BillM223
Employee Tax Expert

Retirement tax questions

"my understanding is the 1040 applies a single threshold (cliff) for pension exclusion at income of $150,000"

 

Could you share with us where you see this? I have to agree with Rogers that the various places on the NJ website, that there is a three-tier structure for pension exemptions. Look at the line 20 instructions in the NJ-10140 Instructions (the official instructions, although not the statute).

 

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