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Fixed Assets and UltraTax CS 2023 help is now on Help and Support. We're still moving articles, but you can find most content for the 2023 tax year there. Continue using the Help & How-To Center for tax years 2022 and older.

If a New Jersey Schedule K-1 was prepared for a partner/shareholder in the application, the Schedule K-1 information will datashare into the individual return and the net income calculated under New Jersey law will be entered in the Net income from New Jersey K-1 or worksheet supplied by taxpayer field on Screen NJK1. A code 1 is entered in the Source of New Jersey K-1 income field. Additional information may also datashare to Screen NJK1Wrk for GIT-9S/9P worksheet calculations. However, if the taxpayer received a New Jersey Schedule K-1 they are required to use the reported net income amount on the K-1 rather than using the worksheet to calculate NJ net income. Therefore, if a New Jersey Schedule K-1 is data shared into the individual return, no further data entry is required.  

If the partnership or S corporation return was not prepared in the application, or the New Jersey K-1 was not attached to the return, follow the data entry steps in 1040-NJ: Reporting of New Jersey K-1 income. 

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