Schedule PT Dividend Exclusion for Certain Previously Taxed Dividends - New Jersey

What Is Schedule PT?

This is a legal form that was released by the New Jersey Department of the Treasury - a government authority operating within New Jersey. As of today, no separate filing guidelines for the form are provided by the issuing department.

FAQ

Q: What is the PT Dividend Exclusion for Certain Previously Taxed Dividends?
A: The PT Dividend Exclusion for Certain Previously Taxed Dividends is a provision in the New Jersey tax laws.

Q: What does the PT Dividend Exclusion for Certain Previously Taxed Dividends do?
A: It allows taxpayers to exclude a portion of dividends received from certain corporations from their taxable income for New Jersey tax purposes.

Q: Who is eligible for the PT Dividend Exclusion?
A: Individual taxpayers who receive qualifying dividends from eligible corporations are eligible for the PT Dividend Exclusion.

Q: What are qualifying dividends?
A: Qualifying dividends are dividends received from domestic or foreign corporations that have paid taxes on their earnings to New Jersey or another jurisdiction.

Q: Are all dividends eligible for the PT Dividend Exclusion?
A: No, only dividends that meet the requirements of the PT Dividend Exclusion provision are eligible.

Q: How much of the dividends can be excluded?
A: For tax year 2021, up to $1,500 of qualifying dividends can be excluded per taxpayer.

Q: Are there any limitations to the PT Dividend Exclusion?
A: Yes, the exclusion is subject to certain limitations based on the taxpayer's filing status and income.