New Jersey makes use of a graduated revenue tax system—which means the extra you earn, the upper your tax charge. For the 2024 tax yr (the taxes you’ll file in 2025), charges vary from 1.4% to 10.75%, relying on revenue and submitting standing. Components like your revenue stage, submitting standing, residency, and accessible deductions or credit will decide how a lot you owe.
Whereas New Jersey’s high charges are among the many highest within the nation, the state additionally provides a number of tax credit and deductions to assist decrease your invoice. Let’s break down what you want to know when submitting your New Jersey state revenue taxes this yr.
*Notice you’re nonetheless answerable for federal taxes if you happen to meet the IRS revenue submitting threshold. This text addresses state-specific taxes solely.
New Jersey state revenue tax charges
New Jersey’s revenue tax system options seven tax brackets, with charges starting from 1.4% to 10.75%. These charges apply progressively—the extra you earn, the upper the proportion of your revenue you’ll pay in taxes. The state’s 10.75% charge applies to these with taxable revenue exceeding $1 million.
New Jersey state revenue tax returns are usually due on April 15, 2025, aligning with the federal tax deadline until an extension is granted. Within the subsequent part, we’ll break down tax tables and the particular tax brackets and charges for every submitting standing—together with single filers, married {couples}, and heads of households—that can assist you higher perceive the place you slot in.
Tax desk or tax charge schedule: Which do you have to use?
When determining how a lot state revenue tax you owe in New Jersey, you’ll use both the state’s tax desk or tax charge schedule, relying in your taxable revenue.
However if you happen to’re figuring out your tax legal responsibility your self, use the tax desk in case your New Jersey taxable revenue is underneath $100,000 and the tax charge schedule if it’s $100,000 or extra. Listed below are extra particulars on how the tax desk and tax charge schedule work:
The tax desk (which yow will discover within the 2024 NJ-1040 Resident Return booklet) gives a fast strategy to discover your precise tax quantity with out doing any calculations. You simply lookup your taxable revenue within the desk, and it tells you the way a lot tax you owe.
Instance: In case your taxable revenue is $45,325, discover the row within the tax desk that covers “$45,300–$45,350” to see your precise tax obligation.
The tax charge schedule (listed within the subsequent part) requires you to do a little bit of math utilizing your taxable revenue and the charges we simply talked about. The tables beneath present the calculations you’ll have to make if submitting manually. Bear in mind: For those who file with TurboTax, it would do the mathematics for you.
Right here’s how the tax charge schedules break down by submitting standing:
Single or Married (or civil union) Submitting Individually
The next desk outlines the New Jersey state revenue tax charges for people submitting as Single or Married (or civil union) Submitting Individually in 2024.
Taxable revenue Tax charge $0 to $20,000 1.4% $20,001 to $35,000 1.75% (subtract $70 from the results of taxable revenue multiplied by 1.75%) $35,001 to $40,000 3.5% (subtract $682.50 from the outcome) $40,001 to $75,000 5.525% (subtract $1,492.50 from the outcome) $75,001 to $500,000 6.37% (subtract $2,126.25 from the outcome) $500,001 to $1 million 8.97% (subtract $15,126.25 from the outcome) Greater than $1 million 10.75% (subtract $32,926.25 from the outcome)
Married (or civil union) Submitting Collectively, Head of Family, or Qualifying Widow(er)/surviving associate
The desk beneath outlines the New Jersey state revenue tax charges for taxpayers submitting as Married (or civil union) Submitting Collectively, Head of Family, or Qualifying Widow(er)/surviving associate in 2024.
Taxable revenue Tax charge $0 to $20,000 1.4% $20,001 to $50,000 1.75% (subtract $70 from the results of taxable revenue multiplied by 1.75%) $50,001 to $70,000 2.45% (subtract $420 from the outcome) $70,001 to $80,000 3.5% (subtract $1,154.50 from the outcome) $80,001 to $150,000 5.525% (subtract $2,775 from the outcome) $150,001 to $500,000 6.37% (subtract $4,042.50 from the outcome) $500,001 to $1 million 8.97% (subtract $17,042.50 from the outcome) Greater than $1 million 10.75% (subtract $34,842.50 from the outcome)
Who has to file New Jersey state revenue tax
For those who stay, work, or earn revenue in New Jersey, you might have to file a state revenue tax return. Submitting necessities rely in your gross revenue, submitting standing, and residency standing. Residents, part-year residents, and nonresidents should file if their revenue exceeds sure thresholds.
In case your revenue meets or exceeds the next quantities, you’re required to file a New Jersey state revenue tax return.
Submitting standing Gross revenue threshold Single or Married/civil union Submitting Separate return $10,000 Married/civil union Submitting Joint return, Head of Family, or Qualifying Widow(er)/surviving associate $20,000
A New Jersey tax return should even be filed if you happen to:
Have New Jersey Revenue tax withheld and are getting a refund.
Paid New Jersey estimated tax funds and are getting a refund.
Are eligible for the New Jersey Earned Revenue Tax Credit score and are getting a refund.
How New Jersey residency impacts tax
New Jersey acknowledges three residency statuses for state tax functions: resident, part-year resident, and nonresident. Your residency standing determines how your revenue is taxed and which tax varieties you’ll have to file.
The chart beneath breaks down every residency sort, who qualifies, and the way revenue is taxed primarily based in your residency standing.
Residency standing Definition How New Jersey taxes revenue Resident Lived in New Jersey for all the tax yr or maintained a everlasting dwelling in New Jersey and spent greater than 183 days within the state. Taxed on all revenue earned, no matter the place it was earned. Half-year resident Moved in or out of New Jersey through the yr. Taxed on revenue earned whereas a resident andNew Jersey sourced revenue earned whereas a nonresident. Nonresident Lived outdoors of New Jersey however earned revenue from New Jersey sources. Taxed solely on New Jersey-sourced revenue.
Different revenue tax concerns in New Jersey
Together with customary wages and salaries, retirement revenue, investments, Social Safety, and navy revenue are taxed in a different way in New Jersey. Beneath are key factors to remember when submitting your state taxes:
Retirement and pension revenue tax: Social Safety advantages, Railroad Retirement advantages, and navy pensions are exempt from New Jersey state revenue tax. Nonetheless, pensions, annuities, and sure IRA withdrawals are usually taxable for New Jersey residents.
New Jersey provides a pension exclusion for residents aged 62 or older, or those that are disabled, with a gross revenue of $150,000 or much less.
Certified distributions from a Roth IRA are excluded from taxable revenue within the state.
Funding revenue tax: Capital good points are taxed on the similar charges as private revenue, with no preferential remedy for long-term capital good points.
Social Safety revenue tax: New Jersey doesn’t tax Social Safety advantages, offering reduction for retirees who depend on this revenue supply.
Army revenue tax: Army pay is taxable for New Jersey residents, however fight zone pay is exempt from state revenue taxes. Army pensions and survivor profit funds usually are not taxed, no matter age or incapacity standing. Civil service pensions and annuities, even when primarily based on navy service, are taxable.
Discuss to a tax professional without cost
Do you will have tax questions? Get solutions from one in every of our tax consultants. Consultants accessible 5am – 8pm PST – 7 days per week
Frequent New Jersey state tax deductions and credit
New Jersey provides a number of tax deductions and credit designed to scale back your taxable revenue or present direct monetary reduction. Beneath are a number of state-specific deductions and credit it is best to learn about.
Tax credit score/deduction Description Quantity Youngster and Dependent Care Credit score Credit score for bills associated to youngster care or dependent look after qualifying dependents. As much as 50% of federal Youngster and Dependent Care Credit score; most federal credit score for 2024 is $6,000. Youngster Tax Credit score Credit score for taxpayers with qualifying kids aged 5 or youthful. As much as $1,000 per youngster, relying on revenue. New Jersey Earned Revenue Tax Credit score (NJEITC) Credit score for low-to-moderate-income people and households primarily based on earned revenue. 40% of the federal Earned Revenue Tax Credit score (EITC); most federal credit score for 2024 is $7,830. Organ/Bone Marrow Donation Deduction/Credit score Deduction for unreimbursed bills associated to organ or bone marrow donations. As much as $10,000. Property Tax Deduction/Credit score for Owners and Renters Deduction or credit score for property taxes paid on a major residence (fundamental dwelling). Owners can deduct property taxes paid (as much as $15,000 or $7,500 if Married Submitting Individually), whereas renters can deduct 18% of lease paid from their taxable revenue; alternatively, a refundable $50 credit score (or $25 if Married Submitting Individually) is out there to scale back taxes owed.
Learn how to file New Jersey state revenue tax
Submitting your New Jersey state revenue taxes doesn’t need to be overwhelming—TurboTax has your again.
File with confidence: TurboTax ensures you get each deduction and credit score you qualify for in New Jersey.
Do it your method: File your taxes your self with easy-to-follow steerage or have a TurboTax professional deal with it for you from begin to end.
Maximize your refund: TurboTax is constructed to uncover each financial savings alternative, whether or not you’re a resident, part-year resident, or nonresident.
Regardless of your tax scenario, we’ll simplify the method so you’ll be able to file precisely and maximize your refund.
Able to file your New Jersey state revenue taxes? Begin with TurboTax right this moment— your money and time deserve professional care.
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