New Jersey does not tax Social Security. In addition, for seniors (62+) with under $100K total income, IRA distributions are not taxed. Can Pralana handle this?
Hi Tom, I'll let Stuart correct me if I'm wrong, but I believe you can assume this is built into the state-specific rules in Pralana, as long as you are specifying NJ as your current state of residence (or in the future). I also think it would be easy to test if you have Pralana. Just pay close attention to the state tax detail, especially if you have the online version, which gives you so much more of that, but you can do it in gold/excel as well.
Yes, thanks to the details in the online version, I can see that the state tax is actually zero! At first I thought otherwise because the "State Taxable Income" column had a full value, but then I saw that the tax itself was zero. All good!
P.S. Online version is awesome. Great job, Stuart.
