Schedule NJ-BUS-2 (Fiduciary): Alternative Business Calculation Adjustment—Fiduciary (2024)
New Jersey · NJ Division of Taxation · Used for tax years 2024
Schedule NJ-BUS-2 calculates the 2024 Alternative Business Calculation Adjustment for an estate or trust filing New Jersey Form NJ-1041. It compares regular business income with alternative business income or loss and calculates any loss carryforward to tax year 2025.
What you'll need
Have these forms available to complete your 2024 Schedule NJ-BUS-2:
- 2024 Form NJ-1041: Use lines 8, 10, 11, and 12 to fill in lines 1a through 4a.
- 2024 Schedule NJ-BUS-1 (Form NJ-1041): Use line 4 from Parts I through IV to fill in lines 1b through 4b.
- 2023 Schedule NJ-BUS-2 (Form NJ-1041): Use line 12 for the loss carryforward on line 5b.
You also need the estate or trust name as shown on Form NJ-1041, the fiduciary’s name and title, and the Federal Employer Identification Number.
Common mistakes
- Do not enter a loss on line 8. If line 6b is a loss, enter zero on line 8.
- Do not overlook the zero-result instruction. If line 9 is zero, also enter zero on line 11 and on line 20 of Form NJ-1041, then continue with line 12.
- Keep a copy of the schedule for your records. The form specifically reminds you to do this.
Questions people ask
What adjustment percentage applies for tax year 2024?
The percentage is 50% (0.50). Multiply line 9 by 0.50 and enter the result on line 11 and on line 20 of Form NJ-1041.
Where do I find the loss carryforward from 2023?
Use the amount on line 12 of your 2023 Schedule NJ-BUS-2 (Form NJ-1041). Enter it on line 5b of the 2024 schedule.
How do I total alternative business income or loss?
On line 6b, total lines 1b through 5b, netting gains with losses. Transfer the total to line 8, but enter zero on line 8 if the total is a loss.
What amount carries forward to tax year 2025?
If line 6b is a loss, enter the amount of that loss on line 12. Otherwise, enter zero.