New Jersey bill excludes certain retirement savings plan contributions, withdrawals, and rollovers from gross income tax.
New Jersey bill A569 excludes contributions, qualified withdrawals, and rollovers from certain retirement savings accounts from a taxpayer’s gross income. This includes contributions to, or withdrawals from, plans established under federal Internal Revenue Code sections 401(a), 401(k), 403(b), 457, and 408, as well as federal Thrift Savings Plans. The exclusion applies to individual retirement accounts (IRAs) and annuities that meet federal requirements, including rollovers from Traditional IRAs to other retirement accounts.
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