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New Member
posted Mar 26, 2021 4:57:46 AM

Can I break down my withdrawal from a deferred comp plan into 3 years like I do on federal taxes ?

For nj taxes

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1 Replies
Expert Alumni
Mar 28, 2021 7:29:13 AM

No, New Jersey does not follow IRC section 72 which includes the early withdrawal penalty and when to report distributions (NJ COVID-19 Related Tax Information). Therefore, you will not be able to split the distribution into 3 years on your NJ state return.