CONTRIBUTIONS TO 401K....NJ TAXES

I RECEIVED INCOME ON 1099....NO DEDUCTIONS NO NOTHING...I PAID INTO MY 401K INDEPENDENTLY BY CHECK TO MY 401K...IT IS  NOT SHOWN ON MY 1099...CAN I DEDUCT THIS CONTRIBUTION ON MY NJ TAXES
    Cancel
    Yes, NJ allows you to deduct this, as an adjustment to Federal Schedule C.  Go to the NJ tax website, and read the instructions for form NJ-1040, Line 17 (Net Profits from Business).  NJ, however, does not permit you to record a net loss on that line.
    • my 401k contributions were entered on the 1040 form on my federal return...it does not show up on schedule c
    Cancel
    That is correct.  As a result, you must make an adjustment for purposes of your state return.  As I suggested, read that section of the NJ-1040 instructions on the NJ tax website.
      Cancel
      Contribute an answer

      People come to TurboTax AnswerXchange for help and answers—we want to let them know that we're here to listen and share our knowledge. We do that with the style and format of our responses. Here are five guidelines:

      1. Keep it conversational. When answering questions, write like you speak. Imagine you're explaining something to a trusted friend, using simple, everyday language. Avoid jargon and technical terms when possible. When no other word will do, explain technical terms in plain English.
      2. Be clear and state the answer right up front. Ask yourself what specific information the person really needs and then provide it. Stick to the topic and avoid unnecessary details. Break information down into a numbered or bulleted list and highlight the most important details in bold.
      3. Be concise. Aim for no more than two short sentences in a paragraph, and try to keep paragraphs to two lines. A wall of text can look intimidating and many won't read it, so break it up. It's okay to link to other resources for more details, but avoid giving answers that contain little more than a link.
      4. Be a good listener. When people post very general questions, take a second to try to understand what they're really looking for. Then, provide a response that guides them to the best possible outcome.
      5. Be encouraging and positive. Look for ways to eliminate uncertainty by anticipating people's concerns. Make it apparent that we really like helping them achieve positive outcomes.
      Cancel