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Module NJ 1.27. Miscellaneous Credits. Elderly Or Disabled Credit Non- Refundable. At least 65 If under 65 and retired on permanent and total disability and did not reach mandatory retirement – must have taxable disability income

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elderly or disabled credit non refundable
Elderly Or Disabled CreditNon- Refundable
  • At least 65
  • If under 65 and retired on permanent and total disability and did not reach mandatory retirement – must have taxable disability income
  • Must meet income limits for AGI and non-taxable social security benefits
  • Elderly seldom eligible due to income limits

TaxWise automatically calculates this credit

NJ Training TY 2008

residential energy credits
Residential Energy Credits
  • Form 5695 Part I - Residential Energy Efficient Property Credit (IN SCOPE)
    • Energy efficient windows, doors, insulation
    • Placed in service 1/1/09 to 12/31/10
    • Credit is 30% of cost - Max of $1,500 for all years
  • Form 5695 Part II - Residential Renewable Energy Credit (OUT OF SCOPE)
    • Install energy systems, solar and water heaters, electric pumps

NJ Training TY 2008

alternate motor vehicle credit
Alternate Motor Vehicle Credit
  • Need manufacturer’s certification that the vehicle qualifies for a Alternate Motor Vehicle Credit
  • Use Form 8910 to claim credit

OUT OF SCOPE

NJ Training TY 2008

retirement savings contribution credit
Retirement Savings Contribution Credit
  • Credit for contributing to a retirement plan-IRA, 401(k), 403(b), 457(b) etc
  • Tax year contribution reduced by retirement plan distribution, if any to TP in current and in each of the prior 2 years
  • Amount of credit based on AGI and filing status
  • Must complete Tax Wise Form 8880
  • Tax Wise automatically inserts Form 8880, if TP qualifies and if
    • Traditional IRA contribution is entered on Form 1040, line 32
    • Form W-2 includes retirement contribution in Box 12, with a code designation of D, E, F, G, H or J

NJ Training TY 2008

refundable credits
Refundable Credits
  • Some credits, e.g.
    • Making Work Pay (New),
    • EIC (Earned Income Credit),
    • ACTC (Additional Child Tax Credit),
    • Refundable portion of Education Credit (New),
    • First Time Homebuyer (Enhanced)
  • Are refundable and will be covered in other modules

NJ Training TY 2008