I recently heard that not all states are able to raise their Roth contribution limits to $3000. I was planning on contributing the max, but am not sure if my state allows the new maximum. Anyone know where I can look to find out? I don't see anything on my state's website.Mike in NJ
Hi Mike in NJ,This is from the NJ website Technical bulletin #44:P.L. 1998, c. 57, which was signed into law on July 24, 1998, conforms the New Jersey gross income tax treatment of Roth IRAs to the Federal treatment. Beginning in 1998, contributions to Roth IRAs are not deductible but qualified distributions from them are not includable in New Jersey gross income. Not all taxpayers are qualified to establish a Roth IRA. Contact the Internal Revenue Service to see if you qualify.So I would venture a guess that yes the limits also conform to the Fed rules.cjbb
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