NJ Partnership Return - Website is updated
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NJ Partnership Return - Website is updated It looks like the website has been updated to allow us to file our NJ Partnership Returns online. We are no longer getting an error message. But I/we could use a new set of instructions on how to navigate the new site. I wasn't aware of the update. I just logged in and there are still some issues. I had already filed my club's return through my professional software. It allows me in, but says the 2023 return is due on April 15, 2025! At first glance, it appears that the process is basically the same as the past with a few changes that should make it easier. Most investment clubs will only need to complete the main form and the partner directory. You can select "skip" for the other schedules. There may be some other peculiarities but they will have to wait for the morning for me to work through the system. Ira Smilovitz, EA It looks like the website has been updated to allow us to Hi all, Thanks for posting this as I was getting worried with the deadline being so close. Obviously, there was no formal communication from the State of NJ that the update was completed. I worked through this this morning and for the most part it works well. Only trouble I had is when filling out the Partnership Directory portion particularly, to updating the "Common Information". It requires you to fill out the Business Allocation Factor and then the information regarding your tax preparers information. The problem I am having is the website doesn't allow for a "0" entry in the Business Allocation Factor without filling in information about the preparers information below. Then when you fill out information on the preparer it automatically switches the Business Allocation Factor to 1.0000 after you hit "Validate" or "Update Common Information". Its a bit of a circular reference error at this point. Not sure what to do as our partnership is based in PA and the only reason we are filing in NJ is because we have a partner who is a resident. So entering a "1.000" is false as all our receipts are not within the state of New Jersey. Additionally as per NJ's tax instructions, Business Allocation Factor should be entered as "0" if the filing entity is a qualified investment partnership, investment club, listed on a US Stock Exchange or meet hedge fund status whose only non-residents partners are individuals, estates, or trusts. I have not formally filed and have my personal information in the Common Information (as I am technically the preparer) for now as I wanted to complete the rest of the partnership directory. I ran into the same business allocation factor on the preparer page as Marc did, but somehow got the "0" to hold after fudging around a bit. I have encountered a new problem though. When entering the Partners Directory, we have three members who quit and are marked final. The problem is, when you add up their Partner Percentage with the current members, it totals 116%! The form will not let you submit it if the total does not equal 100%. I tried changing the "final" Partner Percentage amounts to "0", but then the site would not allow me to save their page. I'm glad I filed the extension. Ira, I will await your findings. Stuart Weissman, of Nationwide Investment Club and hater of NJ! It looks like I lied about the Business Allocation Factor on the preparer page. When I went back, it changed back to "1". I'm not even sure why that field would be on this page in the first place if the rest of it is related to who is filling out the form? Stu I fixed the Business Allocation Factor issue. Enter "0.000000". I suppose the field simply has poor conditional data validation! Stu, sorry about all of the posts, but together we'll figure this thing out. |
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