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Comprehensive Guide to NJ Tax Credits for Elderly and Energy Efficiency (TY2010)

This presentation outlines various tax credits available for the tax year 2010 in New Jersey, focusing on non-refundable credits for seniors and those disabled. It covers eligibility requirements, including age and income limits for elderly and disabled credits, as well as residential energy credits for energy-efficient home improvements. Additionally, it discusses the Retirement Savings Contribution Credit opportunities and lists refundable credits. Stay informed on how to maximize your potential tax benefits!

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Comprehensive Guide to NJ Tax Credits for Elderly and Energy Efficiency (TY2010)

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  1. 4491-27 Miscellaneous Credits v1.0 VO.ppt Miscellaneous Credits Form 1040 Lines 50, 52, 53 Pub 4012 Tabs G, 5 LEVEL 2 TOPIC NJ Training TY2010 v1.0

  2. Elderly Or Disabled CreditNon- Refundable • At least 65 • If under 65 and retired on permanent and total disability and did not reach mandatory retirement – must have taxable disability income • Must meet income limits for AGI and non-taxable social security benefits • Elderly seldom eligible due to income limits TaxWise automatically calculates this credit NJ Training TY2010 v1.0

  3. Residential Energy Credits • Form 5695 Part I - Residential Energy Efficient Property Credit (IN SCOPE) • Energy efficient windows, doors, insulation • Placed in service 1/1/09 to 12/31/10 • Credit is 30% of cost - Max of $1,500 for both years • If TP used an amount in TY2009, then only remainder of $1,500 available for use in TY2010 • Form 5695 Part II - Residential Renewable Energy Credit (OUT OF SCOPE) • Install energy systems, solar and water heaters, electric pumps NJ Training TY2010 v1.0

  4. Retirement Savings Contribution Credit • Credit for contributing to a retirement plan-IRA, 401(k), 403(b), 457(b) etc • Tax year contribution reduced by retirement plan distribution, if any to TP in current and in each of the prior 2 years • Amount of credit based on AGI and filing status • Must complete Tax Wise Form 8880 • Tax Wise automatically inserts Form 8880, if TP qualifies and if • Traditional IRA contribution is entered on Form 1040, line 32 • Form W-2 includes retirement contribution in Box 12, with a code designation of D, E, F, G, H or J NJ Training TY2010 v1.0

  5. Refundable Credits • Some credits, e.g. • Making Work Pay, • EIC (Earned Income Credit), • ACTC (Additional Child Tax Credit), • Refundable portion of Education Credit, • First Time and Existing Homebuyer • Are refundable and will be covered in other modules NJ Training TY2010 v1.0

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