Why sign in to the Community?

  • Submit a question
  • Check your notifications
Sign in to the Community or Sign in to TurboTax and start working on your taxes
New Member
posted Jun 5, 2019 11:44:12 PM

Will I have to pay an Expected Return on Contract amount if it took money from my 401k as a NJ resident?

0 5 3518
1 Best answer
New Member
Jun 5, 2019 11:44:13 PM

Not at all.  The expected return on contract is not something you pay.  It's an amount you are expecting to receive over the life of the retirement plan and its used to determine how much of your distribution is taxable in the state.

5 Replies
New Member
Jun 5, 2019 11:44:13 PM

Not at all.  The expected return on contract is not something you pay.  It's an amount you are expecting to receive over the life of the retirement plan and its used to determine how much of your distribution is taxable in the state.

New Member
Jun 5, 2019 11:44:15 PM

Does this amount need to be calculated for any nj resident that took an early withdrawal from their 401k?

Level 2
Jun 5, 2019 11:44:15 PM

How do I calculate the "expected return on contract" ?

Level 15
Jun 5, 2019 11:44:17 PM

the whole concept does not apply to 401k. Just ignore those questions.

Level 1
Feb 15, 2022 1:28:14 PM

I am totally confused about this.  What   do I have to enter in this field to finish my NJ tax return?  I have never seen this field before.