Category: New Jersey
New Jersey Subtractions from Income
Qualified Conservation Contributions
Enter the amount of any contribution you made for conservation purposes of a qualified real property interest in property located in New Jersey. The amount of the deduction is the amount of the contribution allowed as a deduction in computing your taxable income for Federal income tax purposes. If you are required to file Federal Form 8283 (Non-cash Charitable Contributions) with your Federal Form 1040 make sure you do so.
Total Exemption Amount (Part-Year Residents Only)
Your total exemptions must be prorated based upon the number of months you were a New Jersey resident. For this calculation, 15 days or more is a month.
Total Exemptions X Mos. NJ Resident = Total Exemption Amount
Calculate your total exemption amount as follows:
From Line 12A___ x $1,000 = ___
From Line 12B___ x $1,500 = ___
Total Exemption Amount _____