26 Aug Are we eligible for ANCHOR with this income level?

Q. Will we receive an ANCHOR benefit? We are homeowners. We filed a New Jersey joint tax return for 2021. Husband was 65+ years old; wife was 63 years old. From our 2021 NJ Tax Return: Line 29 (NJ Gross Income) $252k; Line 38 (Taxable Income) $233k; Line 41 (NJ Taxable Income) $223k.
— Taxpayer

A. It looks like you’re not eligible for the current ANCHOR benefit, which is for the 2021 tax year.

For homeowners, the maximum gross income is $250,000, which is found on Line 29 of your return. You said your Line 29 income was $252,000, so it exceeds the income cutoff.

Had your gross income been $250,000 or less, and assuming you owned your home on Oct. 21, 2021, you would have been eligible for $1,000, plus the extra $250 for seniors.

On that extra $250, you would have had to be 65 or older on Dec. 31, 2021, to get the bonus amount.

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This story was originally published in August 2024.

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