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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

12

 

Calculate your total exemption amount as follows:

From Line 12A___ x $1,000 = ___

From Line 12B___ x $1,500 = ___

Total Exemption Amount _____