New Jersey Tax Division Issues Individual Income Tax Information on Retirement Income

The New Jersey Division of Taxation Dec. 4 issued individual income tax information on retirement income. State residents must report taxable pensions, annuities, and certain Individual Retirement Account (IRA) withdrawals on their state tax return. The taxable amount reported for federal tax purposes may be different than the amount reported for state purposes. A nonresident’s pension, annuity, and IRA income isn’t subject to the state income tax. The information includes details on: 1) certain benefits that aren’t taxable and that must be reported as pension income; 2) the taxable retirement income; and 3) the methods for calculating the amount of ...