Question: Using FreeTaxUSA for NJ filing + LLC income

dubbac26
dubbac26 Member Posts: 1 Newcomer
in Income

Hey Folks,

Main Question: How to you use FreeTaxUSA for NJ State Tax Filing?

  • Specifically when dealing with LLC income and expenses

Context:

  • I'm using FreeTaxUSA to file Federal and State (NJ) taxes
    • I've used many times before
  • The difference this time is that I'm also doing my Single Member LLC taxes
  • Federal taxes have been completed.
  • Now I am working on State (NJ) taxes.

Questions:

  • Where should I include my LLC income?
    • It appears that only my W2 income was ported over from federal filing.
    • Do I manually add my LLC income?
  • Where do I deduct my business expenses?

Screenshots: 

https://imgur.com/a/ZBHfnVz
Tagged:

Comments

  • rachels
    rachels FreeTaxUSA Agent Posts: 110

    Hi dubbac26,

    The information you enter in the federal part of your account, under the "Income" tab, for your LLC will automatically carry over to the state portion of your account for you. If you have NJ-specific adjustments to make to the business income, you would go to State > New Jersey Business Adjustments. If you answer "yes" to the question on that screen, the next screen will ask about business adjustments for your NJ tax return.

    Otherwise, if you just need your federal Schedule C information to carryover to your NJ return, you don't need to do anything else.

    That information from your federal Schedule C will be reported on your Schedule NJ-BUS-1. Please note that NJ instructions state, "A net loss cannot be reported as such on your New Jersey tax return. If you have a net loss on Schedule NJ-BUS-1, make no entry on the line for reporting net profits from business." In other words, if you have a business loss for the year, your information will still appear on Schedule NJ-BUS-1, but your NJ-1040, line 18 will not show the loss.

     https://www.nj.gov/treasury/taxation/njit11.shtml

Categories