TaxPrep4Free.org - PTR Problems

PTR Problems

The PTR form layout has changed for TY2012 and the rules for calculating qualifying income have also changed. These problems are designed to introduce you to the new forms and a new online app for preparing the Income Categories section.

For more information on the New Jersey Property Reimbursement (Senior Freeze) program, click here.

PTR-P1 Rime, Pauline T.
02-18-2013 v1.0

Source materials:
- Scenario
- Printed Return

Task 1: Manually fill out the new blank PTR-2 Income Report page using the Source materials (above) and the PTR Income Worksheet Sources document as a guide.
Answer 1: (Not yet available - See Answer 2 for Income Categories section)

Task 2: Redo the PTR-2 Income Categories information using the NJ PTR Income Categories Tool online app.
Answer 2: NJ PTR Income Categories Tool printout

PTR-P2 Reezon, Patrick T. & Pamela T.
02-22-2013 v1.0

Source materials:

Task 1: Manually fill out the complete new blank PTR-1 Application using Source materials (above) and the PTR Income Worksheet Sources document as a guide. [Full Instructions for the new PTR-1 form are avaiable here.]
Answer 1: (Not yet available - See Answer 2 for Income Categories section)

Task 2: Redo the PTR-1 Income Categories information (both years) using the NJ PTR Income Categories Tool online app.
Answer 2: NJ PTR Income Categories Tool printout (2011) and NJ PTR Income Categories Tool printout (2012)

Questions:

Which 1099-R amounts are included in NJ-1040 line 19 (and which ones are not included - any wny)?
What documents need to be sent in with the PTR-1?
Why is the amount on the 2012 Income Categories line u not equal to the amount on line w?
If the amount on 2012 line w was still over the limit, what extra information could the TP provide that might bring the amount back under the limit?

Extra Credit:

Assuming you had detailed information on the contributions and previous distributions from the Roth IRA, how could you use TW to calculate only the taxable portion of the Roth IRA distribution?