NJ Part Year Resident Return

1. NJ Part Year Resident Return Module NJ 1.36.2 Final 11-15-2008 NJ Training TY 2008 1

2. 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

3. 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

4. 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