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Roth Conversions -My Fed retirement income result reduced my taxable amount to non-taxable by a large amount. Do I also apply this $ amount to my NJ State return?

This deduction was due to my previous cost basis
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ThomasM125
Expert Alumni

Roth Conversions -My Fed retirement income result reduced my taxable amount to non-taxable by a large amount. Do I also apply this $ amount to my NJ State return?

In a Roth IRA conversion, you transfer funds in a traditional IRA to a Roth IRA, which would typically result in taxable income. Since you mention that you had a cost basis, that may mean that you didn't have taxable income from the conversion, so you may mean that your tax decreased when you accounted for that.

 

Anyways, you make those entry on in the federal section of TurboTax and they will flow down automatically to your New Jersey state return. So, you don't need to enter your Form 1099-R again in the state program, but you may see some questions you need to answer there regarding the conversion.

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