New Jersey: TT shows pension income as $46K. Other income is from stocks. SS is $36K, not shown. Deductions show the RIExclusion at $60K (the max) - shouldn't it be $46K?

pgoodell · ‎June 5, 2019

Regarding the New Jersey retirement income exclusion, for which I qualify: Turbo Tax income and deductions summary shows my pension income as $46,000. All other income is cap gains and dividends. Social security is $36,000 but does not show up. The deductions show the retirement income exclusion at $60,000 (the max) -- shouldn't it be the $46,000 pension income number? Or is social security counted in this calculation even though it is not taxed in NJ? Thanks

Critter · ‎June 5, 2019

The exclusion is in 2 parts ... switch to the FORMS mode and review the worksheet to see how yours was calculated...

https://www.state.nj.us/treasury/taxation/njit7.shtml

New Jersey: TT shows pension income as $46K. Other income is from stocks. SS is $36K, not shown. Deductions show the RIExclusion at $60K (the max) - shouldn't it be $46K?