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NJ Return - Pension, Annuities, & IRA Withdrawals Worksheet
I am hung up on the wording in Section 1 - IRA Withdrawals, Part B, Line 6: "Taxable contributions" made to IRA during current tax year.
I made $7000 non-deductible contribution to T-IRA in 2019. Non-deductible, so contribution was made using taxed dollars. Line 6 wording of "taxable contributions' is confusing. At what point are they considering the contribution taxable? At time of contribution (i.e. a nondeductible contribution has been taxed) or later when withdrawn (a deductible contribution will be taxed at withdrawal)? Is my $7000 nondeductible contribution considered a "taxable contribution?" TIA for clarifying.
‎April 14, 2020
9:37 AM