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.
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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