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Income Overview Pub 4012, Tab D Pub 17, Part Two 11-04-2015NJ TAX TY2014 v11.

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Presentation on theme: "Income Overview Pub 4012, Tab D Pub 17, Part Two 11-04-2015NJ TAX TY2014 v11."— Presentation transcript:

1 Income Overview Pub 4012, Tab D Pub 17, Part Two 11-04-2015NJ TAX TY2014 v11

2 Income Overview Distinguish between earned & unearned income Distinguish between taxable & nontaxable income Know where to report different types of income Complete necessary forms Losses may be allowable on Federal but not on State 11-04-2015NJ TAX TY2014 v1 2

3 Income Categories Earned Income Wages, salary, tips, etc. Self-employment income See 4012 Tab I for total list Unearned Income Investment income Retirement income Certain disability income Miscellaneous income 11-04-2015NJ TAX TY2014 v1 3

4 Federal Taxable Income Wages, bonuses, tips, certain scholarships Employer-funded pre-retirement disability payments Interest, dividends Business, hobby income Capital gains (stocks, property) Pensions, annuities, IRAs Rents, royalties Alimony received Unemployment compensation Social Security benefits (part maybe) Gambling winnings State income & property tax refunds (maybe) Pub 4012 Tab D 11-04-2015NJ TAX TY2014 v1 4

5 Federal Non-Taxable Income Child support Federal income tax refund Gifts, bequests, inheritances Interest on State/Local Government bonds Interest on Series EE bonds if used for education Veteran’s disability, interest on VA dividend Worker’s compensation Qualified scholarships, fellowships Supplemental Security Income (SSI) Pub 4012 Tab D 11-04-2015NJ TAX TY2014 v1 5

6 Federal vs. NJ: Taxable vs. Non-Taxable Income TAXABLE INCOMEFEDERALNJ Interest & Capital Gain on Federal obligations Yes Maybe See NJ GIT-5 Interest on NJ obligationsNo Capital Gain on NJ ObligationYesNo Interest on State obligations from States other than NJ NoYes Capital Gain on State obligations from States other than NJ Yes Pension & IRA Distributions NJ taxable amount may be different than Federal amount 11-04-2015NJ TAX TY2014 v1 6

7 Federal vs. NJ: Taxable vs. Non-Taxable Income Income SourceFederalState Military Pensions YesNo Tier 2 RR Benefits Yes (maybe) No Social Security Benefits/Tier I RR Benefits Yes (maybe) No State Income Tax Refund & Property Tax Rebates Yes (maybe) No Federal Tax Refund No NJ Lottery Winnings Yes (offset by loss) No – </= $10K Yes – > $10K (offset by loss) Qualifying Scholarships/Grants NoYes (maybe) (cont’d) 11-04-2015NJ TAX TY2014 v1 7

8 Different Types of Disability Income Social Security Disability TP is under full retirement age & has a SSA-1099 Disability presented on 1099-R retirement form (with Box 7 Code 3) Pre-retirement disability Retirement disability Supplemental Security Income (SSI) No tax document, not tax event 11-04-2015NJ TAX TY2014 v1 8

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