Hello, after doing my taxes on Turbotax, I miss the higher 'Other Retirement Exclusions' (line 28 on form NJ-1040 page 2) by $222 dollars, which makes my taxes $1442 higher. Last year I withdrew a large sum from my inherited IRA to catch up from years of not taking RMDs, and that along with interest and dividends put my total income at 125,222. Per the scale, up to 125K the deduction is 37.5% of the total, and at 125,001+ the deduction is 18.75% of the total. I went over 125K by just $222 dollars. I was hoping I could open an IRA for a small amount but NJ does not reduce income by an IRA contribution. I figure there isn't a way to lower it but thought I would ask. Last year you guys helped me a TON with the catch up on the RMDs without penalties, that I missed for a bunch of years.
