Form Instructions 1040 (Schedule A) for Paterson New Jersey 2024-2025

Form Instructions 1040 (Schedule A) for Paterson New Jersey: What You Should Know

You may not add back on any interest the money earned in your part-time employment while working in California, New York, or New Jersey, and you cannot apply this deduction to any other interest earned while you worked in New Jersey. If you were a part-year resident, then your deduction may be limited to 1.15% of your adjusted gross income. You will lose the deduction if your adjusted gross income is more than 50,000 and part of your income was not from a job in New Jersey. You are eligible to deduct interest on any municipal bonds held by the city, township, or township and municipal retirement funds when you file your 2025 or 2025 tax return. 5. 6. 7. 8. Interest on Municipal Bond Securities Held by the City, Township, or Township. Enter in column (1) the amount of interest for New Jersey municipal bonds that you paid or incurred, and in Column (2) the amount of any other interest. In column (3), enter both of these amounts. For loans taken out in 2025 or later, use the interest rate shown on the most recent federal form 605.8(j)(3). For loans taken out from 2025 to 2009, use the interest rates shown on the most recent USAF 2115.2B1 report, and don't use the federal report. Other debt is interest on government-related obligations, such as the GBA, FFA, or FHA. This includes federal student loans. The interest rate is indicated in column (c). For all loans, enter both of these in column (d). Note : We found this to be an inaccurate formula for calculating the interest of New Jersey-related federal student loans when the rate you have paid is lower than 10% or more. For more information regarding how to figure your New Jersey tax on municipal bonds, see  2021 Instructions for Schedule A — Itemized Deductions — NJ.gov. Other Interest. This amount includes interest on other municipal bonds held by the city, township, or township, as well as the interest your children pay to you as a homeowner while you are on disability. In column (iv), enter the amount paid or accrued by you or your spouse or child while you are a resident of New Jersey. For 2025 tax returns, enter your adjusted gross income. In the third column under box (i), enter the total amount of interest or loss on all non-taxable municipal obligations you are carrying, including state and local bonds.

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