All Posts

I have already added my Traditional IRA contributions. I can't find the place to add the SEP and I read that you do not add it under the "retirement savings contribution credit" tab. Any info helps- thanks!

Hi, I rent an apartment in an apartment building in NJ and pay around $25000 rent per year. I believe I can claim for Property tax deduction/credit. But below are the criteria mentioned in NJ treasury website; I am bit confused with 4th point. 1,2,3 and 5 can be applied to me. But 4th says "If your primary residence was a unit in a multi-unit property you owned" what does this mean? I am a renter I don't own the apartment/building.    what are the eligible criteria? -either first 3 Or  4 Or  5?  OR  Should all 5 (1 & 2 & 3 & 4 & 5) be satisfied?     (source : Property Tax Deduction/Credit Eligibility Requirements - NJ Taxation) You were domiciled and maintained a primary residence as a homeowner or tenant in New Jersey during the tax year; and Your primary residence, whether owned or rented, was subject to property taxes, that were paid either as actual property taxes or through rent; and If you rented your primary residence , it had its own separate kitchen and bathroom that you did not share with occupants of other units in the building, if there were other units; If your primary residence was a unit in a multi-unit property you owned, the property had no more than four units and no more than one of those was a commercial unit; Your gross income is more than $20,000 ($10,000 if filing status is single or married/CU partner, filing separate return), or you (and/ or your spouse/civil union partner if filing jointly) were 65 or older or blind or disabled on the last day of the tax year.  

It seems to be based on how much money I have *ever* taken out of any traditional IRA, vs the amount that I have ever paid MA tax on? And what does it mean to have paid MA tax when I'm making nondeductible contributions -- it's just arbitrary money at that point. Does it depend if I paid MA tax that year/lived in MA/filed an MA tax return? Do I basically have to pay tax up to the amount that I've ever contributed out of state? On the other hand, (https://www.mass.gov/info-details/tax-treatment-of-non-government-pensions-in-massachusetts) refers to "Any taxable parts of rollovers included in federal gross income", and my conversion doesn't seem like it would count as federal gross income. Extra confusingly, Turbotax erroneously claims it is federally taxable when it prompts me to fill the MA form, but doesn't show any income on my federal return.