LenaH
Employee Tax Expert

Deductions & credits

If you got a property tax rebate in 2024, you have to first deduct that amount from your property taxes inputted on the federal screens if you itemize your deductions. Per Schedule A instructions, If you received a refund or rebate in 2024 of real estate taxes you paid in 2024, reduce your deduction by the amount of the refund or rebate.

 

Then, on the New Jersey screen, Eligibility - Property Tax Deduction or Credit, you enter the full amount of property taxes paid. On the NJ-1040 instructions, it states if you received an ANCHOR Benefit or Homestead Benefit, the benefit amount does not affect the amoun...

 

There are no other areas in TurboTax you need to enter or consider your Anchor benefit. 

 

@llewis96 

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