Question

NJK-1 income allocation

Forum|Forum|1 year ago
March 5, 2025
1 reply
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I'm an NJ resident and received a K-1 (from my father's finalized estate which would require filing a 1041).

I was able to input the K-1 into the federal portion of turbotax fine, but arriving at the NJ portion, it asks to enter income from the trust/estate as well as the NJ source amount (see image 1).

I'm not too sure what amounts I should be entering in which box. The Note says to subtract the excess deductions as shown on box 11 - but there is nothing listed there (see image 2). Do i just leave it blank? Or do I enter 1,749 (from box 5) in both lines?
Thanks in advance.

TurboTax Premier Online

IsabellaG

Employee

Did you receive a NJ -1041 K-1 for the estate? If so, enter the amounts as shown on the state K-1. If you didn't, check that you didn't, and you will go on to the next topic. You will be taxed on all of the income from the estate, which includes the amounts from box 1, box 4 and box 5.

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