New Jersey Tax Calculation

Forum|Forum|5 years ago
January 15, 2021
2 replies
12 views

Both the the 2019 Tax Planner program and the NJ 2020 individual model are calculating INCORRECT results for incomes between $1-5 million. New rate is 10.75% - both programs are still calculating at 8.97 old rate. WHY DID THIS NOT GET UPDATED LAST YEAR WHEN ENACTED BY NJ???!!!

Lacerte Tax

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IRonMaN

Level 15

If the rates are wrong on the 2020 tax form, you might want to give support a call. Maybe nobody got the memo from NJ and aren't aware of it. At this time of year, sometimes the issues are due to the fact that the forms haven't been finalized yet and other times, Intuit just missed the boat.

Slava Ukraini!

Accountant-Man

Level 13

They won't fix 2020 tax rates while working on 2019 tax forms. Even if it is the 2020 planner.

** I'm still a champion... of the world! Even without The Lounge.

Accountant-Man

Level 13

Income up to $5 million is still 8.97%. OVER $5 million is 10.75%

** I'm still a champion... of the world! Even without The Lounge.

A

antaxAuthor

Level 2

Thanks Accountant-Man but you are misinformed.

Suggest you read the new legilation enacted on 9/29/20 that made the new tax rate retroactive to 1/1/20 for incomes between 1-5 mill. You are relying on the old 2019 legislation that has been superseded in the Sept. bill. Thanks for your reply in any case

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