Transcription of GIT-1 - Pensions and Annuities
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GIT-1 - Pensions and Annuities
Rev. 12/17 1 Tax Topic Bulletin GIT-1 Pensions and Annuities Introduction This bulletin explains how to report pension and annuity income on your New jersey Income Tax return. It also describes the income exclusions qualified taxpayers can use to reduce their New jersey taxable income. The forms, schedules, and worksheets used in this bulletin to illustrate return completion are those for Tax Year 2017. Thus, the forms and amounts shown in the examples may not reflect current information in subsequent tax years. Important Any reference in this bulletin to a spouse also refers to a spouse who entered into a valid same-sex marriage in another state or foreign nation and a partner in a civil union (CU) recognized under New jersey law. Changes for Tax Year 2017 Qualified taxpayers can exclude more pension and other income on the New jersey return. The increased exclusion amounts are being phased in over a four-year period. For Tax Year 2017, the exclusion amounts are up to: $40,000 (married/CU couple, filing joint return); $30,000 (single, head of household, or qualifying widow(er)/surviving CU partner); or $20,000 (married/CU partner, filing separate return).
Rev. 12/17 1 Tax Topic Bulletin GIT-1 . Pensions and Annuities . Introduction . This bulletin explains how to report pension and annuity income on your New Jersey Income Tax return.
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