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Old 04-05-2013, 01:14 AM
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How to calculate penalties and interest for missing 1099-INT for NJ state

I need to file an amended 2011 NJ state tax return due to a missing 1099-int for about $1100. I also had to change to a property tax deduction vs property tax credit. Don't know what the accountant was thinking. I now owe $59 additional. How do I calculate the penalty/interest for this situation? Do I have to pay the penalty for late filing or just late payment + interest?

I took care of my federal amendment and for that they calculate the penalty/interest. I redid the state I worked in as well (NY) and I'm actually receiving a bit more refund. Just not sure how much to pay NJ.

Thanks.



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Old 04-05-2013, 10:44 AM
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“How do I calculate the penalty/interest for this situation? Do I have to pay the penalty for late filing or just late payment + interest?”========UNLESS you filed your 2011 return late and paid the penalty for late filing to the IRS/NJS, you need to pay penalty/interest only on late payment. Penalty and interest will be charged for late payment of tax due October 15 including extension. A late payment penalty of 5% of the tax due may also be charged.Interest is calculated at the annual rate of 3% above the prime rate for every month or portion of a month the tax is unpaid, compounded annually. At the end of each calendar year any tax, penalties and interest still due become part of the balance on which interest is charged.The NJ Division publishes a Technical Bulletin, TB-21(R), showing the current interest rate and the interest rate history for recent years.

Pleae visit the NJ Div of Taxation tech bulletin here for more info.
http://www.state.nj.us/treasury/taxa...s/tb/tb21u.pdf
“I took care of my federal amendment and for that they calculate the penalty/interest. “=====You need to amend your federal tax return first if the amended state return will be filed because of a miscalculation of income. A good way to know if you need to file both a federal and a state amended return is to complete the federal 1040X first to see if anything changes with this new information. If it doesn't, you won't file a federal amended return, just the state amended return. Your state tax liability will very likely be affected if you need to file an amended federal tax return. Like the IRS, your state uses a special form for an amended return. You need to attach a copy of your amended federal return ,Form 1040X, to your amended state return, if the state requires it, as is usually the case.


“I redid the state I worked in as well (NY) and I'm actually receiving a bit more refund. Just not sure how much to pay NJ. “=====As there is no State Tax Reciprocal Agreement between NYD and NJS, you need to claim your tax to NYS on your NJ return as NJ full year resident .This may reduce your tax liability to NJS *NLESS you already applied the NYS tax on your NJS return.



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