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New Jersey Excludable Income

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New Jersey Excludable Income

Answer

 

Excludable Pension, Annuity, and IRA Distributions/Withdrawals

Enter the excludable portion of any distribution you received from a contributory pension, annuity, or IRA. This is the amount that represents your previously taxed contributions.

Three-Year Rule Method. Include the full amount received until you have recovered all of your contributions.

General Rule Method. Include the amount from Worksheet B, line 5.

IRA withdrawal. Include the amount from Worksheet C, line 8. If you converted an existing IRA to a rollover Roth IRA, report the excludable portion on this line.

Lump-Sum Distribution. If you received a lump-sum distribution from a pension, annuity, or IRA, report the excludable portion on this line.

For more information, see GIT-1 & 2, Retirement Income.


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Views: 6289 Created on: Jun 15, 2013
Date updated: Dec 21, 2021
Posted in: States, New Jersey

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