I tried researching this online and got inaccurate information. When I called the TurboTax help line, Tom, the very helpful agent directed me to the following website:
http://state.nj.us/treasury/taxation/njit7.shtml
The exclusion is only if you make less than $100,000. however, the exclusions vary according to your tax filing status and the year which is being filed. I had read online that the exclusion went up to $80,000. for tax year 2019. However, this is for married couples. As I am single, my exclusion is only $60,000. If you look at the website above, the table clearly delineates what exclusion you are entitled to year-by-year. It increases again for tax year 2020.
I hope this saves some people from the confusion which might be caused, as it was for me, by inaccurate website postings.
Good Luck everyone:-)
