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NJ General Rule for Pension payout

I started receiving a pension distribution from a former employer.   When i get to the TurboTax New Jersey State taxes, it is asking me for the General Rule, namely "basis" and "expected return on contract".  I don't understand.  Since this is a pension, it is not starting from a dollar amount, like a 401 K would be doing.  Any suggestions?

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1 Reply
MarilynG1
Employee Tax Expert

NJ General Rule for Pension payout

Some pensions contain both an employer and employee contribution (basis).

 

The employee contribution portion of any distribution would be non-taxable.

 

Is there an amount in Box 5 of your 1099-R, or another notation, that may indicate to TurboTax that you have a basis in your pension?

 

If you can clarify, we'll try to help.

 

Here's more info from the IRS on Pensions and Annuities.

 

 

 

 

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