1776 Federal 1040 | ||||||
9a | Ordinary dividends | g | Federal 1040, Line 9a | Enter ordinary dividends (Line 9a) only; ignore qualified dividends (Line 9b) | ||
11 | Alimony received | m | Federal 1040, Line 11 | Enter Alimony received | ||
12 | Business income or (loss) | j | Federal 1040, Line 12 | Enter business income; negative amount is ok (but out of scope for VITA/TCE) | ||
13 | Capital gain or (loss) | h | Federal 1040, Line 13 | Enter capital gain (or loss); negative amount is ok | ||
17 | Rental real estate, royalties, partnerships, … | + | Federal 1040, Line 17 |
If you enter an amount from Line 17, the tool will add lines requesting breakdown amounts for:
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Portion of Line 17 from Rental Income | i | Federal Sch E | Enter any amounts from Sch E which are rents | |||
Portion of Line 17 from Royalties | o | Federal Sch E | Enter any amounts from Sch E which are royalties | |||
Portion of Line 17 from Partnerships | k | OUT OF SCOPE | Enter Partnership income | |||
Portion of Line 17 from S Corporations | l | OUT OF SCOPE | Enter S Corporation income | |||
19 | Unemployment compensation | d | Federal 1040, Line 19 | Includes both unemployment compensation and family leave benefits from 1099-G Line 1 | ||
20a | Social Security Benefits (do not use Line 20b) | a | Federal 1040, Line 20a | Enter the full amount of Social Security from Line 20a, NOT the taxable amount from Line 20b | ||
21 | Other Income | + | Federal 1040, Line 21 |
If you enter an amount for Other Income, the tool will add lines requesting the different amounts that are included in Other Income.
Obtain this info from the Line 21: Other Income Worksheet included in the print package.
Detail lines:
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Portion of Line 21 from Gambling Winnings | p | Line 21: Other Income Worksheet | Note: For TY2011, there is no Other Income Worksheet - Use W-2G Detail Report instead Enter gross gambling winnings |
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Gambling Losses | p | W-2G Detail Report | Enter gambling losses (as a positive number). Tool will calculate net gambling winnings | |||
Net Gambling Winnings | p | calculated | ||||
Portion of Line 21 from Recoveries | Line 21: Other Income Worksheet | Enter any PTR or Homestead Benefit amounts which were included on Line 21 Do NOT include any PTR or Homestead Benefit amounts which were netted against current year property taxes on Sch A, Line 6, Box 4 |
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Remainder of Line 21 not from above | r | calculated | ||||
1776 NJ-1040 | ||||||
15a | Taxable interest income | f | NJ-1040, Line 15a | Enter NJ taxable interest. This amount has already subtracted out any early withdrawal penalty (does not count as income for PTR purposes) | ||
15b | Tax-exempt interest income | f | NJ-1040, Line 15b | Enter NJ tax-exempt interest | ||
1776 W-2 Detail Report | ||||||
Gross Wages column total (Sum of Box 1 from all W-2s) | b | W-2 Detail Report |
Enter the total of the Gross Wages column on the W-2 Detail Report. (Sum of Box 1 from all W-2s)
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1776 Other | ||||||
Bonuses, Commissions, Fees not included elsewhere | c | Ask TP | Rare - do NOT include amounts already included on W-2s | |||
Disability Benefits not included elsewhere (rare) | e | Ask TP | Rare - do NOT include Disability Pensions (1099-R Code 3) or Social Security Disability | |||
Inheritances | n | Ask TP | Do NOT include amounts from spouse / Civil Union partner | |||
Bequests and Death benefits | q | Ask TP | Do NOT include amounts from spouse / Civil Union partner | |||
1776 1099-R Detail Report | ||||||
Gross column total (Sum of Box 1 from all 1099-Rs) | t | 1099-R Detail Report |
Enter the total of the Gross column on the 1099-R Detail Report. (Sum of Box 1 from all 1099-Rs)
This will include some amounts that are not taxable, but are included for PTR income purposes.
When you enter an amount on this line, several additional lines will appear:
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minus Portion from Rollovers | t | 1099-R Detail Report | Enter rollover amounts from any 1099-Rs that are rolled over from one qualified retirement plan into an IRA or other qualified plan either directly (Code G) or indirectly (Code 1 or 7 with an amount on exclusion worksheet Line 1). Rollovers will have an R in Roll/Exclude column on 1099-R Detail Report | |||
minus Portion from Tax-free exchanges | t | 1099-R Detail Report |
Enter amounts from any 1099-Rs that are considered tax-free exchanges of a policy or contract between 2 insurance companies Tax-free exchanges may be shown in 2 different ways on 1099-R screen:
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minus Portion from Regular IRA to Roth IRA conversions | t | 1099-R Detail Report |
Enter conversion amounts from any 1099-Rs that involve conversions from a regular IRA to a Roth IRA (If this type of conversion occurred, the print package should include a Form 8606 with Part II completed) |
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= Amount for PTR Line t | t | calculated | Tool will subtract rollovers, tax-free exchanges, and regular IRA to Roth conversions from the Gross 1099-R amount then will transfer result to Line t | |||
1776 PTR Line v Stuff - only if Line u > 80,000 for 2011 or 82,880 for 2012 | ||||||
19 | NJ-1040 Line 19: Pensions, Annuities, and IRA Withdrawals | v | NJ-1040, Line 19 |
Starting point for this section is NJ 1040 Line 19 Pensions, Annuities, and IRA Withdrawals.
TW automatically excludes from Line 19 amounts that are not taxable for NJ:
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plus Military pensions not included in NJ Line 19 | v | 1099-R Detail Report |
Enter taxable amount from 1099-R for military pension(s) (Payer should be Defense Finance & Accounting Service for military pension) |
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plus Disability pensions (1099-R Code 3) not included in NJ Line 19 | v | 1099-R Detail Report |
Enter taxable amount from any 1099-Rs for disability pensions not already included in Line 19 (usually 1099-R disability for recipients under 65) (If correct adjustment for TW glitch described above was not done, do not enter disability amount for taxpayer in that situation, since already in Line 19) |
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plus Qualified Roth IRA distributions (Code Q) | v | 1099-R Detail Report |
Enter 1099-R amount for Qualified Roth IRA Distributions (Will have Box 7 Code Q) Only include portion that would be taxable if treated as a regular IRA (as if you had completed NJ IRA Worksheet with all relevant information). If complete info is not available, enter total Roth IRA distribution |
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minus Regular IRA to Roth IRA conversions included in NJ Line 19 | v | 1099-R Detail Report |
Enter conversion amounts from any 1099-Rs that involve conversions from a regular IRA to a Roth IRA (If this type of conversion occurred, the print package should include a Form 8606 with Part II completed) |
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= Amount for PTR Line v | v | calculated | Tool will add in amounts above from military pensions, disability pensions, & qualified Roth IRA distributions. It will subtract regular IRA to Roth conversions. The result will be transferred to Line v |
INCOME CATEGORIES | 1776 | |
Social Security Benefits (including Medicare Part B premiums) paid to or on behalf of applicant | a. | |
Salaries and Wages | b. | |
Bonuses, Commissions, and Fees | c. | |
Unemployment Benefits | d. | |
Disability Benefits, whether public or private (including veterans’ and black lung benefits) | e. | |
Interest (taxable and exempt) | f. | |
Dividends | g. | |
Capital Gains | h. | |
Net Rental Income | i. | |
Net Profits From Business | j. | |
Net Distributive Share of Partnership Income | k. | |
Net Pro Rata Share of S Corporation Income | l. | |
Support Payments | m. | |
Inheritances | n. | |
Royalties | o. | |
Gambling and Lottery Winnings (including New Jersey Lottery) | p. | |
Bequests and Death Benefits | q. | |
All Other Income | r. | |
Add lines a - r above. Is the amount on Line s $10,101* or less? | s. | |
Gross Pension and Retirement Benefits (including IRA and annuity income) from Form 1099-R, Box 1 | t. | |
Add Line s and Line t. Is the amount on Line u $10,101* or less? | u. | |
New Jersey Pension and Retirement Benefits (including IRA and annuity income) | v. | |
Add Line s and Line v. Is the amount on Line w $10,101* or less? | w. | |
Amount for PTR |