Hi Ernie, i have the same issue, i think if i would deduct $5227 property taxes i will pay less NJ taxes.
Turbotax wants to do $50 credit, totally i have to pay $270 to NJ, if i would do $5227 property tax deduction i would have to pay $0 to NJ i am right ?
Your New Jersey Bottom Line (NJ-1040)
| Based on what you've entered so far, your New Jersey tax due is $270. |
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| | | | | Taxable Income | | | | New Jersey Gross Income | $171,483 | | | Less: Personal Exemptions | $1,000 | | | | | ____________ | | New Jersey Taxable Income | $170,483 | | | | | | | Taxes and Credits | | | | New Jersey Income Tax | $8,734 | | | Less: New Jersey Credits | $8,414 | | | | | ____________ | | Net Tax | $320 | | | | | | | Payments | | | | New Jersey Tax Withholding | $0 | | | Refundable Credits | $50 | | | | | ____________ | | Total Payments | $50 | | | | | | | | | | | Tax Balance Due | $270 | |
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