I am hung up on the wording in Section 1 - IRA Withdrawals, Part B, Line 6: "Taxable contributions" made to IRA during current tax year.
I made $7000 non-deductible contribution to T-IRA in 2019. Non-deductible, so contribution was made using taxed dollars. Line 6 wording of "taxable contributions' is confusing. At what point are they considering the contribution taxable? At time of contribution (i.e. a nondeductible contribution has been taxed) or later when withdrawn (a deductible contribution will be taxed at withdrawal)? Is my $7000 nondeductible contribution considered a "taxable contribution?" TIA for clarifying.
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New Jersey does not allow a deduction for retirement contributions, so all IRA contributions are "taxable contributions" for New Jersey.
You should enter the amount of your IRA contributions for 2019.
My issue in this area is that I am taking my RMDs and Defined Benefits and am just trying to wrap up this NJ tax filing. I am stuck! See screen shot Where and what do I put in this box and box 2. I cannot finish this tax form unless I complete these points. Very frustrating. Call my Annuity dept? or find the info in my paperwork on hand? Assist please.
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