Clubs in California, Massachusetts, New Jersey & Wisconsin
All clubs in Massachusetts MUST FILE TAX RETURNS. However, not all clubs can use our State Tax Printer software. If your investment club partnership is in Massachusetts and meets any 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.
Partnerships in Wisconsin must file electronically unless a waiver request has been approved by the state. A sample waiver form will be generated by the Club State Tax Printer which must be submitted according to the instructions. Once approval has been received, the club may submit the paper forms generated by the program.
NOTE: Beginning in tax year 2014, the ICLUBcentral Club State Tax Printer supports filing for all clubs in California (previously, large clubs were excluded from using the program).