You will need to report the earnings of $30 on line 20a of Form NJ-1040. To do this in TurboTax you will need to use the IRA Worksheet. You will need to enter the excess contribution amount in the contribution amount previously taxed during the NJ state return:
- On the “You've Finished Your New Jersey Return” click “Update” next to “Adjustments”
- Continue until you get “IRA Information” screen.
- Select “Yes, this was the first year of withdrawal from this IRA” enter the excess contribution for 2023 next to “Total of IRA contribution previously taxed”
The IRA Worksheet isn't filed with your New Jersey Income Tax return but you will keep it for your records.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
