topic IRA withdrawals in Retirement tax questions

IRA withdrawals

tcaliendo — Mon, 12 Oct 2020 16:29:56 GMT

If I withdraw $50K from my IRA account and redeposit the $50K within 60 days do I have to claim the $50k as income on my federal or NJ state tax return

Re: IRA withdrawals

macuser_22 — Mon, 12 Oct 2020 16:45:37 GMT

Your federal tax return will show the distribution as income, but non-taxable income that has no effect on your tax return.

I can't speak to NJ as I only know CA and it would have no other effect in CA either - don't know about NJ.

Re: IRA withdrawals

rjs — Mon, 12 Oct 2020 16:59:39 GMT

The amount of the IRA withdrawal that is shown as nontaxable income on your federal tax return will not be included as income on your New Jersey tax return.