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Form 1041 (Schedule I) for New Jersey: What You Should Know

That is,  Form NJK-1 for this report would appear on line 23 of Schedule NJK-1. 2021 New Jersey Gross Income Tax Fiduciary Return, Form — NJ.gov If taxable income is 55,000 or less, the Estate or Trust should use the tax rate schedule . That is, Form NJK-1 for this report would appear on line 23 of Schedule NJK-1. New Jersey Taxation of Unearned Income: New Jersey Taxation of unearned taxable income consists of the gross income from a trust or an estate, subject to the annual rate of income tax of 4.05% plus 3.7% of the amount of income from a trust or estate with respect to which income tax or additional tax or both was paid to a state as a fee, assessment, or similar tax after payment. Income from a trust or estate without an amount subject to income tax is exempt from state tax (N.J.S.A. 20:22-23). If the income of a trust or estate exceeds 30,000 a year, the amount of income subject to tax must be limited to income derived from the principal residence and the gross income derived from the residence is subject to tax at the maximum taxable rate of 4.05% plus 3.7%. The gross income derived from the residence is also subject to tax at the maximum taxable rate of 4.05% plus 3.7% of an amount subject to tax of 30,000 or less on any part of which is subject to tax at that rate. The gross income from the residence also may be subject to additional income tax, such as personal property tax, at a rate of 4.05% per gross dollar. If income derived from the residence exceeds 30,000 per year and the gross income from the residence exceeds 50,000 a year in any calendar year, the income subject to tax is limited to gross income derived from the principal residence and from a residence without any part of which is subject to income tax.

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