turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Attend our Ask the Experts event about Tax Law Changes - One Big Beautiful Bill (OBBBA) on Jan 14! >> RSVP NOW!
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

jjl2130
New Member

NJ Retirement Income exclusion

Turbo tax calculated a NJ retirement income exclusion of $100,000 in 2023 but only $ 27,000 on 2024. what happened?

 

x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

2 Replies
AmyC
Employee Tax Expert

NJ Retirement Income exclusion

Review your entries and compare your 2023 and 2024 returns. NJ retirement exclusions states:

You can exclude all or part of the pension income reported if you meet the following qualifications:

  • You (and/or your spouse/civil union partner, if filing jointly) were 62 or older or disabled as defined by Social Security guidelines on the last day of the tax year (December 31 for calendar year filers); and
  • Your total income for the entire year was $150,000 or less.

@jjl2130 

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
VSNJPA
New Member

NJ Retirement Income exclusion

Does the retirement exclusion amount cover non residents who live in PA but have taxable income in NJ? Thanks!

Unlock tailored help options in your account.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question