Form Instructions 1041 (Schedule K-1) Elizabeth New Jersey 2023-2025

Form Instructions 1041 (Schedule K-1) Elizabeth New Jersey: What You Should Know

Special Needs Trust (New Jersey) 2022 NJ Income Tax Fiduciary Return, form NJ-1041 Instructions for Form NJ-1041 are also located in GIT-9P See below. If the estate or trust did not receive a Schedule NJK-1, enclose a copy of the federal Schedule K-1 and complete Reconciliation Work sheet A contained in GIT-9P 2022 New Jersey Income Tax Fiduciary Return, form NJ-1041 June 1, 2025 — Filing Form NJK-1 for Beneficiary's Share of Property, GIT-9P If any of the following applies, complete Form NJ-1041: The beneficiary is under 18 years of age (except for a trust) The beneficiary is not receiving a gross income equal to the applicable exclusion amount on a regular basis for a non-taxable term (for example, a year or less) The beneficiary has a severe and long-term physical or mental impairment, that renders one unable to comply with a substantial majority of the trust's rules and requirements, that may substantially limit their ability to maintain an interest in property or income, or otherwise makes it economically impracticable to do so The beneficiary has a mental health or medical condition for which medication is prescribed and has not had a mental health evaluation or other appropriate professional diagnosis and that has rendered the beneficiary incapable of complying or may render the beneficiary incapable of complying with the trust's rules and requirements or otherwise making it economically impracticable to do so The beneficiary is an individual age 60-69 who was dependent on the beneficiary or with the beneficiary for substantial support in the year of death Note If, under a section 6014 release, the estate or trust is not required and the beneficiaries are able to meet the requirements for a surviving spouse to file the Federal Estate Tax Return This form will not be filed. This is done as directed in the Federal Tax Release instructions, to provide for a special needs trust for a minor beneficiary. The beneficiary must be between ages 18 and 71 at the time of death and also meet the requirements of one of the following: Disability, Income Support 2022 Form NJ-1041 Instructions for Form NJ-1041 are also located in GIT-9P See below.

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