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Susan18
Level 1
October 30, 2023
Solved

New Jersey Partnership PTET

I have a New Jersey LLC with 2023 real estate tax gain - all partners are non-residents. 2022 was first filing year.  I need help determining if  NJ has a  PTET option for the partnership to make 2023 ES payments that can then be used by  individual partner to off-set NJ tax when each non-resident partner files a NJ 2023 individual return.   

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sjrcpa
sjrcpaAnswer
Level 15
October 30, 2023

NJ does have PTET. EDIT: They call it BAIT.

The rate is higher than the nonresident withholding rate.

The more I know the more I don’t know.
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1 reply

sjrcpa
sjrcpaAnswer
Level 15
October 30, 2023

NJ does have PTET. EDIT: They call it BAIT.

The rate is higher than the nonresident withholding rate.

The more I know the more I don’t know.
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