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.