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NJ Part Year Resident Return. Module NJ 1.36.2. Final 11-15-2008. NJ Training TY 2008. 1. NJ Part Year Resident Return. Main Information Sheet Delete NJ default in “Full Year Resident” box Insert NJ and other state initials in Part Year Resident boxes NJ1040 Pg 2, top of form
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NJ Part Year Resident Return Module NJ 1.36.2 Final 11-15-2008 NJ Training TY 2008 1
NJ Part Year Resident Return • Main Information Sheet • Delete NJ default in “Full Year Resident” box • Insert NJ and other state initials in Part Year Resident boxes • NJ1040 Pg 2, top of form • Insert period of residence in NJ • Tax Wise prepares NJ Part Year Resident Return. Other state(s) returns out of scope
Allocation of Income, Part Year Resident Worksheet • Tax Wise brings up allocation worksheet when two state info is input on Main Info Sheet • Worksheet has three columns: NJ, Other State and Federal (total) • Input of W-2 wages and W/H for each state comes forward to allocation worksheet • Other Income Items carry forward to NJ column of Worksheet • Must adjust via scratchpad to put any amount applicable to other state in other state column • Investment Income, Interest, Dividends and Capital Gains – include in NJ column amounts received while NJ resident. If one payment for year, pro rate on months in each state
Other Items • Medical Expenses • Input expenses incurred and paid while NJ resident as memo item in NJ1040 Ln 30. Tax Wise calculates deductible amount • Alimony Paid • Input amount paid while NJ resident • Tax Wise pro rates based on months of NJ residency • Pension exclusion • Exemptions • Property tax deduction or credit (input rent or property tax while NJ resident) • EIC • Tax Wise Calculates: • NJ taxable income • NJ Tax liability • Payment due or refund