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posted Apr 7, 2023 3:35:41 PM

Are NJ Transition Renewable Energy Certificates (TRECs) payments considered taxable income?

And if this is taxable income. How should it be reported while filing taxes?

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1 Replies
Level 7
Apr 7, 2023 7:05:58 PM

Yes. NJ Transition Renewable Energy Certificates (TRECs) payments are considered taxable income. The payments are taxable on your federal and state tax returns. Following @Irene2805's advice from this page, you'll enter this income using the following steps:

 

  1. Open your TurboTax account.
  2. "Take up where you left off."
  3. In the panel on the left, click Federal > Wage & Income.
  4. Scroll down to "Less Common Income" > Miscellaneous Income > Start/Revisit.

 

   

     5.  "Other reportable income" > Start/Revisit.

 

 

 

    6.  On the screen, "Any Other Taxable Income," select "Yes" > Continue.

 

 

 

 

   7.  On the screen, "Other Taxable Income" enter the description and amount.

 

 

 

   8.   Continue > Done.