Support CenterHow do I handle the NJ Pass Through Business Alternative Income Tax Credit in a 1040 return in SureFire and ? - To learn about the Pass Through Business Alternative Income Tax Credit, which is new for 2020.
🔍 How do I handle the NJ Pass Through Business Alternative Income Tax Credit in a 1040 return in SureFire and ?
To learn about the Pass Through Business Alternative Income Tax Credit, which is new for 2020.
⚠️ Before You Begin
Make sure you have the correct pass-through tax credit information available to enter into your NJ 1040 return.
📊 Step-by-Step Guide
Step 1: Enter the credit for 2020
Use this when you need to report the NJ Pass Through Business Alternative Income Tax Credit for tax year 2020.
For 2020:
It gets reported on the NJ 1040 page 4 line 63.
Line 63 Pass-Through BusinessAlternative Income Tax Credit.
Enter your share of tax from Schedule PTE-K-1received from a pass-through entity, or from
Schedule NJK-1 received from an estate or trust.
Step 2: Enter the credit for 2021
Use this when you need to report the NJ Pass Through Business Alternative Income Tax Credit for tax year 2021.
For 2021:
It gets reported on the NJ 1040 page 4 line 62.
Line 62 Pass-Through BusinessAlternative Income Tax Credit.
Enter your share of tax from Schedule PTE-K-1received from a pass-through entity, or from
Schedule NJK-1 received from an estate or trust.
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Phone: 1-800-516-9442
Tags: state,form