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I have a NJ 1065 to prepare. Do contributions and the LLC…

I have a NJ 1065...
I have a NJ 1065 to prepare. Do contributions and the LLC fee for NJ go on any specific lines?
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Answered in 6 minutes by:
3/8/2018
Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®, CERTIFIED FINANCIAL PLANNER ®, Professional
Category: Tax
Satisfied Customers: 2,755
Experience: IRS Licensed Enrolled Agent, CDFA ® CFP ®, MBA
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Hi Vito!

The LLC will go on line 14 of Form 1065..

The contributions are not taxable but generally are reported on Schedule L, depending on the contribution.

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Please let me know your follow up questions.

Thank you.

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Customer reply replied 5 months ago
I meant the contribution and LLC fees were paid from the LLC checking account.Do they get listed as an expense on the forms if so where

Line 14 of the 1065 is where you deduct "Taxes and licenses " fees paid by the LLC

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Customer reply replied 5 months ago
are contributions deductible?

Contributions are not deductible. Contributions add to the partners basis.

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Customer reply replied 5 months ago
thank you very much

Not a problem Vito!

Please let me know if you have any additional questions.

Have a great day

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Customer reply replied 5 months ago
is the LLC based on income or just the fee to operate in NJ?

The LLC fee for NJ?

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The state of New Jersey, Department of the Treasury, Division of Revenue, requires LLCs to file a NJ annual report each year by their filing date anniversary.

The filing fee is $50. New Jersey LLCs also have to pay Department of Revenue tax fees. NJ LLC tax fees are $125 a member

Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®, CERTIFIED FINANCIAL PLANNER ®, Professional
Category: Tax
Satisfied Customers: 2,755
Experience: IRS Licensed Enrolled Agent, CDFA ® CFP ®, MBA
Verified
Chad EA, CDFA®, CFP® and 87 other Tax Specialists are ready to help you
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Customer reply replied 5 months ago
Chad besides the LLC fee is there a per partner fee or a fee due with the return?

No there is not.

There is the annual fee which NJ charges every year (for the privilage of doing business in NJ) and the initial filing fee. After that, there are no additional per partner fee. One fee annual for the whole LLC

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Customer reply replied 5 months ago
is that paid with the return or is it mailed to the partners later in the year?

Those fees are paid separately from the return.

Usually, you pay the $50 (most the time it is more) when you file to be a LLC.

Then annually, you have to pay the other fee, usually online, but separate from tax filing

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The state should mail the fee to the partners, but doesn't always do so.

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Customer reply replied 5 months ago
thnka you very much
Customer reply replied 5 months ago
why does the NJ return indicate fees are $150 per partner for a total of $300

What form? I'm not aware of the per partner fee, but it is possible

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I see what you are talking about

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Customer reply replied 5 months ago
NJ1065 Line 1A

First

  • The $150/partner fee is not to exceed $250,000 for each partnership with more than 2 partners:

Then line 1a

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Most states have the members pay this fee separately and it's not per member. Welcome to doing business in NJ....

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This is in the instructions:

"Any entity classified as a partnership for federal income tax purposes, other than an investment club, that has any income or loss derived from New Jersey sources and that has more than two owners is required to make a payment of a filing fee of $150 for each owner of an interest in the entity up to a maximum of $250,000. "

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You are correct, they have built the fee into the return....

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I will be walking into a meeting with a client. I will respond when I come back.

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