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Solved

Which K-1 should a beneficary use?

Forum|Forum|2 years ago
March 6, 2024
2 replies
0 views

The really feels like a silly question, because the answer seems obvious, BUT, I want to be sure...

I will be distributing (to myself and brother as beneficiaries)...

Federal K-1 (from 645 joined estate/trust to 2 beneficiaries)

NJK-1s from Estate (to 2 non-NJ-resident beneficiaries)

NJK-1s from Trust (to 2 non-NJ-resident beneficiaries)

The federal K-1 has all details of distributed income... Interest, Dividends, etc.

The NJK-1s have one number each (Net income from estate/total distribution)

I believe for our individual FEDERAL and STATE 1040 returns, we use data from only the Federal K-1 received as a beneficiary (and ignore the NJK-1s)... is this correct?

Thank you for your patience and help!!

Best answer by PatriciaV

Yes. In general, the state Schedule K-1 has no additional information needed for your state tax return. However, as you work through the state interview, be sure you answer any additional questions that may refer to the state K-1.

PatriciaVAnswer

Employee

Yes. In general, the state Schedule K-1 has no additional information needed for your state tax return. However, as you work through the state interview, be sure you answer any additional questions that may refer to the state K-1.

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davidssonAuthor

Thank you for the answer.

Just to be clear...

There is no NJ based income.

- I use the federal K1 for my federal and home state returns... got it.

- I don't do anything with the NJK1 received from the estate/trust (I don't need to file a personal return/anything in NJ)? Is that correct?

Thank you again!!

Employee

Yes, you are correct. If the NJK1 reports no income sourced in New Jersey, you do not need to file a New Jersey non-resident return.

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davidssonAuthor

One of the beneficiaries resides in Florida.

Since there is no state income tax in Florida, they don't have to file in FL or NJ?

Correct?