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Form What is IRS 1040a for Paterson New Jersey: What You Should Know

You have to compute the total number of months in the year, including any part-year extensions, to determine if you can deduct the total amount of property taxes paid in any of those months and deduct the same amount of property taxes paid each month as a separate adjustment. All other tax amounts (including any payments to state and local governments, your employer, or other non-resident) on Schedule R, Part II, should be adjusted to the total amount paid for those payments. The total amount of property taxes paid and the total amount of property taxes collected from you for all periods during the year should be added together for this computation purpose. It is best to use the property tax schedule provided by the New Jersey Department of Community Affairs. You are not required to pay additional property tax in New Jersey but are, however, allowed to add the value of payments made out-of-state to your property taxes collected from New Jersey (including New Jersey state government taxes) for the same property. There is no “New Jersey Resident” tax on the value of your rental property in New Jersey. Property taxes on residential rental property are not deductible in New Jersey. Form NJ-1040, (2 copies) Form NJ-1040 (online) Form NJ-1040 (download). All individuals must file a copy of their return on the day they get a return due date. You must complete this checkable schedule on Form NJ-1040 (see the “Schedule of Property Taxes Paid by the Entity” on line 3). You must complete a Schedule E of Form NJ-1040 if your New Jersey tax residence was more than 50% of your household income during the years for which the schedule specifies income. Your payment of state and local taxes for any taxable period you may, or may not, use is added to your “income” and is reported on Schedule S, Form NJ-1040, as reported on page 2 of your NY State income tax return. See New Jersey Residency Tax for New York residents for more information. New Jersey tax filers who have income from more than 25% of the value of their home (or, if living in New Jersey, a home valued between 100,000 and 250,000) must fill out this Schedule S. If you report your home as a marital home, you are not required to fill out Schedule S for either of the homes you are associated with.

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