Can widows take the veteran tax break? | Biz Brain

A look at whether the state's veterans benefit can help a widow.(ladyheart/morguefile.com) Q. Does the veterans tax break does this apply to widows? -- Widow A. Let's take a closer look at this new benefit for veterans. In 2016, the state increased the gasoline tax. That bill had a number of other items tacked onto it. One was a new $3,000 tax deduction for all veterans who have an Honorable Discharge from the armed forces, national guard or reserves, said Bernie Kiely, a certified financial planner and certified public accountant with Kiely Capital Management in Morristown. This deduction is actually an additional personal exemption, he said. "New Jersey allows you a personal exemption for

Double taxation for some IRAs | Biz Brain

A look at what the new tax plan means for some inherited IRAs. (alvimann/morguefile.com) By Karin Price Mueller NJMoneyHelp.com for NJ.com Q. How does the new tax legislation affect current "Income with Respect to a Decedent," or IRD, with respect to offsetting taxes on an inherited IRA. I'm the beneficiary of my late brother's IRA, approaching year three of the five-year distribution, and I still have about $600,000 if the offset remaining. -- Beneficiary A. The taxation of an inherited IRA can be complicated. If you inherit an IRA from someone who is not your spouse, the IRA may be subject to double taxation, said Bernie Kiely, a certified financial planner and certified public accountan

Does the GOP tax bill change my 401(k)? | Biz Brain

Q. How will the tax plan it affect the deduction for contributing to a 401(k)? -- Saver A. The tax bill does change so much, but 401(k) plans squeezed out a win for savers. There was a provision in the Senate's bill that would eliminate catch-up contributions for high-income employees, said Bernie Kiely, a certified financial planner and certified public accountant with Kiely Capital Management in Morristown. "High income employees were defined as those whose wages exceeded $500,000 or more in the preceding year," Kiely said. "The House of Representatives bill had no such provision." When making changes to the income tax laws, the House of Representatives comes up with its bill and the Sena

Tax breaks for N.J. veterans | Biz Brain

Veterans in New Jersey can benefit from some tax breaks.(ladyheart/morguefile.com) Q. It is my understanding that veterans living in Continuing Care Retirement Community (CCRC) locations do not qualify for the $250 deduction. Does this mean they would not qualify for the special 2017 $3,000 deduction as well? -- Veteran A. If you are a veteran in New Jersey, you are entitled to two benefits. The first is a $250 reduction of your real estate taxes and the second is a $3,000 state income tax deduction, said Bernie Kiely, a certified financial planner and certified public accountant with Kiely Capital Management in Morristown. "The $3,000 state income tax deductions went into effect in 2017,"

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Kiely Capital Management offers financial planning and investment advice. Serving Central and Northern New Jersey, Yvonne and Bernard (Bernie) Kiely provide over 25 years of experience offering discretionary asset management, retirement planning and income tax preparation. KCM is registered with the State of New Jersey as a Registered Investment Advisor.

 

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