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Screen NJK1 - New Jersey Shareholders' Share of Income and Deductions (1120)

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Schedule K and K-1 Information

Taxes paid on behalf of shareholders, for Schedules A and K
The amount entered in this field is added to tax amounts from Form CBT-100S, Schedule H to complete both Form CBT-100S, Schedule A, and Form CBT-100S, Schedule K, Part II.
Tax-exempt interest
The application transfers tax-exempt interest to this statement. Use the location codes listed in the drop-down list and in the table that follows to code the source of the tax-exempt interest. To exclude an item from the state return, delete the amount or the entire line item from the statement. The application displays the modified column in black and will not overwrite the new data with subsequent federal-to-state data transfers.
Location Code
Description
Destination
I
New Jersey tax-exempt interest (default)
Form CBT-100S, Schedule K, Part II, lines 2k and 6a
O
Out-state tax-exempt interest
Form CBT-100S, Schedule K, Part II, line 2k
NJ AAA / Non-NJ AAA beginning bal, if different from amounts entered in View > Shareholder Information
Enter amounts for New Jersey and non-New Jersey AAA beginning balances if not entering them in Shareholder Information. The application multiplies these amounts by each shareholder’s ownership percentage. Non New Jersey AAA amounts apply only to nonresident shareholders with non-New Jersey income.
note
The application ignores an amount entered here if there's a corresponding amount entered for any shareholder in Shareholder Information.
The application uses the amounts in these fields to calculate Form CBT-100S, Schedule K, Part IV-A and Schedule NJ-K-1, Part III. The New Jersey AAA column uses 100 percent of income for resident shareholders and New Jersey apportioned income for nonresident shareholders. You need to have a nonresident shareholder and data in apportionment schedule for the Non New Jersey AAA column to calculate.
New Jersey / Non-New Jersey other reductions
Other reduction items transfer into this statement from the federal return. Use the following codes to allocate other reduction items between New Jersey and non-New Jersey. Non-New Jersey other reductions apply only to nonresident shareholders with non-New Jersey income. To exclude an item from the state return, delete the amount or the entire line item from the statement. The application displays the modified column in black and will not overwrite the new data with subsequent federal-to-state data transfers.
The application also automatically includes amounts from Form CBT-100S, Schedule H taxes that have been coded as in-state or out-state location (code I or O) and income tax class (code FT).
Location Code
Desc.
Resident Destination
Nonresident Destination
I
In state (default)
New Jersey AAA column of Form CBT-100S, Schedule K, Part IV-A, and New Jersey AAA column of Form CBT-100S, Schedule NJ-K-1, Part III
New Jersey AAA column of Form CBT-100S, Schedule K, Part IV-A, and New Jersey AAA column of Form CBT-100S, Schedule NJ-K-1, Part III
O
Out state
New Jersey AAA column of Form CBT-100S, Schedule K, Part IV-A, and New Jersey AAA column of Form CBT-100S, Schedule NJ-K-1, Part III
Non-New Jersey AAA column of Form CBT-100S, Schedule K, Part IV-A, and Non-New Jersey AAA column of Form CBT-100S, Schedule NJ-K-1, Part III
The application uses the amounts in these fields to calculate Form CBT-100S, Schedule K, Part IV-A and Schedule NJ-K-1, Part III. The New Jersey AAA column uses 100 percent of income for resident shareholders and New Jersey apportioned income for nonresident shareholders. There must be a nonresident shareholder and data in apportionment schedule for the Non New Jersey AAA column to calculate.
New Jersey E&P beginning balance
Enter an amount for New Jersey E&P beginning balance if not entering it in Shareholder Information. The application multiplies this amount by each shareholder’s ownership percentage.
note
If there's a corresponding amount entered for any shareholder in Shareholder Information, the application ignores an amount entered here.

Schedule K Liquidate Information

Corporation completely liquidated during taxable year
Enter
X
 if this is a final return for an S corporation which was completed liquidated during the taxable year. If this field is marked
X
, Schedule K Liquidate calculates rather than Schedule K.
Short-term gain or (loss) from disposition of assets in complete liquidation / … / Non-operational income or (loss) on disposition of assets in complete liquidation
Enter the portion of certain gains and losses which are attributable to the disposition of assets in the complete liquidation of the S Corporation.
New Jersey CBT reported on CBT-100S
Enter the portion of the New Jersey CBT tax which is attributable to the disposition of assets in the complete liquidation of the S Corporation.

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