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travelingpj
New Member

For New Jersey - Is there an income limit to be eligiable for the 40,000 pension exclusion

I received a notice from NJ that states there is an income limit to be eligible for the pension exclusion but turbo tax doesn't indicate this.  Is Turbo tax correct?

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SweetieJean
Level 15

For New Jersey - Is there an income limit to be eligiable for the 40,000 pension exclusion

You qualify for the pension exclusion if:

  • You (and/or your spouse/civil union partner, if filing jointly) were 62 or older or disabled as defined by Social Security guidelines on the last day of the tax year (December 31 for calendar year filers); and
  • Your total income for the entire year was $100,000 or less.

http://www.state.nj.us/treasury/taxation/njit7.shtml

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1 Reply
SweetieJean
Level 15

For New Jersey - Is there an income limit to be eligiable for the 40,000 pension exclusion

You qualify for the pension exclusion if:

  • You (and/or your spouse/civil union partner, if filing jointly) were 62 or older or disabled as defined by Social Security guidelines on the last day of the tax year (December 31 for calendar year filers); and
  • Your total income for the entire year was $100,000 or less.

http://www.state.nj.us/treasury/taxation/njit7.shtml

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