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Social Security and Railroad Retirement Equivalent

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Presentation on theme: "Social Security and Railroad Retirement Equivalent"— Presentation transcript:

1 Social Security and Railroad Retirement Equivalent
New Jersey Slides Tax Year 2018

2 Tax On Social Security & Railroad Retirement Benefits Tier 1
Social Security and Railroad Retirement Benefits Tier 1 are not taxable in NJ Note: There is no line item for them on NJ 1040 NTTC Training – TY2018

3 Social Security/Railroad Retirement Benefits Tier 1 on NJ 1040
Neither Social Security nor Railroad Retirement Tier 1 is taxable for NJ so they do not flow through to NJ return Medicare premiums entered on Social Security screen will flow through to medical expenses on NJ 1040 line 31 (if medical expenses exceed 2% of NJ gross income on line 29) Therefore, NJ taxable income can change when you enter Social Security or Railroad Retirement Tier 1. Even though there is no new income on NJ return, the medical expense deduction can increase NTTC Training – TY2018

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