IRA withdrawals

tcaliendo · ‎October 12, 2020

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

macuser_22 · ‎October 12, 2020

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 · ‎October 12, 2020

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.