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Krysie
New Member

NJ Return - 4a & 4b IRA contributions

I have read previous posts about New Jersey tax return Ira contributions previously taxed 4a & 4b.   The responses are not answering my question and this is confusing to me on many levels. I took out a disaster relief  distribution (cares act) from my employer's 401K plan in 2020, which is also partly a Roth account.   I opted to pay the taxes on this distribution over 3 years, 2021 return being my 2nd tax payment.     Also in 2021 I took a distribution from an Ira that was left to me by my father. The federal income tax was withheld from the distribution, however, not the state.   That being said, how do I calculate the total of Ira contributions previously taxed?  Please keep in mind that I have not contributed to the IRA left to me, only to my employer's 401k plan.  So how would I determine this number?

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4 Replies
ErnieS0
Expert Alumni

NJ Return - 4a & 4b IRA contributions

A 401(k) is not an IRA. You would not fill out the IRA worksheet for a withdrawal from a 401(k) plan. A 401(k) Roth is not a Roth IRA. It's a Roth within a 401(k) plan.

 

If you are 62 or older you may qualify for the other retirement income exclusion.

 

Retirement Income Exclusions

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Krysie
New Member

NJ Return - 4a & 4b IRA contributions

I understand that an IRA is not a 401k.  However, TT kept prompting me to include 4a and/or 4b untaxed contributions and when I put in $0, since I haven't made any contributions, TT is telling me to fix it.  I requested Live help from TT and we were able to fix it.  

NJ Return - 4a & 4b IRA contributions

your basis in an inherited IRA is the contributions made by the original owner of the IRA.

You would need their detailed records to know that amount,

otherwise, you have to pay NJ tax on the entire distribution.

NJ Return - 4a & 4b IRA contributions

If your father was not an NJ resident, there is no NJ basis.

you cannot make contributions to an Inherited IRA.

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