![]() That rate is cut in half (3.3125%) for in-person sales in designated Urban Enterprise Zones located in disadvantaged areas. Military pensions and Railroad Retirement benefits are fully exempt. Taxpayers who are otherwise eligible for Social Security or Railroad Retirement benefits, but will never be able to receive those benefits because their employer did not participate in either program, may qualify for a special exclusion of $6,000 (joint filers, head-of-household filers, and qualifying widow(er)s) or $3,000 (single filers and married taxpayers filing separately). (Note: Taxpayers who did not claim the maximum pension exclusion amount may be able to use the unclaimed amount to exclude other types of income (e.g., wages, interest, dividends, etc.) on their New Jersey tax return.) For taxpayers with gross income between $125,001 and $150,000, the maximum exclusion is 25% of retirement income for joint filers, 18.75% of retirement income for single filers, and 12.5% of retirement income for married taxpayers filing a separate return. For taxpayers with gross income between $100,001 and $125,000, the maximum exclusion is 50% of retirement income for joint filers, 37.5% of retirement income for single filers, and 25% of retirement income for married taxpayers filing a separate return. For taxpayers with gross income of $100,000 or less, the maximum exclusion is $100,000 for joint filers, $75,000 for single filers, and $50,000 for married taxpayers filing a separate return. Taxpayers age 62 or older with New Jersey income of $150,000 or less can exclude some or all of their income from a pension, annuity, IRA, or other retirement plan. New Jersey Tax Breaks for Other Retirement Income ![]() Social Security benefits are not taxed by the state. New Jersey Taxation of Social Security Benefits ![]() High: 10.75% (on taxable income over $1 million) Low: 1.4% (on up to $20,000 of taxable income) ![]()
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