New Jersey allows you to exclude some or all of your retirement income. In order to exclude all or part of the retirement income on your New Jersey return, you must meet the following qualifications below:
- You were age 62 or older or blind/disabled on the last day of the tax year (disabled as defined by social security administration)
- Your income listed on line 27 is less than $100,000
The maximum amount to exclude for your filing status is as follows:
- Married filing Jointly-$100,000
- Single or Head of Household-$75,000
- Married filing Separate-$50,000
How do I exclude this income within my account?
To make this manual entry within the state return, go to:
- State
- Edit state return
- Subtractions from Income
- Pension Exclusion
- Other Retirement Income Exclusion Age Requirement 62 or Older