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harleybri
New Member

The interest in Box 1 of a 2018 Form 1099-INT from a bank is included on New Jersey Form NJ-1040 Line 16b Tax-Exempt Interest Summary. Why is it there?

 
1 Reply
KrisD
Intuit Alumni

The interest in Box 1 of a 2018 Form 1099-INT from a bank is included on New Jersey Form NJ-1040 Line 16b Tax-Exempt Interest Summary. Why is it there?

Is the interest from any of these? 

"The following items of income are not subject to New Jersey tax. However, if you file a resident return, you must report the total amount of nontaxable interest on the "Tax exempt interest" Line of your return:

  • The portion of a distribution from a New Jersey Qualified Investment Funds; and
  • Interest and capital gains from obligations of the State of New Jersey or any of its political subdivisions or from direct federal obligations, such as U.S. Savings Bonds and U.S. Treasury Bills, Bonds, and Notes."

https://www.state.nj.us/treasury/taxation/njit12.shtml

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