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Trusts and Estates

February 4, 2022Tax Alert: New Jersey's Earned Income Tax Credit (NJEITC)

The New Jersey Division of Taxation is reminding taxpayers and practitioners that for the 2021 tax filing season, the New Jersey's Earned Income Tax Credit (NJEITC) is 40% of the federal credit, following three annual increases under a 2018 law. Additionally, legislation signed as part of last year's budget lowered the minimum age eligibility for the EITC from 21 to 18 and to those 65 and older without dependents. This means that for tax year 2021, New Jersey taxpayers could receive a refundable credit of up to $2,691 with qualifying dependents or $601 without dependents. The maximum credit available for workers without dependents is nearly tripled from previous years in thanks to provisions expanding the federal EITC in the American Rescue Plan. To be eligible for the NJEITC, a taxpayer must: (1) meet all qualifications for the federal earned income tax credit, except for the minimum age requirement; (2) be a resident of New Jersey who works or earns income; (3) have a qualifying child or be at least 18 years old; (4) meet the income limits for their filing status; and (5) have a valid social security number for themselves, their spouse and any qualifying child listed on the tax return....

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January 28, 2022New Jersey Department of Taxation Announcement: New deductions for college related expenses

The New Jersey Division of Taxation has advised that there will be three new deductions available for college related expenses in the 2022 tax year for taxpayers with gross income of $200,000 or less. Taxpayers will be able to deduct up to: (1) $10,000 of contributions made during the year to a New Jersey 529 plan account; (2) $2,500 of principal and interest paid on student loans issued under New Jersey College Loans to Assist State Students; and (3) $10,000 of tuition costs if the taxpayer, his or her spouse or dependent enrolls and attends a New Jersey institution of higher education....

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December 3, 2021Martin Hauptman contributes to NJ.com article titled "My employer eliminated my life insurance. Can I deduct the loss?"

Martin Hauptman, a partner in the Trusts & Estates, and Taxation practice groups and chair of the ERISA and Employee Benefits practice at Mandelbaum Barrett has contributed to an article in the December 2nd, 2021 issue of NJ.com titled "My employer eliminated my life insurance. Can I deduct the loss?"...

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March 27, 2020COVID-19 Resources

The past two weeks have ushered in unprecedented changes in our economy and society. In an effort to provide our friends and colleagues with up-to-date information about COVID-19, our attorneys have written a range of publications. These articles and alerts examine COVID-19's impact on a number of areas, including business and healthcare office closures, employment concerns, insurance issues, telehealth, and the rights of public school students during school closures....

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