Property Tax Reimbursement Instructions - New Jersey Division Of Taxation Page 8
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1615.
Q.
Can you give an example?
A.
Let’s say your base year is 1997. You qualify in 1998 and 1999 and receive a
reimbursement for each of those years. In the year 2000 your income exceeds the
limit and you are not eligible, but in 2001 you become eligible again. 2001 is now
your base year and will remain your base year as long as you continue to satisfy
the requirements of the program.
16.
Q.
What must I include when calculating income? Is the income the same as
what I report on my New Jersey gross income tax return?
A.
No. With very few exceptions, all income that you receive during the year, including
income which is not reported on Form NJ-1040, must be taken into account to
determine whether you are eligible for the property tax reimbursement.
Examples of possible sources of income are as follows:
•
•
Social Security Benefits
Gambling and Lottery
(including Medicare Part B premiums)
Winnings (including New
Jersey State lottery)
•
Total Pension Income
•
(including annuity & IRA distributions)
Dividends
•
•
Salary and Wages, Bonuses,
Capital Gains
Commissions and Fees
•
Support Payments
•
Unemployment Benefits
•
Inheritances
•
Interest (taxable and exempt)
•
Royalties
•
Fair Market Value of Prizes and Awards
•
Disability Benefits
•
Net Rental Income
•
All Other Income
•
Net Business Income
17.
Q.
What don’t I have to include as income?
A.
There are eight types of income that you should not include when you are
calculating your income for the property tax reimbursement. These eight are:
♦ Reparation or restitution payments to victims of National Socialist (Nazi)
persecution; returns of property (tangible or intangible) seized, lost or
misappropriated as a result of Nazi actions or policies and any cash values in
replacement of such property; payments of insurance policies purchased by
victims of Nazi persecution; and any accumulated or accrued interest on such
♦ Benefit amounts received under the New Jersey State Lifeline Credit Program/
Tenants Lifeline Assistance Program
PTR FAQ – 4
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