New Jersey has a $3,000 exemption for use on State Income Taxes available to all Veterans who have been honorably discharged or released under honorable circumstances from active duty. This exemption is in addition to all other exemptions and deductions the veteran is entitled to under New Jersey law.
For two spouses who are both qualifying veterans filing a joint tax return each spouse is entitled to their exemption. This means that on the joint return the couple is entitled to an exemption of $6,000!
This exemption is available only to those released from active duty by the last day of the tax year. The first year a veteran claims this exemption they are required to submit their DD-214. There is no need to submit the DD-214 in subsequent years. There is also a form which must be submitted with your tax return and the DD-214.
The Herron Law Firm makes this form available to any Veteran who requests a copy FREE of charge. We are proud to serve those who served. Please shedule a consultation on Attornify today.
For information from the State of New Jersey Department of the Treasury regarding this exemption please click here.