I am not doubting the TurboTax math here, but I am trying to decipher where the figure on line 17 on my NJ-1040 came from. The line is for dividends, but is greater than the dividends listed on my federal return on line 3b.
What am I missing? What numbers do I need to add (and maybe subtract?) to get to the amount listed on my TurboTax created NJ-1040 line 17?
Thank you for sharing your wisdom.
Check your form 1099-Div box 11 for "Exempt Interest dividends." NJ doesn't tax exempt interest from Federal obligations or NJ obligations. You can check the supplementary pages of your 1099-DIV to find where the exempt interest dividends came from. Specifically you are looking for NJ and/or US Government obligations amounts.
Revisit your 1099DIV entries. Following the form entries you will find follow on questions about the source of the exempt interest. If from US government obligations you will check the "US Government Interest" box and then enter the amount that applies there. If none are federal and none of the other options apply click "None of these apply" and continue.
A couple of screens later you will be asked about any state sourced exempt interest.
If more than one state click the box for more than one state. Enter any NJ amounts. In the second line you can then select "more than one state" and put the rest of the box 11 amount.
The total of the state boxes and anything you entered as a US government obligation has to total the box 11 amount.
If there is no NJ or US government amounts you can select more than one state and continue and NJ will be taxing the box 11 amount.
Check your form 1099-Div box 11 for "Exempt Interest dividends." NJ doesn't tax exempt interest from Federal obligations or NJ obligations. You can check the supplementary pages of your 1099-DIV to find where the exempt interest dividends came from. Specifically you are looking for NJ and/or US Government obligations amounts.
Revisit your 1099DIV entries. Following the form entries you will find follow on questions about the source of the exempt interest. If from US government obligations you will check the "US Government Interest" box and then enter the amount that applies there. If none are federal and none of the other options apply click "None of these apply" and continue.
A couple of screens later you will be asked about any state sourced exempt interest.
If more than one state click the box for more than one state. Enter any NJ amounts. In the second line you can then select "more than one state" and put the rest of the box 11 amount.
The total of the state boxes and anything you entered as a US government obligation has to total the box 11 amount.
If there is no NJ or US government amounts you can select more than one state and continue and NJ will be taxing the box 11 amount.
Thank you DMarkM1 for your answer that was right on the money ... or should I say on the "Mark".
That (to me) mystery figure on my NJ-1040 Line 17 was the sum of my ordinary dividends + Box 11 tax exempt dividends - tax exempt dividends from NJ obligations.
Thanks again😊