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Returning Member
posted Mar 11, 2021 10:55:32 AM

NJ annuity lump sum unsure what is taxable

As per turbotax, it looks like this:

 

 

Pension/Annuity Distribution for You
Below is the information you entered on your federal return for the following pension distribution or annuity that you received. Learn More
Gross Distribution
$7,234
Federal Taxable Amount
$3,282
Amount Received and Taxable During New Jersey Residency _______

 

I know the actual amount received after fed taxes were withheld. I have no idea what the taxable amount is and thus no way I can put a number in the area I need to.

 

Can you help?

0 1 128
1 Replies
Expert Alumni
Mar 16, 2021 6:03:42 PM

You should be able to calculate the amount earned while in NJ by taking the number of months.  For instance, there are 12 months and you lived in NJ for 8 months.  You  lived in NJ for 66% of the time there 66% of $7,234.00 = $4774 in NJ as an example.

 

That should help.