New Jersey K-1 (NJ-1065) reports a partnership's share of income, deductions, and state adjustments for New Jersey tax purposes. This includes specific New Jersey tax attributes such as modifications for certain types of income (e.g., gains from sale of New Jersey lottery prizes), adjustments for interest on federal obligations, and various state-specific deductions and credits. The distinct layouts and extensive footnotes often found across these forms, which can vary by preparer and software, often lead to time-consuming manual reviews for tax professionals. Abacus resolves this by precisely extracting all pertinent fields from New Jersey K-1 (NJ-1065) PDFs and normalizing them into standardized Excel workbooks. This process meticulously handles federal and state add-backs, applicable tax credits, and detailed ownership information, ensuring a clean and efficient import directly into leading tax preparation software like CCH or GoSystem.
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