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Deductions & credits
Thank you David. You have been very helpful. I started recently getting involved with taxes related matters when I faced contradictions among accountants, tax preparers related specifically yo foreign pensions .
As a matter of fact I arrived to the US when I was already retired in Argentina just less than 4 years ago to be close to my family (already grown children and grandchildren) that live in NJ.
My wife and I live on our foreign pension and of course we file income tax . I started facing contradictions from tax preparers at a point that the first time I filed my State tax reporting my foreign pension on Line 20a) but then my tax preparer suggested to report it on Line 27 as “other income” and I lost the exclusion.
So, being myself a retired accountant in my country I decided to get personally involved and I simply started to study not only IRS regulation related to foreign pensions but also NJ ones. I start contacting also the taxation agencies and well to have trustable information.
This is why I get the confirmation from NJ Taxation Regulatory Services Branch that foreign source pension payment may have exclusion if certain condition are met by the taxpayer and I realized that my tax preparer made me make a mistake.
Now I have to file an amendment to my 2022 NJ Tax Return in order to solve the matter.
I do hope that all this information exchange will help other new Jerseyans that face the same regarding their foreign pensions.