The NJ Homestead Benefit reduces the taxes that you are billed. Because the benefit is no longer handled as a rebate, it is no longer accounted for on your federal (or NJ) tax returns. When you report your property taxes paid, you already account for
this benefit. You would only have over-deducted if you ignored the
property taxes paid when taking a deduction, and instead used the rate
from your green card or the yearly rate based on an assessment. So,
if your property taxes in 2017 were $8000 and you received a Homestead
Credit that year of $150, you would only have paid $7850. You deduct
$7850, and you do not recover the $150 as income. This is
different than how it used to be handled, as they used to issue a check.
If you account for the benefit as income now, you will be paying taxes
on it twice- Once, as income. Twice, because the rebate reduces the taxes you pay in the current year.
... View more
The amount reported with code AA in box 12 of your W-2 is not a Roth IRA contribution. It is a contribution to a Designated Roth Account in your 401(k). None of this is deductible on your tax return. Your employer has already excluded your elective deferrals to the traditional 401(k) account, shown with code D in box 12 of your W-2, from the amount reported in box 1 of your W-2 as taxable income. Contributions to the Roth account in your 401(k) are not excludible from income. Contributions to a Roth IRA are not deductible. Depending on your AGI, you might qualify for a Retirement Savings Contributions Credit based on these contributions and other factors. Under Deductions & Credits, be sure to enter only your personal Roth IRA contribution.
... View more