NJ IRA Withdrawal Computations

AV8025 — Fri, 05 Apr 2024 23:02:38 GMT

Worksheet for NJ IRA withdrawals, Part A Taxable & Excludable Amounts AND Part B Unrecovered Contributions for Second and Later Years:

Gosh, TT needs to make this (interview and forms) more understandable....

Part A-1. Value of all IRA's on 12/31/2023.... Does this include T-IRA, R-IRA, and Inherited IRA's? I have all 3. Inherited IRA I am required to take RMD's each year. T-IRA is use as a Back-Door Roth account only, so 12/31 balance is usually zero dollars, unless I forgot to convert before 12/31.

Part A-2a. Total distributions from IRA during the tax year.... The only distribution is the inherited IRA RMD. Include that? Or is this only concerned with IRA's I've contributed to?

Part B-1. Last year's unrecovered contributions.... Is this asking for contributions already taxed? For ONLY last year, or across ALL contributing years? T-IRA and R-IRA? If ALL contributing years, wouldn't it be the same as the running basis for each type of IRA? I have no idea if the inherited IRA has unrecovered contributions; does that even factor in?

Thanks for any insight!

topic NJ IRA Withdrawal Computations in State tax filing

NJ IRA Withdrawal Computations