New Jersey Updates IRA Withdrawal Exclusion Amounts

New Jersey has issued guidance for personal income taxpayers discussing IRA withdrawals. Increased exclusion amounts are being phased in over a four-year period.

2018 Exclusion Amounts

For 2018, the exclusion amounts are up to:

– $60,000 (married/civil union couple, filing joint return);

– $45,000 (single, head of household, or qualifying widow(er)/surviving civil union partner); or

– $30,000 (married/CU partner, filing separate return).

GIT-2, IRA Withdrawals, New Jersey Division of Taxation, December 2018, ¶402-244

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