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How to calculate medical expenses for NJ State Income Tax
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I am looking at NJ tax return filed for 2016 and I do not understand how Turbo Tax arrived at the amount allowed for medical expenses based on the instructions on the New Jersey tax website.
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How to calculate medical expenses for NJ State Income Tax
NJ allows the amount of Medical expenses that are in excess of 2% of AGI to be deducted. Example:
NJ AGI = $50,000
2% of NJ AGI = $1,000
Medical Expenses = $1,300
Medical Deduction = $1,300 minus 1,000 = $300
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