If you're eligible, you may escape state income tax altogether.
Yes, your 401 distributions are eligible for the pension exclusion“There is anTo qualify, you must be 62 or older or permanently disabled or blind, Karu said.
A single person making $100,000 or less can exclude $75,000 from New Jersey tax, while a married couple can exclude $100,000. The exclusion is phased out for people who earn between $100,001 and $150,000, and there isAlso keep in mind that New Jersey doesn’t tax Social Security, so that’s not part of the equation.
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