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NJ does not allow you to split your distribution in three parts.
NJ does not have any early withdrawal penalties so your age does not matter.
You will pay tax on whatever amount you took out, less the amount rolled over aka paid back.
If it is an IRA you can reduce NJ taxable amount using Worksheet C.
Per NJ Tax web site:
"New Jersey follows federal guidelines and timeframes for coronavirus-related distributions (CRD) for qualified individuals."
If Federal guidelines allow a 3 year timeframe, then why wouldn't NJ?
I don’t know why they wouldn’t but they don’t seem to. It’s very confusing. I even contacted the tax office and got no info.
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