Revisit your NJ state return to make sure you've checked all requirements:
- Go to Taxes and Credits and select continue on the screen Property Tax Deductions or Credit for Homeowners and Tenants.
- On the following screen make sure you meet all requirements.
- Answer the questions and continue to the screen We need to know about your rent. Enter amount of rent paid.
Homeowners and renters who pay property taxes on a primary residence (main home) in New Jersey, either directly or through rent, may qualify for either a deduction or a refundable credit when filing an Income Tax return. The property tax deduction reduces your taxable income.
The property tax credit reduces your tax due because it is subtracted directly from your tax liability. The benefit is a refundable credit of $50.
When you enter your information, TurboTax will automatically compute whether the property tax deduction or credit is better for you based on the rules provided by the New Jersey Division of Taxation.
Property Tax Deduction (From Worksheet H) will show on your NJ-1040 form Line 41
Property Tax Credit will show on line 56
For Lines 41 and 56 instructions check : NJ-1040 Instructions
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