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?
01955
1 Best answer
SweetieJean
Level 15
Jun 6, 2019 8:10:12 AM
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.
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.