Retirement tax questions
Yes, this is correct if you meet the age and income requirements. Under the State of New Jersey guidelines:
You qualify if you or your spouse (if filing jointly) were:
- Age 62 or older on the last day of the tax year, or
- Disabled under Social Security guidelines.
You may take the full exclusion if your total NJ income is $100,000 or less. This is confirmed by NJ tax experts who note that taxpayers with income at or below this level may exclude the full amount of eligible pension income.
If your total income is between $100,001 and $150,000, the exclusion phases out. The state sets $150,000 as the upper limit for any Retirement Income Exclusion.
NJ Retirement Income Exclusions
