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Figuring out how to calculate cafeteria plan add-backs and medical premiums for NJ.
I reside in NJ and work in NY and received W-2 from 2 different employers. All income will be allocated to NY. "Employer 1" had both NY and NJ lines on their W-2, while "Employer 2" only had a NY line (since they do not have a NJ presence).
On TurboTax, when I get to my resident NJ tax return, it prompts me to make wage adjustments to add-back the NJ-specific items, such as (i) elective amounts contributed to a pension plan other than 401(k), (ii) cafeteria plan contributions, (iii) Section 137 adoption expense benefits, and (iv) Section 129 dependent care benefits.
1. Since Employer 1's W-2 already included a NY and NJ line, which listed the NJ taxable income as higher than the NY taxable, is it fair to assume that this has been done already for Employer 1? And therefore, I would only need to make these adjustments with respect to Employer 2?
2. Assuming that's right, would there be any indicators (Box 12? 14?) on Employer 2's W-2 that would show me how much I need to add back, or do I need to look at something else? For reference, in Box 12 the codes are C and DD, and in Box 14 the only entry is NY PFL.
3. Finally, I know there is a deduction for "insurance premiums included in your New Jersey wages but not in your federal wages on your W-2, and not deducted on Federal Schedule A." I will be taking the standard deduction on my federal return. Similarly, would there be any indicators (Box 12? 14?) on Employer 1 AND Employer 2's W-2 that would show me how much I can claim here, or do I need to look at something else?
‎February 16, 2025
4:52 AM