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2011 New Jersey Volunteer Tax Preparation

2011 New Jersey Volunteer Tax Preparation . NJ Division of Taxation Linda Hickey Jim Gordon. www.njtaxation.org. 2011 NJ Volunteer Tax Preparation. State Program Update NJ Tax Law Changes Differences: Fed/NJ TaxWise Adjustments Property Tax Relief Programs New: Homestead Benefit

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2011 New Jersey Volunteer Tax Preparation

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  1. 2011New Jersey Volunteer Tax Preparation NJ Division of Taxation Linda Hickey Jim Gordon www.njtaxation.org

  2. 2011 NJ Volunteer Tax Preparation • State Program Update • NJ Tax Law Changes • Differences: Fed/NJ • TaxWise Adjustments • Property Tax Relief Programs • New: Homestead Benefit • Property Tax Reimbursement Restrictions

  3. State Program Update • New for 2011-2012 • Training & Site Materials • Minimum Class Size • Combining Groups • “Come to Us” Training at RICs • Future Plans

  4. Property Tax Relief Programs

  5. Homestead Property Tax Benefit • Direct Credit Available to Homeowners • Owned & Occupied a property on Oct 1st • Subject to Property Taxes • FY 2012Budgetary Restrictions: • $150,000 or less if Senior/Disabled • $75,000 or less • Tenants: No Rebate Provided

  6. Homestead Property Tax Benefit • Paid as Quarterly Property Tax Credit • First Quarter 2012 • Average Senior/Disabled Benefit • $475

  7. Credit Exceptions… • Co-Ops • Continuing Care Retirement Facilities • Change of Address • Moved after 10/1

  8. Property Tax Reimbursement • FY12 Budget Changes • Keeping Last Year’s Guidelines • 2009 Income • $70,000 or less (NOT $80,000) • Reimbursement Amounts • Arithmetically Correct

  9. Property Tax Reimbursement • Gross Income Verification: • Gross Social Security Benefits • Tax-Exempt Interest • Total Pension/IRA Income • Multi owner / Multi unit • Overstated Property Tax Amounts

  10. Property Tax Credit • Form NJ-1040-H • Not a Homestead Benefit • Age 65+ or Blind/Disabled • Not filing an NJ-1040

  11. NJ Gross Income Tax

  12. 2010 Conversions to Roth • NJ Following IRS • Deferred until 2011/2012 • NJ/Fed reporting must be same • Use same accounting method

  13. 2011 Earned Income Tax Credit • Eligibility • Still matching Federal guidelines • Beginning TY10 • NJ pays 20% of Fed EIC amount • Prevention of Fraud • Additional Review • Notices • Documentation May Be Required

  14. We follow the Feds ? ? ? Federal – State Adjustments

  15. NJ Income Tax Highlights • Wage Reporting Project • Form W-2, Box 16 • Pension Income Project • 1099 Matching • Gambling Winnings • Lottery Winnings • Property Tax Deduction/Credit

  16. Scheduling NJ Trainers Reserve Training Dates in Writing: • Email: • jim.gordon@treas.state.nj.us • By Mail: NJ Division of Taxation Attn Jim Gordon PO Box 281 Trenton, NJ 08695-0281

  17. Scheduling NJ Trainers • Request should include: • Date(s), Time and Location • # of Volunteers • # of Sites represented

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