2015 NEW JERSEY FORMS AND INSTRUCTIONS

The 2015 New Jersey State tax forms and instructions are now available on the NJDOT website.  Click here.

There is no change to the NJ-1040 – it is the same as the 2014 return.  Once again homeowners are asked to enter Block, Lot and, if applicable, Qualifier number on the bottom of Page 2.

According to the introductory letter from the previous Acting Director of NJDOT the only changes for 2015 are -

·      Alternative Business Calculation Adjustment. The percentage used to calculate the Alternative Business Calculation Adjustment on Schedule NJ-BUS-2 increases to 40 percent for 2015 as part of a five-year phase-in. If you have losses in certain business-related income categories, you will use this percentage to calculate an adjustment to your taxable income. See page 28 for more information.

·      Earned Income Tax Credit. The New Jersey Earned Income Tax Credit increases to 30% of the Federal benefit for 2015.

·      Charitable Funds. There are six new charitable funds to which you can contribute when filing your New Jersey return:

Homeless Veterans Grant Fund,

Leukemia & Lymphoma Society – New Jersey Fund,

Northern New Jersey Veterans Memorial Cemetery Development Fund,

New Jersey Farm to School and School Garden Fund,

Local Library Support Fund, and

ALS Association Support Fund.  

The NJ WebFile system for 2015 is not up yet, so I do not know if it will be available for more taxpayers this year.  I use this system to electronically submit all NJ returns possible, unless the client specifically chooses to opt-out.  We are told the NJ WebFile application will be available for filing 2015 NJ Tax Returns on or about January 20, 2016.