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Income Tax Changes for Tax Year 2023

Filing Information

Filing Deadline. The filing deadline is Monday, April 15, 2024, for calendar-year taxpayers - matching the due date for the federal Form 1040.

Fiscal-year filers must submit their returns by the 15th day of the fourth (4th) month following the close of the fiscal year. If a due date falls on a Saturday, Sunday, or legal holiday, that return is due on the following business day.

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Deductions, Exclusions, and Credits

• Credit for Excess UI/WF/SWF; DI; FLI Withheld
  • The maximum employee Unemployment Insurance/Workforce Development Partnership Fund/Supplemental Workforce Fund contribution was $174.68.
  • The maximum employee Disability Insurance contribution was $0.
  • The maximum employee Family Leave Insurance contribution was $94.08.

  If you had two or more employers, you may have contributed more than the maximum amount(s). To claim credit on the tax return for excess withholding, complete Form NJ- 2450.

• Ó£»¨ÊÓƵ Child Tax Credit. Residents with taxable income of $80,000 or less are eligible for a credit of up to $1,000 for each dependent who is age 5 or younger on the last day of the tax year. You are not eligible if your filing status is married filing separately.
• Credit for Taxes Paid to Other Jurisdictions. The Philadelphia nonresident wage tax rate was 3.44% (.0344) for the entire 2023 tax year.

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Health Insurance EZ Enroll. If you or anyone in your tax household does not have minimum essential health coverage, you must complete the new NJ-EZ Enroll form. If you would like Get Covered Ó£»¨ÊÓƵ to help you obtain coverage, use lines 53a-53b. By agreeing to get coverage, you do not have to make a shared responsibility payment on line 53c.

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Convenience of the Employer Sourcing Rule. Under the convenience rule, a nonresident taxpayer’s employee compensation from a Ó£»¨ÊÓƵ employer for the performance of personal services is sourced to the employer’s location (Ó£»¨ÊÓƵ) if the employee is working from an out-of-state location (e.g. at home in their resident state) for their own convenience rather than for the necessity of their employer.