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Get your taxes done using TurboTax
That may be correct.
New Jersey does not exclude a lot of contributions to IRAs and pension from income, so, in general, you don't have to include this income in NJ taxable income when you take it back out. This is much different from the federal return where because most contributions to pensions and IRAs are not taxable, then the distributions are taxable.
But it depends on whether or not the money going into the pension fund or IRA was taxed in NJ in the first place.
Take a look at Retirement Income and see if this makes sense.
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March 7, 2025
8:53 AM