NJ BAIT

Forum|Forum|5 years ago
March 15, 2021
2 replies
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how to i elect to utilize the NJ BAIT(business Alterative income tax) program on an S corp tax return?

TurboTax Business Windows

SS46T

I have the same question. I can't find the field to report NJ BAIT payment made by S.Corp for its owner in Business Tax Return

ZoltanB45

That payment would be made here Pass Thru BAIT as you may have already done, so there is no entry needed in the business return. It would be recorded on the individual return.

SS46T

Thanks very much for your reply. Mine is single member SCorp. The NJ BAIT tax payment is made by SCorp after registering at NJ Pass Thru BAIT.

However as the BAIT enables owners of PTEs to reduce their federal taxable income by remitting this entity-level tax on its New Jersey-sourced income, where in 1120S this payment should be shown? As State Taxes paid?

JoeS7

I am preparing a return for an LLC and it is a lower tier partnership. I filed the NJ Bait Election and Paid the BAIT Tax. Does 2022 Turbo Tax for Business provide for an NJ PTE -100 and NJ PTE K-1? I could not find them in Forms.