Friday, December 23, 2011

2011 NJ STATE TAX FORMS

The 2011 New Jersey state income tax returns are now available to download at the NJ Division of Taxation website.  Click here.

There appears that there are no changes to the Form NJ-1040 for 2011 – nor to the Homestead Benefit and Payroll Tax Reimbursement programs.

The filing deadline for 2011 state returns is April 17, 2012, set to coincide with the federal deadline.

To determine the correct amount of property taxes paid on their New Jersey principal residence homeowners must know whether they received a homestead benefit during 2011, the amount of the benefit, and whether the benefit was paid as a credit on their 2011 property tax bill or in the form of a check.

• If you did not receive a homestead benefit during 2011, use the amount of property taxes paid to your municipality on your principal residence for 2011.

• If you received a homestead benefit as a credit on your property tax bill during 2011, use the amount of property taxes paid to your municipality on your principal residence for 2011 plus the amount of the adjustment youreceived on your property tax bill for May 2011 for the homestead benefit.

• If you received a homestead benefit in the form of a check during 2011, use the amount of property taxes paid to your municipality on your principal residence for 2011.

• If you do not know whether you received a homestead benefit during 2011, the amount of the benefit, or whether the benefit was paid as a credit or in the form of a check, you can “Check the Status (Amount) of Your Homestead Benefit” at the Division’s website.

Taxpayers who converted an existing IRA to a rollover Roth IRA during tax year 2010 and made a Federal election to report the income in equal installments in 2011 and 2012, must report one-half of the amount that is taxable for New Jersey purposes on their income tax return for 2011.

No comments: