Resident trusts with no New Jersey income (1041)
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Hide expandable textNew Jersey resident trusts that have no New Jersey source income and all nonresident fiduciaries are exempt from taxation. If the trust should be taxed, mark the Resident estate / trust with New Jersey tax nexus field on the NJGen screen and a tax will calculate.
When the trust is exempt, Onvio Tax generates a diagnostic stating to attach the statement certifying the trust’s exempt status . Per the state, the exempt statement is a document written by the fiduciary attesting to its exempt status – there is no form or certificate of exemption. The statement can be attached to the return or entered in the General footnote on the NJGen screen.
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