posted
Homestead rebates are not considered taxable to NJ. It does, however, need to be reported on your Federal taxes as other income. This would typically be reported on line 10 of the form 1040 which includes state refunds, credits, etc. IRS publication 525 has more details regarding this.
Posts: 137 | Registered: May 2005
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posted
How are 401K withdrawals treated? As regular income? Or is there a different tax bracket for them?
Posts: 15082 | Registered: Jul 2001
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posted
The 401K withdrawals are taxed as regular income. Furthermore, if you take money out before age 59 1/2, there will be a 10% Federal penalty and possibly a state penalty as well. There are some exceptions to those penalties, but those are rare.
Posts: 137 | Registered: May 2005
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posted
That is good, as I have already paid the 10% up front. I was afraid I'd have to pitch in more, and it would reduce the amount of my return.
Posts: 15082 | Registered: Jul 2001
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