2022 ProSeries/New Jersey Readme

Release 2022.790

Contents

Items addressed in this release

• NJ Property Tax Credit: An error was corrected in the calculation of the property tax credit for homeowners over age 65 or blind or disabled and not required to file Form NJ-1040.

Items addressed in previous releases

• Form NJ-1040X, New Jersey Amended Income Tax Resident Returns are now enabled for electronic filing (E-File).
• Form NJ-1040NR, New Jersey Amended Income Tax Nonresident Returns are now enabled for electronic filing (E-File).
• General updates - New Jersey updates for the Federal Form 8915-F.
• NJ-1040/1040NR, line 32, Alimony and Separate Maintenance Payments: A correction was implemented that resolved an issue of alimony payment amounts not automatically calculating to the New Jersey returns when entered in the Federal program with a date of divorce/separation after 2018.
• NJ-1040, line 26, Other Income Statement: A correction was implemented that resolved the issue of Personal Property Rental Income reported on federal Form(s) 1099-MISC being duplicated.
• The New Jersey Division of Taxation has approved for filing all forms and schedules included in ProSeries/New Jersey.

What's new for ProSeries/New Jersey

The following items are new for tax year 2022:

• For Tax Year 2022, New Jersey has a new Child Tax Credit for families earning up to $80,000 a year. The refundable credit ranges from $100 to $500 per child age 5 or younger for taxpayers who meet the income requirements.
• Another notable change stems from the New Jersey College Affordability Act, which provides three new deductions for people who are saving or paying for college. If your 2022 gross income is $200,000 or less, you can now deduct:
• Up to $10,000 of contributions made to a New Jersey Better Educational Savings Trust (NJBEST) college savings account during the year;
• Up to $2,500 of principal and interest paid on student loans during the year under the New Jersey College Loans to Assist State Students (NJCLASS) program; and/or
• Up to $10,000 for tuition costs if you, your spouse, or your dependent enroll in, or attend, a New Jersey institution of higher education.
• New Jersey has added the New Jersey Pediatric Cancer Research Fund and the Special Olympics New Jersey Fund to the list of charitable groups to which New Jersey taxpayers can contribute.
• If you claimed and were allowed a federal earned income credit (EIC), the New Jersey EITC amount is 40% of the federal Earned Income Tax Credit.
• If you were at least 18 years old, you may be eligible for an NJEITC even if you did not meet the age requirement for a federal EIC. If you meet the requirements the NJEITC amount for 2022 is $224.

Forms

The New Jersey Division of Taxation has approved for filing all forms and schedules included in ProSeries/New Jersey.

Electronic Filing

You can file returns electronically with 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