Self Employed Profit Sharing Contributions NJ Tax Deferred

Yes.  You will not pay federal or state income tax on the amount you contribute to your retirement plan.

Distributions from your retirement plan will be taxable income at the time of withdrawal.  

Thanks.

@ DavidD66 - Thanks for your prompt reply.  Just to be sure, the Profit Sharing contributions as a self employed person (apart from the $26K 401k with catch up) does qualify for NJ state tax deferral? Appreciate a confirmation.

Thanks.

PS: My Third Party Administrator for my self-employed retirement plans has a combined 401K/profit sharing account 

Yes, self-employed contributions to  401K plan are deductible just as long as the contributions do not  exceed the federal limits according to NJ sources. 

@ash49