Good news! You can exclude all or part of the pension income reported on your federal tax return, on your New Jersey State tax return, if you meet the following qualifications:
- You (and/or your spouse/civil union partner, if filing jointly) were 62 or older or disabled as defined by Social Security guidelines on the last day of the tax year (December 31 for calendar year filers); and
- Your total income for the entire year was $150,000 or less.
New Jersey has made some changes to the taxation of pensions and other retirement income in an attempt to encourage seniors to stay in the state for retirement for tax years begininning in 2019.
Click here for detailed information regarding Retirement Income in New Jersey.
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