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NJ-1041SB New Jersey

2021 Income Tax Fiduciary Return
Electing Small Business Trust
For Tax Year January 1, 2021 – December 31, 2021
5-F
Or Other Tax Year Beginning , 2021, Ending , 20

Check this box if application for federal extension is attached or enter confirmation number
Federal Employer Identification Number Name of Trust

Name and Title of Fiduciary
Residency Status
Resident Trust
Nonresident Trust Address of Fiduciary (Number and Street or Rural Route)

City, Town, Post Office State ZIP Code

Part I – S Corporation Income

1. Net pro rata share of S corporation income (Attach Schedule(s) NJ-K-1). (If loss enter zero).......................... 1.

2. Net gain or loss from disposition of S corporation’s assets ............................................................................... 2.

3. Net gain or loss from disposition of S corporation stock.................................................................................... 3.

4. Net gain from disposition of property (Combine line 2 and line 3). (If loss enter zero) ...................................... 4.

5. Taxable S corporation portion of income (Add line 1 and line 4) ....................................................................... 5.

6. Tax due on S corporation portion of income ...................................................................................................... 6.
7. Credit for income taxes paid to other jurisdictions on S corporation portion of income (From Part I,
Schedule E, line 59) .......................................................................................................................................... 7.

8. Balance of tax due on S corporation portion of income (Subtract line 7 from line 6) ........................................ 8.
Part II – ESBT Non S Corporation Income
Resident Trust: Complete Part II only if the ESBT has non S corporation income.
Nonresident Trust: Complete Part II only if the ESBT has non S corporation income from New Jersey sources.
In case of a net loss in any category, enter “0” for that category.

9. Interest..............................Tax-Exempt Interest ...................................................... 9.

10. Dividends .......................... Tax-Exempt Dividends ................................................... 10.

11. Net profits from business (From Part II, Schedule A, line 45)............................................................................ 11.

12. Net gains or income from disposition of property (From Part II, Schedule B, line 49) ....................................... 12.

13. Net gains or income from rents, royalties, patents, and copyrights (From Part II, Schedule C, line 52) ........... 13.

14. Distributive Share of Partnership Income (Enclose Schedule NJK-1) ............................................................... 14.

15. Net pro rata share of S Corporation Income (Enclose Schedule NJ-K- )1 .......................................................... 15.

16. Other Income – State Nature ........................... 16.

17. Gross Income (Add lines 9 through 16) If $10,000 or less, see NJ-1041 instructions....................................... 17.

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NJ-1041SB 2021 Page 2
Federal Employer Identification Number Name of Trust Name and Title of Fiduciary

18. Gross Income (From line 17) ................................................................................................................................ 18.
19. Distributions (From Part II, Schedule D line 54A) ................................................................................................. 19.
20. Total Income (Subtract line 19 from line 18) ......................................................................................................... 20.

20a. Nonresidents: NJ Income from Part II, Schedule G, line 11 .................. 20a.
21. Income Commissions ................................................................................... 21.
22. Exemption – Enter $1,000 (Part-year taxpayers, see instructions) .............. 22.
23. Health Enterprise Zone Deduction ............................................................... 23.
24. Total deductions and exemption (Add lines 21, 22, and 23) ................................................................................. 24.
25. Taxable Income (Subtract line 24 from line 20) .................................................................................................... 25.
NONRESIDENTS ONLY:
26. Tax on amount on line 25 (From Tax Rate Schedule) ................................... 26.
27. Income Percentage (Line 20a)
= %
(Line 20)

28. Tax
Residents (From Tax Rate Schedule)
Nonresidents (Multiply amount from line 26 x % from line 27) ............................... 28.
29. Credit for income taxes paid on non S corporation income (From Part II, Schedule E line 59) ........................... 29.
30. Balance of tax due on non S corporation portion of income (Subtract line 29 from line 28) ................................ 30.
31. Total tax due on S corporation and non S corporation income (Add line 8 and line 30) ...................................... 31.
32. Estimated payments/prior year credits and tax credits ........................................................................................ 32.
33. Tax paid by partnerships (Attach Schedule(s) NJK-1) .................................. 33.
34. Tax paid by partnerships and distributed (From Part II, Schedule D,
line 54C) ....................................................................................................... 34.
35. Balance of tax paid by partnerships (Subtract line 34 from line 33) ..................................................................... 35.
36. Pass-Through Business Alternative Income Tax Credit (Attach Schedule(s)
PTE-K-1) ....................................................................................................... 36.
37. Pass-Through Business Alternative Income Tax Credit Distributed (From
Part II, Schedule D, line 54D) ...................................................................... 37.
38. Balance of Pass-Through Business Alternative Income Tax Credit (Subtract line 37 from line 36) ..................... 38.
39. Total payments and credits (Add lines 32, 35, and 38) ......................................................................................... 39.
40. Balance of tax due (Subtract line 39 from line 31)................................................................................................ 40.
41. Overpayment ........................................................................................................................................................ 41.
42. Credit to 2022 tax ................................................................................................................................................. 42.
43. Refund .................................................................................................................................................................. 43.
Election Statement: I declare that this trust is a federal Electing Small Business Trust and consents to be taxed as a New Pay amount on line 40 in full.
Jersey Electing Small Business Trust for Tax Year 2021. Write federal ID number on
Under penalties of perjury, I declare that I have examined this return, including accompanying schedules and statements, check or money order and make
and to the best of my knowledge and belief, it is true, correct, and complete. If prepared by a person other than taxpayer, payable to:
this declaration is based on all information of which the preparer has any knowledge.
State of New Jersey–TGI
Division of Taxation
Signature of Fiduciary or Officer Representing Fiduciary Date Revenue Processing Center
SIGN HERE PO Box 648
Trenton, NJ 08646-0648
Signature of Preparer Other than Fiduciary Address Date Fed. ID No.

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NJ-1041SB 2021 Part II Schedules Page 3
Federal Employer Identification Number Name of Trust Name and Title of Fiduciary

Part II Net Profits List the type of business, address, and net profit (loss) from each business carried on individually
Schedule A From Business by the taxpayer. Enclose federal Schedule C or F.

Type of Business Address Net Profit (Loss)

44.

45. Total (Enter here and on page 1, line 11) (If loss, enter zero) .............................................................. 45.

List the net gains or income, less net loss, derived from the sale, exchange, or other
Part II Net Gains or Income From disposition of property including real or personal whether tangible or intangible as reported
Schedule B Disposition of Property on federal Schedule D.
(a) (b) (c) (d) (e) (f)
Kind of property and Date Date Gross Cost or other basis as Gain or (loss)
description acquired sold sales price adjusted (see instructions) (d minus e)
(Mo., day, yr.) (Mo., day, yr.) and expense of sale
46.

47. Capital Gains Distributions ................................................................................................................... 47.
48. Other Net Gains................................................................................................................................... 48.
49. Net Gains (Add lines 46, 47, and 48) (Enter here and on page 1, line 12) (If loss, enter zero) .......... 49.

Net Gains or Income From List the net gains or net income, less net loss, derived from or in the form of rents,
Part II Rents, Royalties, Patents, royalties, patents, and copyrights as reported on your federal income tax return. If you
Schedule C and Copyrights have passive losses for federal purposes, see instructions. Enclose federal Schedule E.
(a) (b) (c) (d) (e)
Kind of Property Net Rental Net Income Net Income Net Income
Income (loss) From Royalties From Patents From Copyrights

50.

51. Totals ........................................... (b) (c) (d) (e)
52. Net Income (Combine columns b, c, d, and e) (Enter here and on page 1, line 13) (If loss, enter zero) 52.

Part II Beneficiaries’ Shares of Income Enclose New Jersey Schedules NJK-1.
Schedule D
Distributions
Name and Address of Each Indicate Column D
Beneficiary Residency Social Security Number Column A Column B Column C Pass-Through
Status Total Income NJ Source Income Tax Paid by Business Alternative
Partnerships Income Tax Credit
53.

54. Total (Enter amount from line 54A on Part II, line 19)
(Enter amount from line 54B on Part II, Sched G, line 10)
(Enter amount from line 54C on page 2, line 34)
(Enter amount from line 54D on page 2, line 37) 54A. 54B. 54C. 54D.

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NJ-1041SB 2021 Schedules – Credit for Taxes Paid to Other Jurisdictions Page 4
Federal Employer Identification Number Name of Trust Name and Title of Fiduciary

Part I Credit For Income Taxes Paid To Other A copy of other state or political subdivision tax return must be
Schedule E Jurisdiction on S Corporation Income retained with your records
55. S corporation income actually taxed by other jurisdiction during tax year

(indicate name ) ............................................................................ 55.
(Do not combine the same income taxed by more than one jurisdiction.) Amount on line 55 cannot exceed amount on line 56.
56. S Corporation Income Subject to Tax by New Jersey. (From page 1, line 5) ........................................................... 56.
57. Maximum Allowable Credit (55) x =........................................... 57.
(Divide line 55 by line 56) (56) (NJ Tax on S Corporation Income,
page 1 line 6)
58. Income tax paid to other jurisdiction on S corporation income ................................................................................. 58.
59. Credit Allowed. (Enter lesser of line 57 or line 58 here and on page 1, line 7) ......................................................... 59.

Part II Credit For Income Taxes Paid To Other A copy of other state or political subdivision tax return must be
Schedule E Jurisdiction on Non S Corporation Income retained with your records.

55. Non S corporation income actually taxed by other jurisdiction during tax year

(indicate name ) ............................................................................ 55.
(Do not combine the same income taxed by more than one jurisdiction.) Amount on line 55 cannot exceed amount on line 56.
56. Non S Corporation Income Subject to Tax by New Jersey. (From page 2, line 20) .................................................. 56.
57. Maximum Allowable Credit (55) x =........................................... 57.
(Divide line 55 by line 56) (56) (NJ Tax on non S Corporation Income,
page 2, line 28)
58. Income tax paid to other jurisdiction on non S corporation income .......................................................................... 58.
59. Credit Allowed. (Enter lesser of line 57 or line 58 here and on page 2, line 29) ....................................................... 59.

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NJ-1041SB  2021                                                                                                                                                                        Page 5
 Federal Employer Identification Number    Name of Trust                                                                                     Name and Title of Fiduciary

 Part II                          Allocation of Business                 See instructions if other than Formula Basis of allocation is used.
 Schedule F                       Income To New Jersey                   Enclose Form NJ-NR-A with Form NJ-1041SB.

 Business Allocation Percentage (From Form NJ-NR-A)
 Enter below, the line number and amount of each item of business income reported on Form NJ-1041SB that is required to be allocated and multiply 
 by allocation percentage to determine amount of income from New Jersey sources.

        From Line No.              $                           x                                                                              % = $ 

        From Line No.              $                           x                                                                              % = $ 

 Part II                                                  New Jersey Non S Corporation Income of Nonresident Trust
 Schedule G
  Non S Corporation
  Income From           Net losses in one category cannot be applied against
                                                                                                                                                             New Jersey
  New Jersey            income in another. In case of a net loss in any
  Sources:              category, enter “zero” for that category.                                                                                            Income

  1. Interest............................................................................................................................... 1.
  2. Dividends ...........................................................................................................................   2.
  3. Net profits from business ...................................................................................................           3.
  4. Net gains or income from disposition of property ..............................................................                         4.
  5. Net gains or income from rents, royalties, patents, and copyrights ...................................                                  5.
  6. Distributive share of partnership income ...........................................................................                    6.
  7. Net pro rata share of S corporation income.......................................................................                       7.
  8. Other Income – State Nature                                                                                                             8.
  9.  Total Income From New Jersey Sources (Add lines 1 through 8) .................................                                         9.
  10. New Jersey source income distributed to beneficiaries (From Part II, Schedule D 
      line 54B)                                                                                                                              10.
  11. New Jersey income (Subtract line 10 from line 9). (Enter here and on Part II, line 20a)...                                             11.

  2021 New Jersey Tax Rate Schedule for Form NJ-1041SB

  Tax Rate for S Corporation Source Income               .1075

  Tax Rates for Non S Corporation Source Income:
                                           Step 1                Step 2                                                                             Step 3
                                           Enter Part II      Multiply Part II                                                                      Subtract                   Your Tax
  If Taxable Income (Part II, line 25) is:  Line 25           Line 25 by:
      Over            But not over
      $     0         $ 20,000                            x   .014       =                                                                    -      $                 0   =   
      $  20,000       $ 35,000                            x   .0175      =                                                                    -      $          70.00   =   
      $  35,000       $ 40,000                            x   .035       =                                                                    -      $        682.50   =   
      $  40,000       $ 75,000                            x   .05525     =                                                                    -      $     1,492.50   =   
      $  75,000       $  500,000                          x   .0637      =                                                                    -      $     2,126.25   =   
      $  500,000      $ 1,000,000                         x   .0897      =                                                                    -      $   15,126.25   =   
      $1,000,000        and over                          x   .1075      =                                                                    -      $   32,926.25   =

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Schedule NJK-1                                             New Jersey
 (Form NJ-1041SB)                                 Division of Taxation                                    2021
                                                  Beneficiary’s Share of Income
  For Calendar Year 2021 or Fiscal Year Beginning                   ,  2021 and Ending                , 20
 Part I                General Information

 Beneficiary Information                                      Trust Information
 Federal Identification Number                                Federal Identification Number

 Name                                                         Name of Trust

 Street Address                                               Name of Fiduciary

                                                              Street Address

 City                          State              ZIP Code    City                         State     ZIP Code

 Check Applicable Box                                         Check Applicable Box
                               Resident           Nonresident                              Resident  Nonresident

 Individual                                                    Trust                              

            Final NJK-1

            Amended NJK-1

 Part II               Beneficiary’s Share of Income

                               Total Distribution New Jersey Source         Tax Paid by Partnerships Pass-Through Business 
                                                  Income Distributed           and Distributed       Alternative Income Tax 
                                                                                                     Credit Distributed

  Net Income From Trust

                                                  This Form May Be Reproduced

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NJ-NR-A New Jersey Gross Income Tax
(5-21)
Business Allocation Schedule
Use this schedule if business activities are carried on both inside and outside New Jersey or
if business activities are carried on 100% outside New Jersey.
This form must be enclosed and filed with your New Jersey Income Tax return.
Enter name, address, and Social Security/federal employer identification number as shown on Form NJ-1040NR, Form NJ-1041, or Form NJ-1065.
Legal name of taxpayer Social Security Number/Federal EIN

Trade name of business if different from legal name above For the Tax Year Ending
(Month, Day, Year)
Address (number and street or rural route)

City or Post Office State ZIP Code

Section 1 – Business Locations
List all places both inside and outside New Jersey where business is carried on.
(d) Check One
(a) Street Address (b) City and State (c) Description of Business Location
Rent Own
1.
2.
3.
4.

Section 2 – Average Values
Average Values
Assets (See Instructions) Column A Column B
Everywhere New Jersey
1. Real Property Owned 1. 1.
2. Real and Tangible Property Rented 2. 2.
3. Tangible Personal Property Owned 3. 3.
4. Totals (Add lines 1–3 in each column) 4. 4.

Section 3 – Business Allocation Percentage
Average Values of Property:
1a. In New Jersey (From Section 2, column B, line 4) .............................................................. 1a.
1b. Everywhere (From Section 2, column A, line 4) .................................................................. 1b.
1c. Percentage in New Jersey (Divide line 1a by line 1b) ......................................................... 1c. %
Total Receipts From All Sales, Services, and Other Business Transactions:
2a. In New Jersey ...................................................................................................................... 2a.
2b. Everywhere.......................................................................................................................... 2b.
2c. Percentage in New Jersey (Divide line 2a by line 2b) ......................................................... 2c. %
Wages, Salaries, and Other Personal Compensation Paid During the Year:
3a. In New Jersey ...................................................................................................................... 3a.
3b. Everywhere.......................................................................................................................... 3b.
3c. Percentage in New Jersey (Divide line 3a by 3b) ................................................................ 3c. %
4. Sum of New Jersey Percentages (Add lines 1c, 2c, and 3c)............................................... 4. %
5. Business Allocation Percentage. (Divide the total on line 4 by 3; if less than 3 fractions,
see instructions) .................................................................................................................. 5. %

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NJ-1041SB Instructions

The New Jersey Electing Small Business Trust (ESBT) election. A federal Electing Small Business Trust makes an election to be
taxed as a New Jersey Electing Small Business Trust by filing a New Jersey Income Tax Fiduciary Return, Form NJ-1041SB, and sign-
ing the election statement at the bottom of the return.

S corporation portion of income. For the S corporation portion of income, the ESBT waives its right to claim a minimum
taxable income threshold, an exemption, deductions for distributions and for income commissions, and the Alternative Business Calcu-
lation Adjustment and consents to have all of the trust’s income taxed at the maximum tax rate in effect.

Non S corporation portion of income. For the non S corporation portion of income, the ESBT can claim a minimum taxable income
threshold if total income from the non S corporation portion, after distributions but before exemptions or deductions, is less than the
filing threshold. In addition, non S corporation income can be reduced by an exemption, and deductions can be taken for the distribu-
tions and income commissions sourced to the non S corporation portion income. The Alternative Business Calculation Adjustment is not
available for an ESBT.

Federal S corporation that did not make the New Jersey S election. If the trust has S corporation income earned outside New Jer-
sey from federal S corporations that did not make the New Jersey S election, or if the trust did not receive NJ-K-1(s), a Reconciliation
Worksheet B or Worksheet B – Liquidated must be completed to determine the trust’s reportable income for New Jersey Income Tax
purposes. Reconciliation Worksheet B and Worksheet B – Liquidated are contained in GIT-9S, Income From S Corporations.

Credit for taxes paid to other jurisdictions. A resident trust may be eligible for a credit for taxes paid to other jurisdictions if S cor-
poration income and the gain on disposition of the S corporation assets, and/or the non S corporation income were taxed by both New
Jersey and another jurisdiction. A credit is not allowed for any tax imposed by another jurisdiction on S corporation source income that
is allocated to New Jersey based on the corporation’s New Jersey allocation factor.

Separate credit calculations must be made for the S corporation portion of income using Part I, Schedule E, and for the non S corpora-
tion portion of income using Part II, Schedule E, and for each jurisdiction. Information on calculating the credit can be found in GIT-3B,
Credit For Taxes Paid to Other Jurisdictions (Business/Nonwage Income).

Part I Instructions
Line 1 – Net pro rata share of S corporation income
In case of a net loss, enter “0” on line 1. For Gross Income Tax purposes, interest paid on indebtedness incurred to purchase S corpo-
ration stock is not deductible by a shareholder.

Resident trust. Enter the total of pro rata share of S corporation income reported on the NJ-K-1(s) received from New Jersey electing S
corporation(s) or from the Reconciliation Worksheet B or Worksheet B – Liquidated prepared for the trust.

Nonresident trust. Enter the trust’s S corporation income allocated to New Jersey reported on the NJ-K-1(s) received from New Jersey
electing S corporation(s) or from the Reconciliation Worksheet B or Worksheet B – Liquidated prepared for the trust.

Line 2 – Net gain or loss from disposition of S corporation’s assets
Resident trust. Enter the total gain/loss from disposition of S corporation’s assets reported on the NJ-K-1(s) received from New Jersey
electing S corporation(s) or from the Reconciliation Worksheet B – Liquidated prepared for the trust.

Nonresident trust. Enter the trust’s net gain from disposition of S corporation’s assets allocated to New Jersey reported on the NJ-K-1(s)
received from New Jersey electing S corporation(s) or from the Reconciliation Worksheet B – Liquidated prepared for the trust. In case
of a net loss, enter “0” on line 2.

Line 3 – Net gain or loss from disposition of S corporation stock
Resident trust. Enter the net gain or loss from the disposition of S corporation stock and distributions in excess of the adjusted basis
of the S corporation stock. The gain or loss and taxable excess distribution must be determined using the New Jersey adjusted basis
of the stock. Information on calculating the New Jersey adjusted basis and the New Jersey gain or loss on disposition of S corporation
shares can be found in GIT-9S, Income From S Corporations.

Nonresident trust. Make no entry on line 3.

Line 4 – Net gain from disposition of property
Combine line 2 and line 3 and enter the net gain. In case of a net loss, enter “0” on line 4.

Line 5 – Taxable S corporation portion of income
Add line 1 and line 4.

Line 6 – Tax due on S corporation portion of income
Multiply line 5 by .1075.

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Line 7 – Credit for income taxes paid to other jurisdictions on S corporation portion of income (Resident Trust Only)
To determine the credit(s) allowed for income taxes paid to other jurisdictions on S corporation portion of income, complete Part I,
Schedule E.

Part I, Schedule E. A separate credit calculation must be made for each jurisdiction for which the resident trust is claiming a credit for
taxes paid on S corporation income and/or a gain from disposition of the S corporation’s assets.

A credit is not allowed for any tax imposed by another jurisdiction on S corporation income or on gain from disposition of the
S corporation’s assets allocated to New Jersey based on the corporation’s New Jersey allocation factor.

In calculating the credit, the income in the numerator, line 55, must be included in the denominator, line 56. The tax paid to the other
jurisdiction is limited to the tax actually paid to the other jurisdiction on the amount of income reported in the numerator. The New Jersey
tax amount used in the calculation on line 57 is limited to the New Jersey tax reported on Part I, line 6.

Total the credit(s) allowed from line 59 and enter the result on line 7. Include all credit calculations with the return.

Line 8 – Balance of tax due on S corporation portion of income
Subtract line 7 from line 6.

Part II Instructions – Non S Corporation Income
Part II lines 9–30 are for the reporting of non S corporation income, deductions, and credits.

A Resident Trust must complete Part II if it has non S corporation income.

A Nonresident Trust must complete Part II, and Part II, Schedule G, if it has non S corporation income from New Jersey sources,
whether or not distributed.

Complete applicable Part II Schedules and include with return. For line-by-line instructions, see the instructions for the Fiduciary Income
Tax Return, Form NJ-1041.

Line 19 – Distributions
Enter total distributions of non S corporation income from Part II, Schedule D, line 54A. Do not include distributions of S corporation
income reported in Part I.

Line 21 – Income Commissions
Enter income commissions paid or accrued and that are specifically related to the non S corporation gross income reported on Part II,
line 18. Do not include any income commissions paid or accrued on S corporation income reported in Part I.

Line 29 – Credit for income taxes paid to other jurisdictions on non S corporation income (Resident Trust Only)
To determine the credit(s) for income taxes paid to other jurisdictions on non S corporation portion of income, complete Part II,
Schedule E.

Part II, Schedule E. A separate credit calculation must be made for each jurisdiction for which the resident trust is claiming a credit for
taxes paid on non S corporation income.

Total the credit(s) allowed from line(s) 59 and enter the result on Part II, line 29. Include all credit calculations with the return.

Line 30 – Balance of tax due on non S corporation portion of income
Subtract line 29 from line 28.

Line 31 – Total tax due on S corporation and non S corporation income
Add line 8 and line 30.

Line 32 – Estimated payments/prior year credits and tax credits
Enter the total of estimated tax payments, prior year credits, and the Sheltered Workshop Tax Credit from Partnership or LLC and
include NJK-1 with return.

Line 33 – Tax paid by partnerships
Enter the tax paid by partnerships on behalf of a nonresident trust and tax distributed to a nonresident trust from a nonresident estate
or trust. Copies of the trust’s partnership NJK-1(s) (Form NJ-1065) and beneficiary NJK-1(s) (Form NJ-1041) must be included with the
return.

Line 34 – Tax paid by partnerships and distributed (Nonresident Trust Only)
Enter the amount from Part II, Schedule D, line 54C.

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Line 35 – Balance of tax paid by partnerships
Subtract line 34 from line 33.

Line 36 – Pass-Through Business Alternative Income Tax Credit
Enter the trust’s share of tax from the Schedule PTE-K-1 received from a pass-through entity, and the tax distributed to the trust from
the NJK-1 received from an estate or trust. Copies of the PTE-K-1(s) and beneficiary NJK-1(s) must be included with the return.

Line 37 – Pass-Through Business Alternative Income Tax Credit Distributed
Enter the amount from Part II, Schedule D, line 54D.

Line 38 – Balance of Pass-Through Business Alternative Income Tax Credit
Subtract line 37 from line 36.

Line 39 – Total payments and credits
Enter the total of lines 32, 35, and 38.

Lines 40 and 41
If line 39 is less than line 31, enter the balance due on line 40. If line 39 is more than line 31, enter the overpayment on line 41.

For information and instructions for calculating late penalties and interest and estimated tax payments, see the instructions for the
Fiduciary Income Tax Return, Form NJ-1041.

Line 40 – Balance of tax due
Enclose payment by check or money order payable to “State of New Jersey – TGI” and a completed payment voucher
(Form NJ-1041-V) and mail to: State of New Jersey–TGI, Division of Taxation, Revenue Processing Center, PO Box 648, Trenton, NJ
08646-0648.

Line 42 – Credit to 2022 tax
Enter amount of overpayment from line 41 you wish to credit to 2022.

Line 43 – Refund
Subtract line 42 from line 41.

Signature and Date
The return must be signed and dated by the individual fiduciary or by the authorized officer of the organization receiving, having custody
or control and management of the income of the trust, and having the authority to make the election.

Instructions for Schedule NJK-1 (Form NJ-1041SB)

A resident beneficiary is subject to New Jersey Income Tax on the ESBT’s net non S corporation income actually distributed or re-
quired to be distributed during the tax year.

A nonresident beneficiary is subject to New Jersey Income Tax on the ESBT’s net non S corporation income sourced to New Jersey
that was actually distributed or required to be distributed during the tax year.

Prepare a Schedule NJK-1 for each beneficiary using the information listed on Part II, Schedule D, Form NJ-1041SB. Include the
NJK-1(s) with Form NJ-1041SB.

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