Current through Register Vol. 56, No. 18, September 16, 2024
(a) Under
54A:1-1 et seq., information returns
which shall include the amounts paid to or credited to the accounts of all
recipients for any calendar year are required to be provided to the Director, New
Jersey Division of Taxation, by:
1. Payers of
interest and dividends, including banks, savings and loan associations, building and
loan associations, and savings banks; and
2. All payers including those who are required to
file Federal Form 1099 or any of the form 1099 designations, which shall include
lessees or mortgagors of real or personal property, fiduciaries, employers, and all
officers and employees of this State, or of any municipal corporation or political
subdivision of this State, having the control, receipt, custody, disposal, or
payment of interest, rents, salaries, wages, premiums, annuities, compensations,
remunerations, emoluments, or other fixed or determinable gains, profits, or income,
except interest coupons payable to bearer.
(b) Such information returns must be filed on or
before February 15 following the close of each calendar year, with the Division of
Taxation, PO Box 248, Trenton, NJ 08646-0248, if the amount paid or credited is $
1,000 or more.
(c) The requirements of
(b) above shall be satisfied by providing the Director with any of the following,
with preference in the order listed below:
1. A
copy of the electronically filed records provided to the Internal Revenue Service
(with the same specifications) in lieu of 1099 forms for the full calendar year,
edited to delete all listings of recipients of less than $ 1,000;
2. A copy of the electronically filed records
provided to the Internal Revenue Service (as in (c)1 above) without deleting
recipients of less than $ 1,000;
3.
Copies of all 1099 forms submitted to the Internal Revenue Service for the full
calendar year for amounts of $ 1,000 or more (either an additional carbon or
photocopy of the 1099 form); or
4.
Copies of all 1099 forms submitted to the Internal Revenue Service for the full
calendar year.
(d) Each
person required to report the proceeds from real estate transactions to the Internal
Revenue Service on Federal Form 1099-S (or any other form, which the Internal
Revenue Service may designate) pursuant to I.R.C. § 6045(e) is required to
submit all such reports to the Division of Taxation when the real estate being sold
or exchanged is partially or entirely located in New Jersey.
1. All information returns required by this
subsection must be filed on or before February 15 following the close of each
calendar year. Information returns attributable to real estate transactions must be
sent to: Division of Taxation, PO Box 445, Trenton, NJ 08695-0445, where the amount
paid or credited is $ 1,000 or more.
2.
If any person required to file information returns under this subsection is also
required to submit information returns pursuant to (b) above, such person shall send
the information returns attributable to real estate transactions to the address
specified in (d)1 above, and shall send all other information returns to the address
specified in (b) above.
(e)
The requirements of (d) above shall be satisfied by providing the Director with any
of the following, with preference in the order listed below:
1. A copy of the electronically filed records
provided to the Internal Revenue Service (with the same specifications) in lieu of
1099-S forms for the full calendar year, edited to delete all listings of real
estate transactions with gross proceeds of less than $ 1,000;
2. A copy of the electronically filed records
provided to the Internal Revenue Service (as in (e)1 above) without deleting real
estate transactions with gross proceeds of less than $ 1,000;
3. Copies of all 1099-S forms submitted to the
Internal Revenue Service for the full calendar year for real estate transactions
with gross proceeds of $ 1,000 or more (an additional photocopy of the Form 1099-S);
or
4. Copies of all 1099-S forms
submitted to the Internal Revenue Service for the full calendar year.
