Screen NJTPW - New Jersey Tax Projection (1040)

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Overview

Use this screen to enter information you expect to be different for the coming tax year. UltraTax/1040-NJ uses this data to calculate the New Jersey Tax Projection Worksheet based on current tax law and next year's tax law differences (when known). Enter only the items that you expect to be different for the coming tax year. Otherwise, the current year amounts transfer to next year's calculation automatically. Any items marked with an asterisk (*) in the NJTPW screen don't transfer automatically to next year's column.

General Information

Use this section to enter general information items for the New Jersey Tax Projection Worksheet.
Print Tax Projection Worksheet
The worksheet prints automatically if there is any information entered in this input screen. Mark this field to force printing of the New Jersey Tax Projection Worksheet.
Filing status
If you expect the filing status to be different next year, enter the filing status in this field.
Age 65 or over exemptions
Enter the number of age 65 and over exemptions if it is different from the current year amount.
Blind or disabled exemptions
If you expect the taxpayer to have a different number of blind or disabled exemptions next year, enter the number in this field.
Exemptions for dependent children
Enter the number of dependents the taxpayer is going to have next year that attend college if it is different from the current year amount.

Income

Use this section to enter income amounts for next year.
2012 law change allows an adjustment to income under the Alternative Business Calculation which will be based on the net business loss from net profits from business, distributed share of partnership income, net-pro rata share of S Corporation income and net gains or net income from rents, royalties, patents and copyrights. Losses should be entered on this screen to project the Alternative Business Increment Deduction for
2026
.
Taxable pension, annuity or IRA
New Jersey doesn't tax pensions and IRA the same way the federal return does. The default calculation will take a ratio based on federal tax projection worksheet amounts divided by current year tax projection amount and multiply that amount times the current year taxable New Jersey amount to project the amount taxable. Use this field to enter a different amount. The amount on the tax projection worksheet will transfer to the Tax Projection Pension exclusion worksheet to calculate to calculate the amount of pension exclusion allowed.
Qualified taxpayer's taxable pension
Enter the portion of the federal or New Jersey pension forced for
2026
. This will be used on the New Jersey TPW Pension/Other Retirement Exclusion Worksheet.
note
This field is ignored when New Jersey pension exclusion is forced.
New Jersey pension exclusion
Starting in 2017 and ending in
2026
the pension exclusion is increasing each year. The pension exclusion will calculate on the Tax Projection Pension Exclusion Worksheet based on the amount on the Tax Projection worksheet. Use this field to force a different amount.

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