If you're 62 or older, you may qualify for the pension exclusion.
Q. I receive a federal civil service pension that’s way under $100,000. My wages are under $10,000. I was 62 for all of 2021. Does my federal civil service pension fall under the New Jersey pension exclusion?The state allows taxpayers to exclude all or part of pension income received for state income tax purposes based on certain requirements, said Joseph Sarnecki, a certified financial planner with U.S. Financial Services in Fairfield.increased to $150,000, he said.
If your total income is $100,001, but not more than $150,000, you can exclude a percentage of your reported taxable pension, annuity, and IRA withdrawals.$125,000 - $150,000: Singles can exclude 18.75% and married filing jointly can exclude 25%.“This does not apply to civil services pensions though, even if bed on a credit for military service. Therefore, this would be reportable income,” Sarnecki said. “That being said, assuming the above is your only income, you would qualify.
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