@Kosetife , while generally agreeing with your post , a few things that still concern me and therefore I would strongly recommend a discussion / opinion of a NJ Tax professional. The reason for this is that while the instructions for form NJ-1040 does a reasonable job of explaining pension and taxation thereof,( pages 12 through 17 ) I am unable to see the actual statute:
(a) it appears to distinguish between contributory and non-contributory plans ;
(b) assumes that all contributory plans * except for 401/ 403s or similar tax advantaged" are already taxed at source / contribution after tax
(c) makes no distinction between "other state" and "foreign country" pension
(d) While it is quite clear about US govt. pension like Social Security Payments as exclusion ( from taxable income and from pension adjustment / exclusion, it is quite silent about "Social Security / Govt. pension analogs " from other countries being received by NJ residents.
Because of this lack of familiarity of myself , I suggest opinion/ advice from NJ tax professional
pk
