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Notifying State of NJ about distribution of 1099s as Nominee?

Forum|Forum|2 years ago
February 18, 2024
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I'm finally ready to distribute (using Efilemyforms), but don't want to miss anything...

The Estate and Trust I am settling (as Executor and Trustee) are located in NJ.

My address on the 1099s as Executor/Trustee is in PA.

I will be filing the 1041 (sec. 645) to the IRS and state of NJ.

Do I need to have the state of NJ somehow identified on the 1099s?

Is there anything else I need to do to inform/communicate with NJ (the Will was probated and L4 filed 5 months ago, no estate taxes) about the income/taxes?

Thanks in advance!!

Best answer by DianeW777

No, you do not need to have New Jersey (NJ) identified on the 1099s. Your address does not affect the reporting of the income on the Form 1041. If a NJ 1041 does not meet the filing requirements there is nothing to do for NJ.

Filing Requirements for NJ 1041:

The fiduciary of every resident estate or trust must file a New Jersey Gross Income Tax Fiduciary Return (Form NJ-1041) if gross income, before exemptions or deductions, was more than $10,000 (prorated for the number of months covered by a part-year return) during the tax year. A resident estate or trust is not subject to New Jersey tax if it:

• Does not have any tangible assets in New Jersey;

• Does not have any income from New Jersey sources; and

• Does not have any trustees or executors in New Jersey.

However, the fiduciary must file Form NJ-1041 for such estate or trust, enclose a statement certifying that the estate or trust is not subject to tax, and check the box on line 27.

2023 NJ-1041 Instructions

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davidssonAuthor

Bump.

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