New Jersey Deductible Contributions

I will like to know if profit sharing and pension contributions to a plan are tax deductible or not through the state of New Jersey for a New Jersey employer. There are some confusing reports about this. 

You should speak to your accountant about that.

2 hours ago, Francis Tam said:

I will like to know

And when will that be? 😉

I live and work in NJ and many of our clients are in NJ. I'd say that generally speaking, company contributions are deductible. However, for self-employed individuals, their own employer contributions are not deductible, only their own 401(k) contributions. But as suggested, an accountant is the one to ask.

A 401(k) participant's contribution is tax deductible in NJ.  Note: the very popular 403(b) contribution is not tax deductible in NJ.