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tcaliendo
Level 2
Oct 12, 2020 4:29 PM UTC
Question

IRA withdrawals

If I withdraw $50K from my IRA account and redeposit the $50K within 60 days do I have to claim the $50k as income on my federal or NJ state tax return

2 replies

macuser_22
Alumni - Champ
macuser_22Alumni - Champ
Alumni - Champ
Oct 12, 2020 4:45 PM UTC

Your federal tax return will show the distribution as income, but non-taxable income that has no effect on your tax return.

 

I can't speak to NJ as I only know CA and it would have no other effect in CA either - don't know about NJ.

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
    rjs
    Level 15
    rjsLevel 15
    Level 15
    Oct 12, 2020 4:59 PM UTC

    The amount of the IRA withdrawal that is shown as nontaxable income on your federal tax return will not be included as income on your New Jersey tax return.

     

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