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Clubs in California, Massachusetts, & New Jersey
If your investment club partnership is in California, the partnership may ONLY use the ICLUBcentral State Club Tax Printer IF:
- The partnership did not file a schedule M-3 as part of their Federal Form 1065, AND
- The partnership’s total receipts for the tax year were less than $250,000, AND
- The partnership’s total assets at the end of the tax year were less than $600,000, AND
- Schedules K-1 are filed with the return and furnished to the partners on or before the due date (including extensions) for the partnership return.
All clubs in Massachusetts MUST FILE TAXES. However, not all clubs can use our State Tax Printer software. If your investment club partnership is in Massachusetts and meets one of the following criteria, you must by law file electronically (EFILE) and can NOT use the ICLUBcentral State Club Tax Printer:
- Have 25 or more partners (as determined by number of Schedule K-1s at the federal level or Schedule 3K-1s at the state level)
- Have more than $50,000 in gross income (sum of interest, dividend, and other income for investment clubs)
- Have more than $100,000 in stock sale proceeds (gross sales proceeds, not taxable capital gain).
New Jersey investment clubs with 10 or more members (as determined by the number of Schedule K-1s at the federal level) must file their NJ-1065 over the Internet at the NJ state tax website. There are a significant number of calculations required to generate the input for the NJ-1065 return and associated schedules. The NJ State Club Tax Printer will make these calculations for you and prepare a full return which you can then transcribe to the web based forms.
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