The2012 NJ state income tax forms and instructions are now available at the NJ Divisionof Taxation website.
Thebig change for the 2012 NJ-1040 is the new “Alternative Business Calculation Adjustment”.
Beginningwith 2012, taxpayers who have losses in the categories of -
· netprofits from business,· netgains or net income from rents, royalties, patents, and copyrights,· distributiveshare of partnership income, and · netpro rata share of S corporation income - can use the losses to calculate anadjustment to their taxable income (“Alternative Business CalculationAdjustment”).
Thepercentage used to calculate the adjustment is being phased in over five years.The percentage will increase from 10 percent for tax year 2012Taxpayers cancarry forward unused losses in those categories for a period of 20 years tocalculate future adjustments.
Taxpayerswith income and/or losses in any of these categories must complete two newreturn schedules: Schedule NJ-BUS-1 (Business Income Summary Schedule), andSchedule NJ-BUS-2 (Alternative Business Calculation Adjustment) to calculatethe amount of their adjustment or loss carryforward.
Anew Line 34 has been added to Page 2 of the NJ-1040 to enter the AlternativeBusiness Calculation Adjustment.
Ilook forward to the January 2013 NJ-NATP “Famous State Tax Seminar” to learnhow this new adjustment will work.
Theonly other changes to the NJ-1040 are –
· Anew worksheet has been developed (Worksheet G, Use Tax Calculation) to make iteasier for New Jersey residents to determine the amount to report on Line 45,Use Tax Due on Internet, Mail-Order, or Other Out-of-State Purchases.
· Anew oval has been added below the signature line that must be filled in if acopy of a deceased taxpayer’s death certificate is enclosed with the return.This oval should be filled in and a copy of the death certificate enclosed onlyif there is a refund due and the check needs to be issued to the decedent’ssurviving spouse/civil union partner or estate.
· Threenew funds have been added to the list of organizations to which taxpayers cancontribute on the New Jersey tax return – the Boys and Girls Clubs in NewJersey Fund, the NJ National Guard State Family Readiness Council Fund, and theAmerican Red Cross-NJ Fund.
Other than that the 2012 NJ-1040 isno different than the NJ-1040 of past years.
FYI - For 2012, the maximum employeeunemployment insurance/workforce development partnership fund/supplementalworkforce fund contribution (SUI) was $128.78, the maximum employee disabilityinsurance contribution (SDI) was $60.60, and the maximum employee family leaveinsurance contribution (FLI) was $24.24.
Iwas pleased to find that it appears there is no longer an income limitation forsubmitting a NJ-1040 online via the NJWebFile system. I should be able to submit the 2012 NJ-1040for taxpayers with NJ Gross Incomes over $150,000 this way.
TTFN
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