New Jersey S982 allows a retirement income exclusion for part-time workers earning over $3,000 annually.
New Jersey S982 amends the state's gross income tax law to provide a retirement income exclusion for certain individuals earning more than $3,000 from part-time employment. This exclusion applies to taxpayers who are 62 years or older and have gross income not exceeding $150,000. The exclusion amount varies based on filing status, such as $15,000 for married couples filing jointly and $7,500 for married individuals filing separately. The exclusion is subject to limitations, including a cap on the total exclusion amount and adjustments based on the state's minimum hourly wage.
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