Form 1040 (Schedule 8812) for New Jersey 2024-2025

Form 1040 (Schedule 8812) for New Jersey: What You Should Know

Form 1040, which is for the nonresident individual rate, or Form 1040, which is for married couples filing jointly, it provides a credit for the amount of income an individual receives in excess of 1,400 but not more than 2,400 (1,600 for joint filers). The credit is equal to the amount by which the individual's adjusted gross income exceeds 1,400 (1,600). The extra amount that is not included in the income, which is not subject to the child tax credit, must exceed 2,400, or 3,600, whichever is less. In addition to this credit, the state of New Jersey offers a limited amount of additional child tax credit. The amount of the combined credit is capped at 7 percent of the amount of taxable income of a qualifying child. The qualifying child must be a qualifying child in each of the two preceding year's taxable year(s), if an individual is married, or if a married individual is a qualifying child in both tax years. (Note: There is an additional cap of up to 500,000 for a child, a grant for the adoption of a child and for child tax credit for the transition from child to adult adopted.) The amount of the credit is limited to 2/3 of the child's tax liability. Therefore, you cannot utilize both the credits and the 2,400 caps to get a more favorable tax result. However, if there is no amount of the child tax credit or combined credit that is greater than the amount taken into account in New Jersey Schedule 8812, you will still receive a credit for child tax paid in New Jersey. However, the amount of the credit will be limited to the amount of tax shown in Form 4213, New Jersey Child Support Determination Report. If tax liability exceeds the amount of child support payment, an additional maximum tax rate of 24 percent will be applied on the remainder of the total tax liability, including the child support payment, for amounts over the 2,400 base. In other words, if a child support payment is 1,600, the maximum tax rate for the remainder of the child's tax liability is 480, or 24 percent. This maximum tax rate is not applicable after the maximum tax rate has been applied. See the explanation of the maximum tax rate in Chapter 14 for more information.

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