If you’re a veteran you might be eligible for an additional $3,000 exemption on your 2017 New Jersey Income Tax Return. In order to qualify for the additional exemption, you need to have been honorably discharged or released under honorable circumstances from active duty in the Armed Forces of the United States by December 31, 2017. An additional exemption can also be claimed for your spouse on a jointly filed return if he or she is also a military veteran who was honorably discharged or released under honorable circumstances.
The new exemption is available on both the New Jersey resident and nonresident returns. A copy of your Form DD-214, Certificate of Release or Discharge from Active Duty, will need to be submitted in order to certify that you are exempt.
For more information or to print out the submission form go to: http://www.newjersey.gov/treasury/taxation/military/vetexemption.shtml
The New Jersey Division of Taxation offers several tax benefits and accommodations for New Jersey veterans who have served our country, including a property tax deduction and more. Continue reading at New Jersey Tax Guide: Veterans in New Jersey [PDF] →.
Please reach out to an Alloy Silverstein accountant and advisor with any questions.
Associate Partner
Kim has developed a primary focus on providing accounting, tax, and advisory services to the professional service area, including law firms and medical practices.
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