New Jersey Tax Division Issues Information on Retirement Income Exclusions for Individual Income Taxpayers

The New Jersey Division of Taxation Dec. 4 issued information on retirement income exclusions for individual income tax purposes. The division provides: 1) taxpayers and their spouses, if filing jointly, can exclude pension income subject to certain qualifications; 2) taxpayers with a total income of $100,000 or less can exclude reported taxable pension, annuity, and Individual Retirement Account (IRA) withdrawals up to $100,000 for married joint filers, $50,000 for married couples filing separately, and $75,000 for single or head of household filers; 3) taxpayers with incomes between $100,001 and $150,000 can exclude a percentage of their taxable pension, annuity, and ...