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New Jersey Pension Exclusion
New Jersey does not tax pension distributions until distribution exceeds the amount contributed after tax. Federal Taxable Income does not consider employees contributions to public pensions as taxable income. New Jersey does consider employees contributions to public pensions as taxable income. Consequently, pension distributions are subject to Federal tax, but only the distribution in excess of the employees contribution is subject to NJ income tax.
I have not found way to address this in Tubotax Deluxe 2019. This is the first year my wife has received a distribution from NJ Pension and Benefits.
Thanks for any help!
‎June 21, 2020
11:46 AM