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mg2112
Returning Member

No New Jersey retirement income exclusion

I am over 62 and the New Jersey state software is not giving me the $80,000 retirement income exclusion, or letting me edit the form to add it.

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3 Replies
Irene2805
Expert Alumni

No New Jersey retirement income exclusion

It may be that your total income is too high to qualify for the pension exclusion.  The instructions for NJ-1040 state:

 

You can exclude all or part of the pension income reported on line 20a if you meet the following qualifications

 

• You (and/or your spouse if filing jointly) were age 62 or older or blind/disabled as defined by Social Security guidelines on the last day of the tax year; and

• Your income on line 27 is $100,000 or less

No New Jersey retirement income exclusion

the all or nothing cutoff from  $99,999 to $100,0000 is nasty.

No New Jersey retirement income exclusion

you can't just edit in numbers that appeal to you.

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