There is a definite DEFECT with turbo tax in calculating the tax savings between NJ property tax deduction and property credit of $50.
I have tried this a few times.
For example,
My property tax is 5000. My marginal NJ tax rate is 6.37%
So the effective reduction of tax is property tax deduction is $318
However, it always picks tax credit of $50.
Turbo tax, pls fix this bug for NJ property tax deduction vs property tax credit!!
Also, if user enters 2 or more residences over the tax year, one as rental and one as home, Turbotax does NOT sum the property tax together, at all and completely ignores the the property tax from the rent apt (18% of your rent paid in that time period). This should be summed together as per NJ tax worksheet G and H in the NJ 1040 instructions!!!
PLS FIX THIS.
