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Form Instructions 1040 MS: What You Should Know

Eligibility Criteria | NJ GETS 2017 – 2024 | GETS Annual deduction is limited to 25% of each taxpayer's net tax liability.  Eligibility Criteria | NJ GETS 2017 | GETS A qualifying child will take a credit of 25% of earnings, up to a lifetime maximum income, up to a total of 5,000, with a 200 limit on each child. If a qualifying child is under the age of 17, all earnings must be less than 200 and the child's income must be no more than 1,100. All earnings paid into an individual retirement account or a custodial account under a designated retirement plan, the Qualified Tuition Program (CTP), or the Qualified Tuition Supplement Program (CSS) qualify. Earnings from a self-employed individual are not considered taxable. This credit only applies to the current tax return and not the tax return of a future year. Eligibility Criteria | NJ GETS 2016 – 2024 | GETS Qualified Tuition Program (CTP) Qualified Tuition Program (CTP) — Qualified Tuition Program (CTP) — Qualifying Tuition Programs (QTP-QTP) | Qualifying Tuition Programs-Taxable Income Tax Year 2024 | GETS | Return of Qualifying Tuition Income Tax Year 2024 | GETS | Return of Qualifying Tuition Income 2017 – 2024 Income Limit | GETS Eligible income for CTP amounts (taxable income) of 40,000 or less will be eligible for the tax credit. Income between 40,000 and 80,000 is not considered as taxable income for purposes of the credit. Any amount of income greater than 80,000 is considered as taxable income. If net taxable income between 40,000 and 70,000 is not less than 60,000, the individual may be eligible for a maximum credit of 50% of the tax payable. Net taxable income is the total taxable income minus zero amount of net tax. The net tax is zero in the case of zero tax liability after any deductions.

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