Place cold cream cheese in a large bowl with 2 Tablespoons of room temperature butter.
Beat with an electric hand mixer adding 2 Tbsp of butter at a time, mixing thoroughly after each addition, until creamy and smooth.
Add jam, extract, salt, and food coloring. Mix until incorporated.
Add powdered sugar. Mix until just combined. Do not over-mix.
Use immediately, or refrigerate for 10-20 minutes first, if too soft to pipe.
Notes
CREAM CHEESE: I prefer full-fat Great Value cream cheese for this frosting, but (Great Value) 1/3 less fat Neufchatel cheese will still work. Philadelphia cream cheese is much lighter, softer, and doesn't work as well for some reason. So save some money and use the store brand.
Store cream cheese frosting in an airtight container in the refrigerator up to 7-10 days.
Store decorated cakes/cupcakes covered in the refrigerator up to 3-4 days.
Pull frosted cakes/cupcakes from fridge and allow to sit at room temperature at least 30 minutes before consuming to take the chill off the cake.