What is pass-through business alternative income tax credit?

[bonniezimmer]

Right, I shall efile the fed and wait until the last minute before mailing in the NJ paper return, hoping that Turbotax has fixed things by then.

:(

[hankl78]

I’ll look at that NJ-BUS forms when I can but I did sell my NY home and move to NJ. TT told me I do not need to pay any taxes on the sale. 

my line 62 shows nothing on the TT NJ  form. 

guess I’ll wait a couple of weeks and hope there is a correction 

[bonniezimmer]

Acoording to mshechter above,

Just spoke to TT "agent"--they have no fix clue--blaming IRS for problem waiting for form update.

[jmg228]

The amount initially comes from the Federal Tax Schedule 1, Additional Income, line 5 and 10. Then it is put on the Federal Tax, in my case, 1040-SR Line 8, Other income. Then TT must transfer that information into the NJ Tax forms Schedule NJ-BUS-1, Part II, line 5; Schedule NJ-BUS-1, Part III, line 5. From there is goes onto NJ-1040, Line 23, Net gains or income from rents, etc. Again, in my case, NJ-1040, Line 62 is blank. I believe it is a TT issue with checks and transfers of data from Federal Tax information into the NJ tax forms.

[bonniezimmer]

Thanks for your explanation.  My case should be simple ... I have no "other income" and no NJ schedules BUS-1 and BUS-2.  NJ-1040, Line 23 is 0.  Your Line 62 is blank as is mine. I have no idea where Line 62 comes from... and TT does not tell you, if you click on that amount.  Do you know?

[bonniezimmer]

Well, this AM I downloaded another update and the problem has disappeared.

HOWEVER, I have new problems with NJ state ... they do not like info regarding property tax - they say the block and lot numbers should be blank?!?

[bonniezimmer]

Never mind ... I redid NJ and those errors have disappeared.

I am ready to efile both federal and state.

Thank you to everyone who contributed to this topic!

Bonnie

[jmcx24ever]

Turbo Tax, 

I will be contacting my program coordinator friend at CNBC news in Englewood Cliffs, NJ to make them aware of this issue if it is not publicly acknowledged and fixed within a timely manner.  We are 10 days from March and there are 9 pages worth of complaints from NJ residents on your own Turbo Tax support forums having the same issue as a result of your software bug.  When we call your service centers the reps have no idea what we are talking about.  I will not just be another blind poster on a support forum that obviously no one is paying attention to.  If you don't want this to hit your stock price, get it fixed immediately.  I will be contacting my friend on Tuesday, 2/22/22 to make them aware of this issue.  Needless to say, if you want to keep the customers that you have failed this year you should be offering them a refund of the cost of the program, or at least offering a promotional code to cover the $20 cost of E-filing in the state of New Jersey.  

[dregina]

I also just applied the latest update and the issue has disappeared; I am now able to e-File my NJ return.

Thank you as well for all the comments and feedback in this thread!

[hankl78]

The latest update fixed my problem.  I can now efile NJ

[bonniezimmer]

Hi team!  Well I guess they may have seen all of these posts!

Happy e-filing!

Bonnie

[bonniezimmer]

Nicely said!  THANK YOU!