share of Pass-Through Business Alternative Income Tax?
Report partnership shares in Part II and S corporation shares in Part III. In each part, add the tax shares on lines 1, 2, and 3, enter the total on line 5, and include it on Form NJ-1040, line 63.
Which property type code should I use in Part IV?
Use 1 for rental real estate, 2 for royalties, 3 for patents, or 4 for copyrights.