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Retirement tax questions
No, a rollover from a traditional IRA to another traditional IRA won't be taxable in NJ.
"The New Jersey Gross Income Tax Act does not contain any provisions similar to the Internal Revenue Code that allow an individual to deduct contributions to an IRA. Contributions to an IRA are subject to New Jersey Income Tax in the year they are made. When you make a withdrawal from an IRA, the amount you contributed is not taxable, since the contributions were already taxed." (NJ Division of Taxation)
Therefore, when you take RMD's only the earnings will be taxable.
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‎February 21, 2022
10:54 AM