In a message dated 3/17/2007 6:21:22 P.M. Eastern Daylight Time, lscham8531@bivio.com writes:

I didn't get a response from another e-mail I sent, but I
think I figure out what I need to do on the NJ taxes.   Just
to check, however, can I post tthis to Ira or anyone else
who more knowledgeable.


I ran the Member tax alllocation report for 2006.  Is the
Net profit   each member the amount that I should enter on
Line 1, columns A & B  (Partnersip income((loss)  )on the
NJK1?  Liz

NO! You do not include any expenses when you calculate NJ income. To get the number for the NJK-1, look at the federal K-1. Add the numbers in boxes 1 through 6a, 7 through 9a, 10 and 11. Also add in any amounts in 18, code "A", and 18, code "B" if they are taxable to NJ. (Note: Most of the lines mentioned above will be empty, I've included them just to be complete.)

 

Ira Smilovitz

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