I am being told that NJ does not honor federal tax treaties - https://apps.irs.gov/app/vita/content/0 ... 01_001.jsp
And RRSP is not a qualified investment fund as defined by NJ Rev Stat § 54A:5-1. 54A:6-14
Search found 5 matches
- Tue Apr 09, 2024 10:54 am
- Forum: Canada / United States Tax & Accounting
- Topic: RRSP Taxation in New Jersey (NJ)
- Replies: 7
- Views: 1856
- Tue Apr 09, 2024 10:52 am
- Forum: Canada / United States Tax & Accounting
- Topic: RRSP Taxation in New Jersey (NJ)
- Replies: 7
- Views: 1856
Re: RRSP Taxation in New Jersey (NJ)
@nelsona
What I am told is that NJ does not honor federal treaties - https://apps.irs.gov/app/vita/content/0 ... 01_001.jsp
And RRSP income is not a qualified investment income as defined by NJ Rev Stat § 54A:5-1. 54A:6-14
What I am told is that NJ does not honor federal treaties - https://apps.irs.gov/app/vita/content/0 ... 01_001.jsp
And RRSP income is not a qualified investment income as defined by NJ Rev Stat § 54A:5-1. 54A:6-14
- Mon Apr 08, 2024 2:23 pm
- Forum: Canada / United States Tax & Accounting
- Topic: RRSP Taxation in New Jersey (NJ)
- Replies: 7
- Views: 1856
Re: RRSP Taxation in New Jersey (NJ)
@nelsona Can you provide any link or pointers on this? - My tax filing is done by one of the big 4 accounting firms and their position is that RRSP income is taxable in NJ. Is there a explicit tax code that either indicates that NJ is following the Fed statutes on RRSP income or that they are overri...
- Sun Mar 24, 2024 10:11 am
- Forum: Canada / United States Tax & Accounting
- Topic: Optimal Strategy to withdraw from large RRSPs as Non-Residents.
- Replies: 2
- Views: 1025
Re: Optimal Strategy to withdraw from large RRSPs as Non-Residents.
Thank you @nelsona for your quick response. I did understand that best tax outcome can only be achieved by withdrawing as a non-resident, I was only looking at the timing of it. Now vs. gradual vs. just before becoming a Canadian tax resident again (may not happen as well) From your response, I see ...
- Sat Mar 23, 2024 11:53 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Optimal Strategy to withdraw from large RRSPs as Non-Residents.
- Replies: 2
- Views: 1025
Optimal Strategy to withdraw from large RRSPs as Non-Residents.
Situation - A couple has about US$900k in RRSPs and DC Pension - and cost has been reset before moving to the US and has since appreciated by US$100k. (Understand withdrawals can't happen in DC and need to be converted to LIRA and then unlocked.) US income - MFJ - ~$400k. 1. Is there any withdrawal ...