Income Tax Exemption for Veterans

Thomas J Smith, Broker Associate
Thomas J Smith, Broker Associate
Published on January 31, 2018
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Here is some important information concerning an Income Tax Exemption for Veterans

New for Tax Year 2017. You are eligible for a $3,000 exemption on your Income Tax return if you are a military veteran who was honorably discharged or released under honorable circumstances from active duty in the Armed Forces of the United States by the last day of the tax year. Your spouse (or civil union partner) is also eligible for an exemption if he/she is a veteran who was honorably discharged or released under honorable circumstances and you are filing a joint return. This exemption is in addition to any other exemptions you are entitled to claim and is available on both the resident and nonresident returns. You cannot claim this exemption for a domestic partner or for your dependents. 

For more info visit:

http://www.state.nj.us/treasury/taxation/newexemptionveterans.shtml

 

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