What is the Maximum Pension Exclusion for NJ returns? My recent filing shows $40,000 which double what it was last year.
My recently filed NJ return (2/25/2018) shows a Pension exclusion of $40,000. I am sure the maximum pension exclusion is $20,000. Do I need to re-file? or did the exclusion double from last year?
It doubled (if you are Married Filing Joint). The pension exclusion is 40,000 for 2017 pension income.In addition, the exclusion will continue to increase over the next several years. Please click on this website link for additional information: NJ Division of Taxation - Income Exclusions - State of New Jersey
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