Business and Farm Income - Adjustments

Forum|Forum|2 years ago
February 28, 2024
1 reply
0 views

Hi,

In 2023 we had an income from NJ(Self employee) the the 2nd income is from NY(Self employee).We live in NY, so filling Nonresident for NJ.

There is question asking: You reported $xxxx.xx of business or farm income on your federal return. To adjust this income to conform to New Jersey tax law, enter the following additions
- amount deducted for taxes that were based on income ______
- interest from states outside NJ _____
- qualified contribution for self employed 401 _____

Where should I calculate these?

Ask the Experts - SelfEmployed - Feb 2024

Best answer by RobertB4444

Your Business Summary shows 2 lines of business

We paid my Est income tax to NY.And My Wife est income tax to NJ

In NJ return what should be the adjust amount 1)for me 2)for my wife

On the New Jersey return zero for you and the total amount paid to New Jersey for your wife.

@jilvert

RobertB4444

Three amounts-

Did you pay any taxes through your business that were based on income?

Did your business receive and report any interest earned on investments from outside New Jersey?

Did you deduct any contributions made into a self-employed 401K?

If the answer to all three of those is 'no' then leave all of these blank.

@jilvert

**Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"

jilvertAuthor

We paid estimated tax to Federal,NY,NJ

PatriciaV

Employee

In this case, enter the amount of taxes you paid to New York and New Jersey that were included in the total net income from your business/farm.

You may qualify for a credit if you paid income or wage tax on the same income in the same year to both New Jersey and to another jurisdiction outside New Jersey.

**Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"