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

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

Schedule 1 Property Tax Deduction, Line 25a: 7,500 (2,500 + 1,000) x Number of Inhabitants on the home. Line 25b: 3,000 (2,500 + 1,000) x Number of Inhabitants on the home. Schedule 1 Property Tax Deduction, Line 35: 7,500 (2,500 + 1,000) Enter Amount from Schedule A. The maximum amount, 6,000, can be deducted on or before the 15th day of the year. Your total of 6,000, plus 1,000 of any state tax credit or refundable credit is 5,000. If you are filing a joint return, use Form NJ41040 to figure the total deductions, and add in your share of the state tax credit and state tax refund. If, by chance, you don't have taxable income or other tax payable in a year but the tax you paid the previous year is included in the previous year's amount, add that amount to all the allowable deductions you were able to claim on your tax return for the prior year (see below). If you were able to deduct property taxes, use Schedule A to figure the amount you can claim as a property tax deduction and enter it in Box 5a of Form NJ41040. Use the following rules for your tax liability: If your New Jersey tax return for 2025 is in the final filing status (i.e., final tax return due), then the following rules apply: When you itemize deductions on Form 9061, the amount of your property tax deduction/credit has no effect on your tax liability if you file a return on or before the 15th day of the tax year following the year in which you deducted your property taxes. If you itemize on Schedule A in 2025 and the amount is 6,000 or more, deduct the entire 6,000, including any portion deducted by the IRS. If you itemize (see below) in the 2025 tax year and the amount you deducted is more than 6,000, you should also itemize in the 2025 tax year. If you do not itemize in 2011, your property tax deduction/credit is limited to 3,000. Use the following guidelines: If the total of your property tax and federal income tax liability is 6,000 or less, your income and tax liability will add up to 6,000.

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