NJ-2440 Statement in Support of Exclusion for Amounts Received Under Accident and Health Insurance Plan. NJ-2440 Statement in Support of Exclusion for Amounts Received Under Accident and Health Insurance Plan-2025

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The document outlines the criteria for excluding amounts received by employees through accident and health insurance plans from taxable gross income under New Jersey law. It specifies that such payments must be for wage loss due to personal injury or sickness, must have a contractual obligation, and should not relate to discretionary sick leave. The document also details the withholding tax requirements and provides examples to illustrate the application of these exclusions.

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How to use or fill out NJ-2440 Statement in Support of Exclusion for Amounts Received Under Accident and Health Insurance Plan

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Click ‘Get Form’ to open it in the editor.
Begin by entering the year at the top of the form, followed by your name as the employee and your Social Security Number.
Fill in your employer's name and their identification number.
Indicate the periods of sickness by entering the start and end dates in the designated fields.
Record the number of paid days off due to sickness, subtracting any initial period that is not covered under this exclusion.
Calculate allowable sick days based on your daily rate of pay, ensuring all calculations are accurately reflected in the provided fields.
Total your sick pay for the year at the bottom of the form, ensuring all entries are correct before submission.
Finally, have an authorized representative from your employer sign and date the form to certify its accuracy.

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Got questions?

We have answers to the most popular questions from our customers. If you can't find an answer to your question, please contact us.

Can I deduct my health insurance premiums in NJ?

You can deduct medical expenses that exceed 7.5% of your adjusted gross income (AGI). This includes health insurance premiums, along with other out-of-pocket medical expenses. For self-employed individuals, the rules are more favorable.

What is a NJ deferred compensation plan?

The New Jersey State Employees Deferred Compen- sation Plan (NJSEDCP) provides you, as an eligible State employee, an opportunity to voluntarily shelter a portion of your wages from federal income taxes while saving for retirement to supplement your So- cial Security and pension benefits.

Do you have to pay taxes on temporary disability in NJ?

Temporary Disability Insurance benefits paid under a private plan may be subject to Social Security (FICA), medicare and federal income tax. For more information, contact your employer or private plan carrier. Temporary Disability Insurance benefits are not subject to New Jersey state income tax.

Who must file a New Jersey corporate tax return?

Every corporation that incorporates, qualifies, or otherwise acquires a taxable status in New Jersey must file a Corporation Business Tax return.

What is NJ 2440?

Statement in Support of Exclusion for Amounts Received. Under Accident and Health Insurance Plan. for Personal Injuries or Sickness.

What is a preexisting condition exclusion in an accident and health insurance policy pertains to?

Final answer: A pre-existing condition exclusion in health insurance relates to prior health issues that exist before obtaining coverage. These conditions can result in higher costs or denial of certain benefits.

What is health insurance tax exclusion?

Employer-paid premiums for health insurance are exempt from federal income and payroll taxes. Additionally, the portion of premiums employees pay is typically excluded from taxable income. The exclusion of premiums lowers most workers tax bills and thus reduces their after-tax cost of coverage.

What percentage does NJ tax pensions?

Total Income of $100,001 - $150,000 Total Income% of Taxable PensionFiling Status $100,001 - $125,000 37.5 % Single/head of household/qualifying widow(er) $125,001 - $150,000 25 % Married filing jointly 12.5 % Married filing separately 18.75 % Single/head of household/qualifying widow(er)3 more rows Dec 10, 2024

NJ-2440 Statement in Support of Exclusion for Amounts Received Under Accident and Health Insurance Plan. NJ-2440 Statement in Support of Exclusion for Amounts Received Under Accident and Health Insurance Plan-2025

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How to use or fill out NJ-2440 Statement in Support of Exclusion for Amounts Received Under Accident and Health Insurance Plan