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Level 2
May 16, 2021
Question

How do you handle the three year average on 401k distribution on NJ Return?

  • May 16, 2021
  • 1 reply
  • 10 views
On Federal Return, the program picked up 1/3 of the 401k distribution but NJ is picking up the full amount.  How do you adjust?
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1 reply

qbteachmt
Level 15
May 16, 2021
liz5Author
Level 2
May 16, 2021

I should have mentioned that I am working on ProConnect Tax.  

qbteachmt
Level 15
May 16, 2021

Yes, I see you posted in the ProConnect forum. But you can read that topic to see the expected update from Intuit for ProSeries is not until 5/20 or later, and you can see what happened to a NJ preparer, and how it is being handled by that person.

It isn't "three year average" but "spread over three years." NJ made a late retroactive change for conformity. As did other States.

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