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Comprehensive Overview of Tax Credits for the Elderly, Disabled, and Energy Efficiency (NJ)

This presentation outlines various tax credits applicable for tax year 2011, including the Elderly or Disabled Credit, Residential Energy Credits, and Retirement Savings Contribution Credit. It highlights eligibility criteria, such as age or disability status, income limits, and the percentages of credit available for specific expenses like energy-efficient home improvements. Additionally, it touches on refundable credits, including the Earned Income Credit and Additional Child Tax Credit. TaxWise software aids in calculations and filing of relevant forms to ensure maximum benefit.

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Comprehensive Overview of Tax Credits for the Elderly, Disabled, and Energy Efficiency (NJ)

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  1. 4491-26 Miscellaneous Credits v11.0 VO.pptx Miscellaneous Credits Form 1040 Lines 50, 52, 53 Pub 4012 Tabs G, 5 Tax Law Training (NJ) TY2011 v11.0

  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 Tax Law Training (NJ) TY2011 v11.0

  3. Residential Energy Credits • Form 5695 Part I - Residential Energy Efficient Property Credit (IN SCOPE) • Energy efficient windows, doors, insulation • Placed in service 1/1/11 to 12/31/11 • Credit is 30% of cost - Max of $500 for all years (2006-2011) • See 4012 page G-9 for details • Form 5695 Part II - Residential Renewable Energy Credit (OUT OF SCOPE) • Install energy systems, solar and water heaters, electric pumps Tax Law Training (NJ) TY2011 v11.0

  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 Tax Law Training (NJ) TY2011 v11.0

  5. Refundable Credits • Some credits, e.g. • EIC (Earned Income Credit), • ACTC (Additional Child Tax Credit), • Refundable portion of Education Credit, • Are refundable and will be covered in other modules Tax Law Training (NJ) TY2011 v11.0

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