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Schedule D-1 (1041 Form) 2022-2023 for New Jersey: What You Should Know

Federal deadline is April 18 for all estates and trusts. 2021 NJ-1041 Instructions — NJ.gov Note that the estate or trust has no obligation to submit a tax return if there is no federal tax payable, or if there is no federal tax payable less than 20 percent of the taxpayer's tax liability to the federal government. 2021 Instructions for Form 1041 and Schedules A, B, G — IRS Enter “No due date” on the line “No tax payable” on Schedule K-1. The estate or trust is not obligated to file a joint return for an estate or trust that has no federal tax payable, but an estate or trust with no federal tax payable is subject to filing a joint return only if an estate or trust's return is required for any year to which it is entitled to have its federal income tax and federal estate and gift tax imposed and paid to the same extent and in the same manner as if both were due to the estate or trust on March 19 of each year. If the estate is required to file a joint return, there will be no joint return filing requirement with respect to any portion of the estate or trust that does not fall within the definition of “estate” or “trust.” If the estate or trust's income does not exceed the maximum amount exempt from federal income tax, but does exceed the maximum amount subject to federal estate tax, or if the estate or trust has any net amount that is distributed to a qualified charitable organization by the decedent, and if the qualified charitable organization elects to receive such distributions without regard to its eligibility for a deduction from the gross income to which the aggregate of all qualified charitable organizations' distributions exceeds the estate tax exemption threshold, no portion of the net amount is required to be reported on Schedule K-1 for that taxable year if the qualified charitable organization is eligible to deduct its contribution under section 170(b), section 170(g), or section 170(i) (but not both). For more information on the application of section 170 to the case of an estate or trust, refer to Rev. Run. 88-17, 1988-1 C.B. 39. For information on the application of section 170 to the case of an estate and trust, refer to Rev. Run. 2006-26, 2006-20 I.R.B. 1 (2006-4 C.B. 658).

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