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Phone: 973-455-1894 | 51 Dumont Place, Morristown, NJ 07960 | Get directions!

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.

 

“The only thing we sell is good advice.”

©2018 Kiely Capital Management Inc. All rights reserved.

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Q. I am a former resident of New Jersey and I will be moving back with my wife next year. We are both retired teachers receiving pensions from Pennsylvania, which doesn’t tax pensions. How will New Jersey taxes affect our pensions? I am also collecting Social Security...

Q. Due to a workforce reduction, I was terminated by my former employer. Shortly after, I took my retirement account, fully funded by my former employer, in one lump sum and rolled it over to my IRA. Does this impact my eligibility to collect unemployment benefits?

— No...

Q. I am retired but I get a W-2 for a small amount, but it is subject to Social Security, Medicare and other taxes just as I was still employed. The amount is for the cost of employer-paid life insurance over $50,000. It also shows an amount of about $14,000 that the c...

Q. I am a public school teacher who has weekly deductions from my paycheck as my portion for state mandated health insurance payments. These payments are listed on my W-2 for my federal tax information as non-tax contributions. However, it seems that New Jersey is incl...

Q. I’ve been approved by the state for New Jersey’s $3,000 veteran’s exemption. Both H&R Block and TurboTax said the state told them to list the exemption on Line 9 of the return, but this doesn’t allow for the full benefit of the exemption. Can you explain?— Veteran

A....

Q. I live in a condo that my kids paid for and put in a trust. I’m a senior and I live on $881 per month. I pay all the taxes, sewer fees, and homeowners fees in my name even though the tax bill is addressed to the trust. Because I pay all the expenses, am I entitled t...

Q. Can I deduct out-of-state property taxes on a summer-only cottage my New Jersey tax return? TurboTax shows yes, but I’ve seen conflicting information. I just want to do the right thing.— Taxpayer

A. The new tax plan changed the way property taxes can be deducted.

Prop...

Q. Are active duty military personnel exempt from the 2 percent exit tax when they sell/transfer their former home in New Jersey?

— Seller

A. Your service won't exempt you from the so-called exit tax.

But here’s the thing: the exit tax isn’t actually an extra tax. It’s an...

March 14, 2019

Q. My dad died in 2011 and my mother died in 2015. Do I need to keep Social Security cards, birth, death, marriage and baptism certificates? What about insurance papers? I also have personal papers, like the naturalization papers of my grandparents. What do I need to k...

February 25, 2019

By Karin Price Mueller

NJMoneyHelp.com for NJ.com

States can't take back taxes on retirement accounts if you move away.

Q. My wife and I are both seniors who are retired. Several years ago, our tax preparer wanted to know the total value of our combined IRAs for our New J...

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