2014 ProSeries/New Jersey Readme
Release 2014.240 / April 30, 2015
Contents
Items addressed in this release
Items addressed in previous releases
What's new for ProSeries/New Jersey
Forms
Electronic filing
Items addressed in this release
- Electronic Filing Instructions.
The electronic filing instructions have been updated to state the Form NJ-8879 should be reviewed,
signed and dated by the taxpayer prior to transmitting the tax return.
Items addressed in previous releases
- Form NJ-1040, Line 49, Property tax credit.
The property tax credit was being improperly calculated on Form NJ-1040, Line 49,
when no rent or property tax had been paid by the taxpayer. Occurred if Schedule A and B,
was opened, regardless if it was part of the tax return. This has been corrected in this release.
What's new for ProSeries/New Jersey
The following items are new for tax year 2014:
- New Jersey comforms to the federal April 15, 2015 filing date.
- New Jersey Gross Income Tax Rates. The New Jersey gross income
tax rates for 2014 are the same as last year.
- Electronic Filing Opt-Out Form. Beginning this year, if filing by paper,
you must include the Form NJ-1040-O, E-File Opt-Out Request Form with the filed return.
- Federal/New Jersey Depreciation Differences. Due to current and
past year New Jersey depreciation and amortization deductions that do not
conform to federal law, you may need to make adjustments to the taxpayer's
2014 New Jersey income tax return. Please see the New Jersey tax help in the
program for these adjustments.
- New Jersey Earned Income Credit. Individuals eligible to receive a
benefit under the Federal earned income tax credit program are eligible to
receive the New Jersey earned income tax credit in the amount equal to 20%
of the Federal benefit.
- Dependents' Information. Indicate whether each dependent does
NOT have health insurance coverage on the date the return is filed.
- Sales and Use Tax. When you purchase taxable items or services to be
used in New Jersey but do not pay sales tax, or you paid sales tax to another
state at a rate less than New Jersey's rate of 7%, you owe use tax.
See Worksheet G, New Jersey Use Tax Worksheet.
- UI/WF/SWF (UI/HC/WD), Disability Insurance Contributions and Family Leave Insurance.
The maximum employee unemployment insurance/health care subsidy fund/workforce development
partnership fund contribution is $133.88, the maximum employee disability insurance
contribution is $119.70, the maximum employee family leave insurance contribution is
$31.50 for 2014.
Amounts withheld as New Jersey unemployment insurance/workforce development partnership
fund/supplemental workforce fund contributions (shown on the W-2 as UI/WF/SWF, if combined,
or UI, WF, and SWF if stated separately), New Jersey disability insurance contributions
(may be shown as DI), or New Jersey family leave insurance contributions (shown on the W-2 as FLI),
should be entered in Box 14 in the program, regardless of where printed on the Form W-2.
- Property Tax Deduction. The maximum deduction is $10,000 for all filers
in 2014. New in 2014. If the taxpayer was a homeowner during 2014, Form NJ-1040 line 37b,
requires homeowners claiming a property tax deduction or credit to enter the tax property's
(occupied as principal residence) Block and Lot Numbers. If the taxpayer was not a homeowner
on December 31, enter the information for the last home you owned and occupied during the year.
Include the qualifier and municipality code of the property. You can obtain this information
from the property tax bill or from local tax assessor.
- Alternative Business Calculation Adjustment. The percentage used to
calculate the Alternative Business Calculation Adjustment on Schedule NJ-BUS-2
increases to 30 percent for 2014 as part of a five-yearphase-in. If you have
losses in certain business-related income categories, you will use this
percentage to calculate an adjustment to your taxable income.
- PDF attachments. PDF attachments will be supported for electronic filing with New Jersey returns.
As you create returns for electronic filing, ProSeries will automatically track attachments required to be
submitted with the New Jersey e-file return. If you would like to attach some or all of these attachments as
PDF files you can now access that option for the New Jersey return under the e-file menu (either from within
the return or on the HomeBase when the return is highlighted). The Electronic PDF attachments section of
the New Jersey Information Worksheet, Part VII keeps track of required attachments that have been attached as PDF.
Forms
The New Jersey Division of Taxation has approved for filing all forms and
schedules included in ProSeries/New Jersey.
Check all returns
The New Jersey Division of Taxation scans computer-generated forms to
quickly process the income tax returns they receive. To meet the requirements
for producing computer-generated forms, ProSeries is required to limit the width
of the tax information printed on forms that are scanned. In certain cases, data
you entered may be truncated. After completing a tax return, review the
information that prints (for example, mailing address information), make any
necessary changes, and reprint the return before mailing it.
Electronic Filing
General information for electronic filing:
Important: Electronic filing is available in this
version of ProSeries/New Jersey.
For a list of forms that can be e-filed, first open a state return, and then
go to What's New This Year in Help Center.
End of ReadMe file for ProSeries/New Jersey