N.J. Admin. Code § 18:35-8.1

Current through Register Vol. 56, No. 11, June 3, 2024

Section 18:35-8.1 - Information furnished at source

(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.

N.J. Admin. Code § 18:35-8.1

Amended by 48 N.J.R. 295(a), effective 2/16/2016