In looking at the New Jersey retirement exclusion, the amount entered by TurboTax is $60,000, but this exclusion has a maximum of $40,000. Is there an error here?

[pgoodell]

"In looking at the New Jersey retirement exclusion, the amount entered by TurboTax is $60,000, but this exclusion has a maximum of $40,000. Is there an error here?"

[rjs · Accepted solution]

Under a law passed in 2016, the New Jersey retirement income exclusion increases each year from 2017 to 2020. For 2018, for married filing jointly, it is $60,000. See the following link for more information.

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