NJ Updates Pension Exclusion Amounts for 2018 Tax Returns
In New Jersey, qualified taxpayers are able to exclude qualifying retirement income on the New Jersey return under a pension exclusion law that was passed in 2016. Retirement income that qualifies for this exclusion includes pensions, annuities, and IRA withdrawals. The increased exclusion amounts are being phased in over a four-year period that began in 2017.
2018 Exclusion Amounts
For 2018 Tax Returns, the exclusion amounts are up to:
- $60,000 (married/civil union couple, filing joint return);
- $45,000 (single, head of household, or qualifying widow(er)/surviving civil union partner); or
- $30,000 (married/CU partner, filing separate return).
If you have any questions or if you would like more information, contact Fred Schutz at (856) 722-5300 ext. 201 or Dave Gill at ext. 210.