NJ return = Husband and I file jointly. We are both over 62. Income is over $100,000. Both receive pensions. He is finished with 3 year rule. I am doing general rule and have $94 to exclude on that method. On Turbo Tax, the pension exclusion page reads 0 exclusions. However, NJ 1040 line 19b reads 250. I don't understand where that figure is coming from. Is that possible? If it is incorrect, how can I change it on NJ1040?
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No you cannot.
http://www.state.nj.us/treasury/taxation/njit7.shtml
Line 19b is the excludable portion of any distribution you received from a contributory pension, annuity, or IRA. This is the amount that represents your previously taxed contributions.
No you cannot.
http://www.state.nj.us/treasury/taxation/njit7.shtml
Line 19b is the excludable portion of any distribution you received from a contributory pension, annuity, or IRA. This is the amount that represents your previously taxed contributions.
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