Will filing separately get us the pension exclusion?

Consider all the factors before filing your taxes separately.(pixabay.com) Q. When might it be better for a married couple to file separately? Must a couple file the New Jersey state return the same way they do the federal return? If one spouse has too high an income to receive the New Jersey pension exclusion but the other spouse would qualify, would it make sense to file separately? -- Trying to save A. Let's run through all your questions. First, the instructions to the 2017 New Jersey 1040 tax return say: "In general, you must use the same filing status on your New Jersey return as you do for federal purposes." So if you file jointly with your spouse on your federal return, you are req

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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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