Roth IRA Excess Contribution Withdrawal NJ

[lemon2]

Hi @DanaB27, I did a first time withdrawal from my Roth IRA in 2024 to correct my 2023 excess contributions.

Within the NJ state taxes section,

1. Would the 'Value of IRA on 12/31/23' be the value on my statement at the end of the year minus the withdrawal amount since I withdrew it in 2024? (Otherwise, it seems to double count my withdrawal amount in the 'Total Value of IRA' since the statement was given before my withdrawal)
2. Within 'Total of IRA contribution previously taxed', do I include the total contributions of my Roth IRA history? Or only the contributions I made while living in NJ?

Thank you!

[fanfare]

In NJ, total contributions minus total withdrawals is only applicable to the first year calculation for a Traditional IRA. 

If you are doing backdoor Roth IRA contributions,converting 100% each time,  every year can be considered a "first year"

If you are intending to report an amount of withdrawn Roth earnings, the propose action is a workaround  to trick TurboTax into the correct result on your NJ tax return.

That should not be necessary, since 1040 4b should carry over to NJ 20a immediately.

@lemon2 

[lemon2]

Thanks for your response @fanfare ! But I'm not sure how to interpret your response. Would you mind reiterating please?

Btw, this is not for a traditional ira nor backdoor roth ira. Just a normal roth IRA excess contribution removal (removed in 2024 for 2023 tax year) 

[fanfare]

I know it is for a Roth IRA.

I'm just trying to give you information that may assist you to make the proper entries.

Sorry, I can't  give you the exact step-by-step procedure for TurboTax.

@lemon2