Schedule NJ-BUS-1 (Form NJ-1040), the New Jersey Gross Income Tax Business Income Summary Schedule for 2024, is issued by the NJ Division of Taxation. It lists your net profit from businesses, your share of partnership and S corporation income, and your net income from rents, royalties, patents and copyrights, then points each total to a line of Form NJ-1040. On this page you can fill out the form online on FillingPDF and download or print the completed PDF; the Division of Taxation publishes the original PDF and its instructions.
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What is NJ-BUS-1?
Schedule NJ-BUS-1 (Form NJ-1040), Business Income Summary Schedule, is the New Jersey Gross Income Tax schedule for 2024 on which a filer lists income from businesses, partnerships, S corporations, and rents, royalties, patents and copyrights, and totals each category for Form NJ-1040.
The schedule has four parts, each with its own list of up to three entries and a total on line 4:
- Part I, Net Profits From Business: business name, Social Security Number or Federal EIN, and profit or (loss). The total goes on line 18 of Form NJ-1040.
- Part II, Distributive Share of Partnership Income: partnership name, Federal EIN, share of partnership income or (loss) and share of Pass-Through Business Alternative Income Tax. The line 4 total goes on line 21 of Form NJ-1040.
- Part III, Net Pro Rata Share of S Corporation Income: S corporation name, Federal EIN, pro rata share of income or (usable loss) and share of Pass-Through Business Alternative Income Tax. The line 4 total goes on line 22.
- Part IV, Net Gains or Income From Rents, Royalties, Patents, and Copyrights: type of property, source, identification number and income or (loss). The line 4 total goes on line 23.
In Parts II and III, line 5 totals the share of Pass-Through Business Alternative Income Tax, which the form says to include on line 63 of Form NJ-1040. The schedule is not the return itself: Form NJ-1040 is the return that receives these totals, and the schedule carries its name in the header. It tells you to keep a copy for your records.
Who needs to file NJ-BUS-1?
Taxpayers who report income of the kinds listed on Form NJ-1040 and need to summarize it on this schedule use it. Each part is for one situation, so you complete only the parts that match your income:
- Part I: you have net profit or loss from one or more businesses.
- Part II: you receive a distributive share of income or loss from one or more partnerships.
- Part III: you receive a pro rata share of income or usable loss from one or more S corporations.
- Part IV: you have net gains or net income, less net loss, from rental real estate, royalties, patents or copyrights.
Each part has room for three entries. The name and Social Security Number at the top must be those shown on Form NJ-1040, so a joint filer should check how the names appear on the return. The schedule prints no income thresholds, filing requirements or signature block, and it does not say who may complete it for someone else; refer to the instructions the form points to and to the Division of Taxation's Forms and Instructions page for those questions.
When to file NJ-BUS-1
Schedule NJ-BUS-1 has no due date of its own: it supports Form NJ-1040 for the 2024 tax year, so you complete it when you prepare that return and its totals go to lines 18, 21, 22, 23 and 63 of the return. Any filing deadline or extension rule is the one that applies to Form NJ-1040, which the Division of Taxation publishes on its Forms and Instructions page. The form asks you to keep a copy of the completed schedule for your records, so make that copy when you finish it.
How to fill out NJ-BUS-1
Enter your name and Social Security Number
At the top, write your name(s) exactly as shown on Form NJ-1040 and your Social Security Number.
List businesses in Part I
On lines 1 to 3, enter each business name, its Social Security Number or Federal EIN, and its profit or (loss). Put losses in parentheses.
Total Part I and carry it over
On line 4, add lines 1, 2 and 3. Enter the total on line 18 of Form NJ-1040; if it is a loss, make no entry on line 18.
List partnerships in Part II
On lines 1 to 3, enter each partnership name, its Federal EIN, your share of partnership income or (loss) and your share of Pass-Through Business Alternative Income Tax.
Total Part II, lines 4 and 5
Line 4 adds the income or (loss) column; enter it on line 21 of Form NJ-1040, with no entry if it is a loss. Line 5 adds the Pass-Through Business Alternative Income Tax column; include it on line 63 of Form NJ-1040.
List S corporations in Part III
On lines 1 to 3, enter each S corporation name, its Federal EIN, your pro rata share of income or (usable loss) and your share of Pass-Through Business Alternative Income Tax.
Total Part III, lines 4 and 5
Line 4 adds the income or (usable loss) column; enter it on line 22 of Form NJ-1040, with no entry if it is a loss. Line 5 adds the Pass-Through Business Alternative Income Tax column; include it on line 63.
Describe rents and royalties in Part IV
For each of lines 1 to 3, enter the Type number (1 rental real estate, 2 royalties, 3 patents, 4 copyrights) and the source of income or loss. For rental real estate, give the physical address of the property.
Add identification and income in Part IV
Enter the Social Security Number or Federal EIN and the income or (loss) for each source, as net gains or net income less net loss.
Total Part IV and carry it over
On line 4, add lines 1, 2 and 3 and enter the total on line 23 of Form NJ-1040. If it is a loss, make no entry on line 23.
Review and download the completed PDF
Check that names, numbers and totals match Form NJ-1040, then download or print the completed PDF from FillingPDF and keep a copy for your records.
How to submit NJ-BUS-1
The schedule prints no mailing address, portal or appointment rule of its own. It is a schedule of Form NJ-1040, so it goes through the same channels as the NJ-1040 return whose lines it supports.
- With the return: use the filing channels the NJ Division of Taxation gives for Form NJ-1040. Its Forms and Instructions page is at https://www.nj.gov/treasury/taxation/forms/, and the Division's site also lists filing electronically and paying tax.
- Your records: the form says to keep a copy of the schedule.
Before you send anything, check that the totals on line 4 (and line 5 in Parts II and III) match the lines of Form NJ-1040 where you entered them. FillingPDF lets you fill out and download the PDF; submission follows the Division of Taxation's channels for the return.
Common mistakes to avoid
- Entering a net loss on line 18, 21, 22 or 23 of Form NJ-1040; the form says that if the line 4 total is a loss, you make no entry on that NJ-1040 line.
- Entering a loss figure in Part III instead of the pro rata share of S corporation income or (usable loss) that the column asks for.
- Leaving out the Pass-Through Business Alternative Income Tax total from line 5 of Part II or Part III, which the form says to include on line 63 of Form NJ-1040.
- Omitting the physical address of the property in Part IV when the source of income is rental real estate.
- Leaving the Type column in Part IV blank instead of entering the number from the list: 1 rental real estate, 2 royalties, 3 patents, 4 copyrights.
- Entering a name or Social Security Number at the top that differs from Form NJ-1040.
- Omitting the Federal EIN of a partnership or S corporation, or the Social Security Number or Federal EIN of a business, in the identification column.
- Forgetting to keep a copy of the completed schedule, which the form tells you to do.
Frequently asked questions
What is Schedule NJ-BUS-1 (Form NJ-1040)?
It is the New Jersey Gross Income Tax Business Income Summary Schedule for 2024. It lists business profit or loss, partnership and S corporation shares, and rental, royalty, patent and copyright income, and gives a total for each to enter on Form NJ-1040.
Is Schedule NJ-BUS-1 the same as Form NJ-1040?
No. Form NJ-1040 is the return; Schedule NJ-BUS-1 is a schedule of it. The schedule summarizes four kinds of business-related income and sends the totals to lines 18, 21, 22 and 23 of the return, and the pass-through tax totals to line 63.
Where do the totals from Schedule NJ-BUS-1 go on Form NJ-1040?
Part I line 4 goes on line 18, Part II line 4 on line 21, Part III line 4 on line 22 and Part IV line 4 on line 23. The line 5 totals of Parts II and III, the Pass-Through Business Alternative Income Tax, are included on line 63.
What do I enter if a part of the schedule shows a loss?
Make no entry on the matching line of Form NJ-1040. The form says so for line 18 (Part I), line 21 (Part II), line 22 (Part III) and line 23 (Part IV). Still list the loss in parentheses on the schedule itself.
What goes in the Type column in Part IV?
Enter the number from the form's list: 1 for rental real estate, 2 for royalties, 3 for patents, 4 for copyrights. For rental real estate, the source column asks for the physical address of the property.
Where do I send Schedule NJ-BUS-1?
The schedule prints no address or portal of its own. Because it belongs to Form NJ-1040, you use the channels the NJ Division of Taxation gives for that return, listed through its Forms and Instructions page at nj.gov/treasury/taxation/forms.
Can I fill out Schedule NJ-BUS-1 online?
You can fill out the PDF online on FillingPDF and download or print it. FillingPDF is an independent service, not the NJ Division of Taxation, and does not file or send the schedule; you submit it with your return through the Division's channels.
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