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I am trying to calculate my mother's NJ tax IRA periodic…

I am trying to...

I am trying to calculate my mother's NJ tax IRA periodic with draw. She rolled over her savings to two IRA's -one from 401 K she has been accumulating and contributing and one from pension program to which she was not contributing. Are the distribution taxable in NJ line 19a or are there any exclusions?

Accountant's Assistant: The Accountant will know how to help. Is there anything else the Accountant should be aware of?

No I think rolled over 401K and lump sum pension accounts are taxable in NJ but I need a confirmation.

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Answered in 21 minutes by:
3/4/2018
ABC Accounting Group
ABC Accounting Group, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 889
Experience: Business Consultant/Accounting Manager
Verified

Hi. Great Question. The only time they are taxable is upon withdrawal. If you withdrew and rolled it over, it should not be taxable.

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Customer reply replied 4 months ago
That means every periodic withdrawal from both IRAs is taxable?

First - what is her age? Thanks.

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Customer reply replied 4 months ago
She is 72 year old

If her income is below the limit, she should not be taxed.

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Customer reply replied 4 months ago
that is what I concluded she got 21984 from Social Security and withdraw 22000 from IRAs. Considering 30000 NJ pension exclusion she should not pay NJ taxes

Agreed. Best Regards.

ABC Accounting Group
ABC Accounting Group, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 889
Experience: Business Consultant/Accounting Manager
Verified
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