Solved: Inregard to the taxble portion of a contributory pension , under NJ law,is the cost of the annuity or basis, the amount contributed by the individual.
Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
Announcements
TurboTax has you covered during Covid. Get the latest stimulus info here.
cancel
Showing results for 
Search instead for 
Did you mean: 
retiredin2017
New Member

Inregard to the taxble portion of a contributory pension , under NJ law,is the cost of the annuity or basis, the amount contributed by the individual.

 
1 Best answer

Accepted Solutions
ToddL
New Member

Inregard to the taxble portion of a contributory pension , under NJ law,is the cost of the annuity or basis, the amount contributed by the individual.

For state purposes, the cost (or basis) of an annuity is the amount of after-tax contributions you made to the contributory pension plan, if any. Some portion of the distributions is a return of those after-tax contributions and is non-taxable.

View solution in original post

1 Reply
ToddL
New Member

Inregard to the taxble portion of a contributory pension , under NJ law,is the cost of the annuity or basis, the amount contributed by the individual.

For state purposes, the cost (or basis) of an annuity is the amount of after-tax contributions you made to the contributory pension plan, if any. Some portion of the distributions is a return of those after-tax contributions and is non-taxable.

View solution in original post

Dynamic AdsDynamic Ads
v
Privacy Settings