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Level 1
posted Oct 12, 2020 9:29:56 AM

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

0 2 781
2 Replies
Level 15
Oct 12, 2020 9:45:37 AM

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.

Level 15
Oct 12, 2020 9:59:39 AM

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.