IRA rollover reporting issue on NJ return

Chancy
Chancy Member Posts: 3 Newcomer
in State Filing

I had a 403b to IRA direct rollover. distribution code G (non-taxable, no Roth involved) in 2024. My fed return handled it fine, but state return includes amount on line 20b. NJ 1040 instructions for line 20b indicate rollover should not be included “if it qualifies for deferral for federal tax purposes”.
Line 20b appears to be used as part of gross income for new StayNJ property tax relief calculation

This was originally posted in "after filing" category but may be more appropriate under "state filing"

Comments

  • MatthewD
    MatthewD FreeTaxUSA Team Posts: 476

    Hi Chancy,

    Code G is a: Direct rollover to a qualified plan. That should be handled correctly on the state return, including NJ. Please double check that you have the correct code in box 7 when you enter the 1099-R.

    Also, you may need to complete the "New Jersey pension income" page to make sure any pension distributions taxable on your federal return are excluded for NJ state purposes.

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