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NJ-specific question about TurboTax
Old 02-11-2024, 02:29 PM   #1
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NJ-specific question about TurboTax

No way to be brief, but I'll do my best. Planning for tax filing in 2025: DW's IRA is partially a rollover from her 403B. In NJ, 403b contributions were not tax deferred by the State. NJ has form Worksheet C to compute the taxable withdrawal when (as in DW's case) some of the IRA is 403b rollover and some traditional IRA money.
I did a what-if scenario in Turbo Tax for DW's RMD. There is no entry, or question from Turbo tax, for this situation. TT just adds in the RMD to NJ taxable income,, with no option to edit it. I called TT, and spoke with a human who clearly didn't understand or know. Her "higher-up" told her when we get an actual 1099 then TT would magically "know" and we would then have an entry for that Worksheet C. That is balderdash, and I couldn't get through to the person I was speaking with. I suspect I'll have to file manually next year.
Perchance does this sound familiar to anyone, and is there a solution within TT?
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Old 02-11-2024, 03:36 PM   #2
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This explains her situation: https://www.nj.gov/treasury/taxation/section403.shtml

I'll look in TurboTax later to see how this gets adjusted.
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Old 02-11-2024, 04:09 PM   #3
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I think you should adjust the number in box 16 of the 1099-R to be the amount that's taxable for the state. I'm not sure if your 403b custodian knows that number or not, but if they do, then they should just put the correct amount in that box, in which case TTax should do the right thing with it.

If you have different numbers in box 2a and box 16 and TTax ignores the number in box 16, then I think that's a bug.
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Old 02-12-2024, 08:06 AM   #4
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Quote:
Originally Posted by target2019 View Post
This explains her situation: https://www.nj.gov/treasury/taxation/section403.shtml

I'll look in TurboTax later to see how this gets adjusted.
Forms view.
New Jersey Individual section.
Pensions, Annuities and IRA Withdrawals. Section 1, Part A, Line 4a.

That entire sheet seems to jibe with Worksheet C in this NJ pdf: https://www.nj.gov/treasury/taxation...gi-ee/git2.pdf

This assumes the 1099-R wasn't issued with a State adjustment as Cathy mentioned.

From your description, you may have to go back to the IRA folks, and check with them about previously taxed amount, and whether they track it.
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Old 02-12-2024, 11:08 AM   #5
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Quote:
Originally Posted by target2019 View Post
Forms view.
New Jersey Individual section.
Pensions, Annuities and IRA Withdrawals. Section 1, Part A, Line 4a.

That entire sheet seems to jibe with Worksheet C in this NJ pdf: https://www.nj.gov/treasury/taxation...gi-ee/git2.pdf

This assumes the 1099-R wasn't issued with a State adjustment as Cathy mentioned.

From your description, you may have to go back to the IRA folks, and check with them about previously taxed amount, and whether they track it.
Thank you. I will check this out when I get home; I think this is the answer I need.
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