07 Apr I moved. Do I owe N.J. tax on my retirement withdrawal?

Q. I moved to Florida mid-November 2024 from New Jersey. I am aware that I owe New Jersey taxes for all of 2024 or thereabouts. My query is this: As I remove money from my 403(b) in 2025, do I owe New Jersey anything? I changed my driver’s license to Florida in January and changed my address with the post office in late 2024. I have not been to New Jersey since, and I have no business or income sources from there.
— Not a Jersey girl anymore

A. Congrats on your move, and we’re sorry to see you go.

Florida is attractive to many people because it has no state income tax.

You will owe tax to New Jersey on all your income up to the date you changed your residency, said Bernie Kiely, a certified financial planner and certified public accountant with Kiely Capital Management in Morristown.

“When you take a taxable distribution from any retirement plan, you owe tax to the state you reside in at the time of the withdrawal,” Kiely said. “New Jersey has no right to tax you once you move to another state. Since Florida has no state income tax you will not have to pay any state income tax.”

Email your questions to Ask@NJMoneyHelp.com.

This story was originally published in April 2025.

NJMoneyHelp.com presents certain general financial planning principles and advice, but should never be viewed as a substitute for obtaining advice from a personal professional advisor who understands your unique individual circumstances.