1 / 17

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

wren
Télécharger la présentation

2011 New Jersey Volunteer Tax Preparation

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  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

More Related