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New Jersey State Income Tax Return Information 2012

Filing Income Tax and Paying Taxes - Make Payment Terms with IRS


As the deadline for filing federal and state tax returns nears for 2012, many taxpayers are finding it hard to pay their income taxes that are due. During this economic slowdown period when unemployment is high and money is tight some people are making the choice not to file their income tax returns because they owe and don’t know how they will make the payment. The IRS is well aware of the problem and are unofficially willing to cope with and understand the situation some taxpayers are in and not able to pay their bill in full at this time.

If you are in a similar situation and don’t have the funds to pay your state or federal income tax due, don’t avoid the problem by not filing your return. Federal law requires everyone to file their return by April 15th whether you pay the amount due is another issue. If you don’t file at all the fines are higher and the IRS enforces stricter rules for not filing. The IRS has the authority to garnish your paycheck, withdraw money from your bank accounts and/or attach your assets for the amount due plus penalties.

The IRS does not openly offer options for partial payments or special conditions but they may, on an individual basis, consider a reasonable payment solution on your behalf to ease the burden or threat of increased fines or attachments to your accounts and assets. The most important thing for you to do is to communicate and notify the IRS of your situation and present a payment plan that you will abide by. There may be interest fees charged by the IRS on your balance due during an agreeable time payments made after April 15th, in these tough times the IRS is being more flexible than in past years. In your proposed plan try to pay at least 20% of your bill when you file to show good faith and your sincere intention to pay your amount due in full over time.

Another option is to file for an extension to gain some more time to make payments, although there may be interest charged on the balance due from April 15th. By filing your return you will avoid the penalty for not filing on time and this will allow you more time to make options to pay.

If you fail to file a return on time or at all, the Internal Revenue Service will take it upon itself to calculate your taxes due from w2’s and 1099’s on record from your employers reporting  of this income in your or your spouse’s name. The IRS will figure money due on your gross income not allowing for any deductions or exemptions which will show a higher amount due. Once assessed the IRS will start the collection process to collect the money or garnish your personal assets.

By filing your return on time and entering all deductions and exemptions on the forms your actual amount of income tax due will be lower and the penalties and interest will be less. You may even have a lower amount due applying some of the new laws and stimulus deductions including new car buyers, first time home buyer and home improvements made that qualify for energy credits.


New Laws

New Jersey Tax Rates- no changeNew Jersey gross income tax rates for 2012 remain the same as the rates that were in effect for 2011.

Live in New Jersey- Work in Pennsykvania- As a result of the Reciprocal Personal Income Tax Agreement between the State of New Jersey and the Commonwealth of Pennsylvania, New Jersey residents who receive compensation from Pennsylvania sources are not subject to Pennsylvania income on those earnings. If you are a New Jersey resident and Pennsylvania income tax was withheld from wages you earned there, you must file a Pennsylvania return to obtain a refund. To stop the withholding of Pennsylvania income, complete Form REV-419, Employee’s Nonwithholding Application Certificate, and give it to your employer. More information is available on the Pennsylvania Department of Revenue Web site or by calling 1-717-787-8210.

Property Tax Deduction/Credit
To calculate the correct amount of property taxes paid on their New Jersey principal residence homeowners must know whether they received a homestead benefit during 2012, the amount of the benefit, and whether the benefit was paid as a credit on their 2012 property tax bill or in the form of a check. For tenants, 18% of the rent paid during the year is considered property taxes paid. Qualified residents should review the instructions in the NJ-1040 booklet for determining the amount of property taxes due and paid for 2011 (to be reported on Line 36a).

Roth IRA Conversions During Tax Year 2010
Taxpayers who converted an existing IRA to a rollover Roth IRA during tax year 2010 and made a Federal election to report the income in equal installments in 2011 and 2012, must report one-half of the amount that is taxable for New Jersey purposes on their income tax return for 2011.

Credit for Excess UI/WF/SWF; DI; FLI Withheld
For 2011, the maximum employee unemployment insurance/workforce development partnership fund/supplemental workforce fund contribution was $125.80, the maximum employee disability insurance contribution was $148.00, and the maximum employee family leave insurance contribution was $17.76. Taxpayers with two or more employers who have contributed more than the maximum amount(s), must complete Form NJ-2450 to claim credit on their New Jersey tax return for the excess withheld.

Form 1099-G  The State of New Jersey is no longer mailing Form 1099-G, Certain Government Payments, to report the amount of a refund a taxpayer received.  income tax refunds may be taxable income for Federal purposes for individuals who itemized their deductions on their Federal tax return in the previous year. Taxpayers who need this information to complete their Federal return can view or print their 1099-G information online.

Filing Deadline
The filing deadline is April 17, 2012, for calendar year taxpayers, the same day the Federal Form 1040 is due. According to a notice issued by the Division of Taxation, the due date is April 17 instead of April 16 because of the Emancipation Day holiday in the District of Columbia.

Property Tax Reimbursement (Senior Freeze) The Property Tax Reimbursement (Senior Freeze) Program reimburses eligible senior citizens or disabled persons for property tax increases. Eligible residents must file a 2012 Property Tax Reimbursement Application (Form PTR-1 or PTR-2) by June 1, 2012. The 2012 PTR applications are expected to be mailed in mid to late February.

Income Limits With very few exceptions, all income received during the year, including income which is not required to be reported on Form NJ-1040, must be taken into account to determine eligibility for the property reimbursement. The limits apply regardless of marital/civil union status. However, if an applicant’s status is married/CU couple, combined income of both spouses/CU partners must be reported.

Homestead Benefit (Rebate) Program
New Jersey residents who owned and occupied a home in New Jersey that was their principal residence on October 1, 2011, may be eligible for a homestead benefit provided the 2011 property taxes were paid and they meet certain income limits. The homestead benefit application for homeowners is not included in the NJ-1040 booklet. Information about the 2011 homestead benefit will be posted as it becomes available.

 I lived in New Jersey for only part of the year. Which return do I file, resident or nonresident?

Any person who became a resident of New Jersey or moved out of the State during the year and whose income from all sources for the entire year is greater than $20,000 ($10,000 if filing status is single or married/CU partner, filing separate return) must file a New Jersey resident income return (Form NJ-1040) and report that portion of their income received while a resident of New Jersey. A part-year resident who received income from New Jersey sources while a nonresident of this State must also file a New Jersey nonresident return (Form NJ-1040NR) if their income from all sources for the entire year exceeds the filing threshold above. Part-year residents (and part-year nonresidents) must prorate all income, exemptions, deductions, and credits, as well as the pension and other retirement income exclusions, if applicable, to reflect the period covered by the return.








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It is that time of year again when you have to start to think about your year end state taxes. With the economy in a slowdown many people and businesses will find it hard to set aside the money for their New Jersey income tax or sales. Plan for your estimated taxes now so you will be prepared in January to pay the taxes. Do not avoid paying the taxes due because the penalties are high and the interest will accrue. There maybe breaks given or rebates for real estate taxes paid. Business will be given hurricane relief tax deduction incentives to purchase equipment and expand their businesses to help the economy. President Obama new stimulus package to include large tax cuts for families and taxpayers who are head of household to try to cut taxes with the new tax cut package proposed. Take advantage of the new stimulus package and stimulus rebate and pay down debt.
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