Partnership ended

[bstaxes]

Partnership ended 2/28/07 when do I need to file the final return? I believe it is before 4/15/08. Already notified state of New Jersey because of sales tax and ended the partnership with the NJ Division of Revenue. I will file the final NJ 1065 before 4/15/8. Am I thinking correctly???

[Jake]

Partnership ended 2/28/07 when do I need to file the final return? I believe it is before 4/15/08. Already notified state of New Jersey because of sales tax and ended the partnership with the NJ Division of Revenue. I will file the final NJ 1065 before 4/15/8. Am I thinking correctly???

If a partnership is terminated before the end of its tax year, the partnership is required to file a return on Form 1065 for the so-called short period. The short period is that period from the beginning of the tax year through the date of termination. The return will be due on the fifteenth day of the fourth month following the date of termination. IRS Publication 541, Partnerships.

Hope that helps.

Jake

[mcb39]

File the short year as Jake says. Use the form 1065 for 2006; at the top it says for calendar year 2006, or tax year beginning.........., ending..................! Fill in the dates... You'll have this one behind you.

[bstaxes]

Thanks for the help. Again, I like this forum (former ATXer) especially as a sole preparer. And I was hoping to get the spring off before starting extensions. Oh, well back to work.

[TAXBILLY]

Agree with Jake ... June 15th, 2007.

taxbilly