Hi
I notice in 2024 New Jersey Tax Summary, there is a property tax under deductions and exemptions shown below.
but in 2023, it isnt show there below. I have checked that the property tax is added correctly. Does TurboTax make an error?
NJ allows the option of a deduction to reduce your income or a tax credit which reduces your tax bill dollar for dollar. The program is choosing the best one for you. Great job catching that! Thanks for the screenshots -big help.
See: Property Tax Deduction/Credit for Homeowners and Renters
For 2023 the property tax is listed under credits rather than under deductions and exemptions as on 2024. It looks like you get credit for them in both years.
In 2024, the property tax under exemptions is in thousands of dollars but in 2023, the property tax credit is $50. I lived there for the full years and property tax I paid for both years are around the same amount.
Something wrong?
tks
NJ allows the option of a deduction to reduce your income or a tax credit which reduces your tax bill dollar for dollar. The program is choosing the best one for you. Great job catching that! Thanks for the screenshots -big help.
See: Property Tax Deduction/Credit for Homeowners and Renters