NJ Taxation of RRSP Withdrawal

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Jojo
Posts: 13
Joined: Wed May 29, 2019 11:20 am

NJ Taxation of RRSP Withdrawal

Post by Jojo »

Does NJ follow federal treatment of RRSP withdrawals, i.e. taxing only the growth since entry to the U.S.?

Scenario: NJ full year resident since entry into US from Canada. Dual citizen.
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nelsona
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Joined: Wed Oct 27, 2004 2:33 pm
Location: Nowhere, man

Re: NJ Taxation of RRSP Withdrawal

Post by nelsona »

Were you a US citizen before moving to US, if so, you are responsible for more that just gain since moving to US, you are responsible for all gains.
After 20 years, I am severely cutting back on responses. Do not ask specifically for my help. There are a few others on this board that can answer most questions. All the best
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Jojo
Posts: 13
Joined: Wed May 29, 2019 11:20 am

Re: NJ Taxation of RRSP Withdrawal

Post by Jojo »

No. I became a USC after moving to US.
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nelsona
Posts: 18675
Joined: Wed Oct 27, 2004 2:33 pm
Location: Nowhere, man

Re: NJ Taxation of RRSP Withdrawal

Post by nelsona »

Then you will be taxed on the taxable portion determined for your federal return.
After 20 years, I am severely cutting back on responses. Do not ask specifically for my help. There are a few others on this board that can answer most questions. All the best
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