Starting with tax year 2022, New Jersey taxpayers with gross income of $200,000 or less may qualify to reduce their taxable income for contributions to a New Jersey Better Educational Savings Trust (NJBEST) account of up to $10,000 per taxpayer per year.
A party-year resident will need to prorate the amount based on the time they lived in the state.
To enter the deductible portion of the contributions in ProWeb, from the New Jersey Return menu select:
- Subtractions from Income
- NJ BEST Deduction - Enter the allowable contribution amount.
Additional Information:
New Jersey State Tax Information
NJ Best 529 College Savings Plan
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