New Jersey tax law provides for Retirement Income Exclusions, including the Pension Exclusion and the Other Retirement Income Exclusion.
In 2024, I am planning to realize some capital gains (~$55,000) and I believe that those gains may be excluded under current law. My filing status is single, and my other income totals about $12,000. I have used Worksheet D as a guide and the result I get is that I will have no NJ tax liability on the capital gains. However, I have had no luck in finding the statute itself and would like to confirm that my understanding is correct.
Have any of you had any experience with capital gains and the NJ Other Retirement Income Exclusion?
Thank you in advance for your responses.
In 2024, I am planning to realize some capital gains (~$55,000) and I believe that those gains may be excluded under current law. My filing status is single, and my other income totals about $12,000. I have used Worksheet D as a guide and the result I get is that I will have no NJ tax liability on the capital gains. However, I have had no luck in finding the statute itself and would like to confirm that my understanding is correct.
Have any of you had any experience with capital gains and the NJ Other Retirement Income Exclusion?
Thank you in advance for your responses.
Statistics: Posted by Talfred — Fri Oct 18, 2024 6:54 pm — Replies 2 — Views 155