2015 ProSeries/New Jersey Readme

Release 2015.300 / May 20, 2016

Contents

Items addressed in this release

• S Corporation Income Worksheet. Be sure to enter shareholder Information when you received an NJ-K-1

Items addressed in previous releases

• Schedule A, Line 1, Income properly taxed by both New Jersey and other jurisdiction during tax year. The double taxed amount should not be less than zero. Electronic filing rejects were resulting if the amount was negative. An error message has been added in this release.

The following forms and worksheets were updated and finalized in previous releases:

• Form NJ-1040, New Jersey Income Tax - Resident Return
• Form NJ-1040NR, New Jersey Income Tax - Nonresident Return
• Schedules A, and B, Credit for Income or Wage Taxes Paid to Other Jurisdiction, Net Gains or Income from Disposition of Property
• Form NJ-NR-A, New Jersey Gross Income Tax Business Allocation Schedule
• Form NJ-2440, Statement in Support of Exclusion for Amounts Received Under Accident and Health Insurance Plan for Personal Injuries or Sickness
• Form NJ-8879, E-File Signature Authorization
• Form NJ-1040X, New Jersey Amended Income Tax Resident Return
• Form NJ-2210, New Jersey Underpayment of Estimated Tax
• Form M-5008-R, Appointment of Taxpayer Representative
• Form NJ-1040-O, E-File Opt-Out Request Form
• Form GIT-DEP, New Jersey Gross Income Tax Depreciation Adjustment Worksheet
• Form NJ-2450, Employee's Claim for Credit for Excess UI/WF/SWF, Disability Insurance, and/or Family Leave Insurance Contributions
• Form NJ-1040-V, Gross Income Tax Payment Voucher
• Form NJ-1040-NR-V, New Jersey Gross Income Tax Nonresident Payment Voucher
• Form NJ 1040-ES, New Jersey Declaration of Estimated Tax
• Form NJ-630, New Jersey Application of Extension
• Schedule NJ-BUS-1 (Form NJ-1040), New Jersey Business Income Summary Schedule
• Schedule NJ-BUS-2 (Form NJ-1040), New Jersey Alternative Business Calculation Adjustment
• Schedule NJ-BUS-1 (Form NJ-1040NR), New Jersey Business Income Summary Schedule
• Schedule NJ-BUS-2 (Form NJ-1040NR), New Jersey Alternative Business Calculation Adjustment

What's new for ProSeries/New Jersey

The following items are new for tax year 2015:

• Alternative Business Calculation Adjustment. The percentage used to calculate the Alternative Business Calculation Adjustment on Schedule NJ-BUS-2 increases to 40 percent for 2015 as part of a five-year phase-in. If you have losses in certain business-related income categories, you will use this percentage to calculate an adjustment to your taxable income.
• Filing Deadline. The filing deadline is April 18, 2016, for calendar year taxpayers, the same day the Federal Form 1040 is due.
• New Jersey Gross Income Tax Rates. The New Jersey gross income tax rates for 2015 are the same as last year.
• 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 30% of the Federal benefit.
• Sales and Use Tax. The applicable sales and use tax percentage remains at 7% for 2015. See Worksheet G.
• Property Tax Deduction. Eligibility for the property tax deduction is not limited by income for 2015 and the maximum deduction is $10,000 for all filers. Homeowners and tenants age 65 or older or disabled who are not required to file a New Jersey income tax return (because of income below the filing threshold) and who meet the qualifications for a property tax credit may file Form NJ-1040 to claim the credit. Form NJ-1040-H is not required.
• New Voluntary Contributions. There are new voluntary contributions for tax year 2015 for Greater Philadelphia and Greater New York Chapters of the ALS Association, New Jersey Farm to School and School Garden Fund, Local Library Support Fund, New Jersey Veterans Memorial Cemetery Development Fund, New Jersey Chapter of the Leukemia and Lymphoma Society, and Homeless Veterans Fund.

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