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January 17, 2020
Question

NJ STATE INCOME TAXES

  • January 17, 2020
  • 2 replies
  • 0 views

Tax deferred and IRA's subject to federal but not NJ since the were taxed already.

How to I remove the from the NJ return 

2 replies

January 17, 2020

Enter your New Jersey interview in TurboTax. Proceed through the interview until you see a screen headed by "IRA Distribution for [your name]".

 

Hit Continue. The next screen should have the heading "IRA Information for [your name]". Answer the questions here and hit Continue again.

 

On this screen enter the various amounts asked for. Note that "Unrecovered contributions" are those contributions that were taxed by New Jersey when made but which have not yet been returned to you as IRA distributions. Generally, when you have basis in an IRA (i.e., contributions on which tax was paid at the state or federal level), only some of the basis is returned to you in IRA distributions each year. Note that this also means that your basis in the IRA is different for the federal return than it is for New Jersey.

 

Use the Learn More links.

 

Note that you should not worry about the New Jersey pension exclusion at this point but answer the questions only as it pertains to the IRA.  

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January 22, 2020

I made a mistake went I made incorrect deletion

January 22, 2020

I made a mistake when I made corrections on my NYS return.

January 22, 2020

What mistake? What correction? Does this have anything to do with New Jersey (you said "NYS" which is New York State")?

 

Remember that we on the Community cannot see your tax return nor can we see your screen.

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