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401k rollover - taxable in NJ

 

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Subject Author Date
401k rollover - taxable in NJ bharat.goyal 02-25-2007
Posted by bharat.goyal on February 25, 2007, 12:01 am
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I moved from TX to NJ last year and have been working in NY.
I transferred my 401k from my employer (my pre-tax
contributions) in TX to my employer in NY. I received a
1099-R which has an amt for gross distribution (taxable amt
= 0) and state listed as NJ.

My question is: when I file form 1040 for Nj taxes, do I
need to list this total distribution anywhere? Will I be
taxed on this?

Please let me know.

Also, I cannot figure out why my W-2 from NY emplyer has
higher no for NJ income than NY income. My one income in
2006 was in TX (when I lived in TX) and from my employer in
NY (living in NJ)

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Posted by Seth Breidbart on February 26, 2007, 12:35 am
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> I moved from TX to NJ last year and have been working in NY.
>
> Also, I cannot figure out why my W-2 from NY emplyer has
> higher no for NJ income than NY income.

As a NJ resident, all your income is NJ income. The income
you earned while working in TX is not NY income. (You
probably file as a part-year resident and allocate that
income.)

Seth

<< ======================================================= >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ======================================================= >>

Posted by Benjamin Yazersky CPA on February 27, 2007, 3:36 pm
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> I moved from TX to NJ last year and have been working in NY.
> I transferred my 401k from my employer (my pre-tax
> contributions) in TX to my employer in NY. I received a
> 1099-R which has an amt for gross distribution (taxable amt
> = 0) and state listed as NJ.
>
> My question is: when I file form 1040 for Nj taxes, do I
> need to list this total distribution anywhere? Will I be
> taxed on this?

if its a rollover - probably not

> Please let me know.
>
> Also, I cannot figure out why my W-2 from NY emplyer has
> higher no for NJ income than NY income. My one income in
> 2006 was in TX (when I lived in TX) and from my employer in
> NY (living in NJ)

NJ taxes many things that are not taxed by the Fed - you
have to reconcile it to your last ytd paystub

___________________________________
<<< Benjamin Yazersky, CPA [NJ & NY] >>>
-----> real address on hobokeni or hobokenx <-----

<< ======================================================= >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ======================================================= >>

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