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NJ IRA (also 403b/457b/TSP)

 

Name: Account Type:

Part I
1a
Value of this account on 12-31 of the Tax Year
1a  
1b
Any contributions to this account for the Tax Year made by April 15th of the following year. Do not include tax-free rollovers
1b  
1
Total Value of this account (Add lines 1a and 1b)
1
1
Value of this account on 12-31 of the Tax Year
1
2
Total distributions from this account during the tax year. Do not include tax-free rollovers
2
3
Total value of this account (Add lines 1 and 2)
3
Unrecovered contributions:
  • a. First year of withdrawal from this account (Also use this option after first year if all previous distributions have been fully taxed)
  • b. After first year of withdrawal from account (and only have paper worksheet for last year, must calculate carry over amount)
  • c. After first year of withdrawal from account (and know total withdrawals including taxable portions)
  • d. After first year of withdrawal from account (and know carry over amount of remaining unrecovered contributions)
 
4a
First year of withdrawal from this account: Enter the total of contributions to this acount that were previously taxed. Include any contributions to this account for the Tax Year made by April 15th of the following Year (line 1b, above)
4a  
4b
After first year of withdrawal from this account: Complete Part II. Enter the remaining unrecovered contributions from Part II, line (g)
4b  
4c
After first year of withdrawal from this account: Complete Part III. Enter amount of unrecovered contributions from Part III, line D
4c  
4d
After first year of withdrawal from this account: Enter the known remaining carry over unrecovered contributions to this account
4d  
5
Accumulated earnings in IRA on 12-31 of the Tax Year. Subtract either line 4a, 4b, 4c, or 4d from line 3
5
6
Divide line 5 by line 3 and enter the result as a decimal
6
7
Taxable portion of this year's withdrawal. Multiply line 2 by decimal amount on line 6. Enter here and on Form NJ-1040, line "Pensions, Annuities, and IRA Withdrawals"
7
8
Excludable portion of this year's withdrawal. Subtract line 7 from line 2. Enter here and on Form NJ-1040, line "Excludable Pensions, Annuities, and IRA Withdrawals"
8
9
Unrecovered amount to carry over to next year. Subtract line 8 from line 4
9

Part II
(a)
Last year's unrecovered contributions. From line 4 of last year's worksheet
(a)
(b)
Amount withdrawn last year. From line 2 of last year's worksheet
(b)  
(c)
Taxable portion of last year's withdrawal. From line 7 of last year's worksheet
(c)  
(d)
Contributions recovered last year. Subtract line (c) from line (b)
(d)
(e)
This year's unrecovered contributions. Subtract line (d) from line (a)
(e)
(f)
Contributions to this account during current tax year. (Always 0 for non-IRA accounts)
(f)
(g)
Total unrecovered contributions. Line (e) plus line (f). Enter here and on Part I, line 4b
(g)

Part III
A
Determine the total amount of withdrawal(s) made from the account in previous years
A
B
Total the portion(s) of these tax year withdrawal(s) already reported as income on prior New Jersey tax returns.
B
C
Subtract the amount of tax year withdrawals reported (B) from the total amount of tax year withdrawals (A). This difference is the amount of contributions that have been recovered thus far.
C
Total amount of contributions made to this account. Include any contributions to this account for the Tax Year made by April 15th of the Following Year (line 1b, above)
 
D
Subtract the amount of recovered contributions (C) from the total amount of contributions made the this account. This is the amount of unrecovered contributions to enter on line 4c of Part I
D
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v2020.2 02-27-2021 • Comments to: Al@TaxPrep4Free.org
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