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Accounting, Payroll & Pension Issues/Taxability of Simple IRA employee and employer contributions in New Jersey

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Expert: - 1/20/2010


Question
Please advise if both employee and employer contributions to a Simple IRA plan are taxable in the state of New Jersey.

Thanks

Answer
First, your question is confusing and second, this is not the forum for income tax questions.

You appear to be asking if contributions to a Simple IRA are taxable -- contributions are generally not taxable -- they may or may not be tax deductible. Only the withdrawals from an IRA may be taxable.

Regarding my second point, this is a forum for bookkeeping and accounting questions, and pension questions. Please see the forum for taxes:  http://www.allexperts.com/el/Tax-Planning/ or http://www.allexperts.com/el/Tax-Law-Questions

You really should seek the assistance from a tax professional in that state for further assistance.

Accounting, Payroll & Pension Issues

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Arthur Naman

Expertise

General accounting and bookkeeping questions. How to do monthly bookkeeping, how to prepare financial reports. How to reconcile accounts.

I cannot answer questions pertaining to pension or retirement planning.

This is not a forum to have homework answered. Please do your own homework.

Experience

30 years' experience doing tax and accounting work

Education/Credentials
MPA from Univ. of Texas at Austin, MBA Golden Gate Univ, San Francisco CA

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