Keyword Analysis & Research: njbest tax deduction

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Frequently Asked Questions

Is there a tax deduction for college in NJ?

The New Jersey College Affordability Act allows for a state tax deduction of up to $10,000 per taxpayer with gross income of $200,000 or less, beginning with contributions made in tax year 2022.

Are there any tax deductions for 529 plan in New Jersey?

Like the 529 plan tax benefit, this tax deduction only applies to households earning up to $200,000. Families who earn up to $200,000 may also deduct up to $2,500 in student loan repayments from New Jersey taxable income.

How much do you have to make to get free tuition in New Jersey?

Governor Murphy’s new proposal extends this benefit to a student’s entire four years of college. The Garden State Guarantee provides free tuition at New Jersey public 4-year colleges for third- and fourth-year students. Eligible students must have an annual household income below $65,000.

What kind of deductions can I claim on my taxes?

Those who paid education expenses (namely tuition) for themselves, their spouses, or their dependents can deduct up to $4,000. You can only claim the deduction if your gross income is $80,000 or less for single filers and $160,000 or less for joint filers.

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