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Returning Member
posted Feb 14, 2025 11:44:43 AM

nj senior freeze

I received a NJ senior freeze refund for the first time in 2024 for my 2023 taxes with my base year being 2022 

My base year was $7600 2023 $8700 and 2024 $9500   if I report my base year on my 2024 return it raises my taxable income $1900 even though I received a $1100 rebate.  causing me to pay tax on $800 I will not receive until this year 2025.

 

 

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1 Replies
Expert Alumni
Feb 19, 2025 8:54:44 AM

You should adjust your base year to reflect the actual amount received in 2024 so that you are only taxed on the $1100 that you received.  That way you can adjust it for 2025 to reflect the $1900 at that point.

 

@kycor1