01 May Can I amend my tax returns for the veteran tax break?

Q. I didn’t know about the veteran exemption when I filed my taxes last year. Can I modify my 2017 tax return to take this exemption?
— Veteran

A. You can absolutely turn back the clock to take advantage of this tax break for veterans.

The New Jersey Veteran Exemption was enacted beginning with the 2017 tax year. It provides eligible veterans with an additional annual $3,000 exemption for New Jersey gross income tax purposes, said Neil Becourtney, a certified public accountant and tax partner with CohnReznick in Eatontown.

“To claim the exemption, the taxpayer must submit documentation to the New Jersey Division of Taxation showing that they were honorably discharged or released under honorable circumstances from active duty,” he said. “The most common form of documentation is DD Form 214, Certificate of Release or Discharge from Active Duty.”

He said the documentation can be submitted to the Division of Taxation in one of three ways – by mail, fax, or uploading it on the Division of Taxation’s website. The website provides information on all three methods of submission.

Becourtney said the documentation only needs to be submitted one time, and then it remains on file permanently.

“You can file an amended 2017 New Jersey income tax return using Form NJ-1040X to claim the Veteran Exemption of $3,000 that you omitted,” he said. “In the exemptions section of the form, there is a check box for this new exemption.”

If you have not already filed your 2018 Form NJ-1040, Becourtney said you can claim the Veteran Exemption but wait until you have submitted your discharge documentation to the state.

And if you have already filed your 2018 New Jersey income tax return, then you likewise can file an amended 2018 income tax return to claim the Veteran Exemption.

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This story was originally published on May 1, 2019.

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