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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. With the passing of the SECURE Act, is it still possible to convert some of our qualified tax-deferred accounts after we retire to a Roth IRA to bypass the 10-year stretch limit for inherited IRAs?

— Planning

A. Yours is a great question.

Let’s step back for a moment.


Q. I will turn 62 in November 2021. I am a retiree with a $44,000 pension as my only income. I currently tax myself at the state level to cover my tax responsibility on the pension. Can I stop the withholding because I will be eligible for the pension exclusion.

— Retir...

Q. I turn 62 in March 2020. My pension before taxes and health insurance is $1,509 per month. I will be collecting $1,500 a month from Social Security when I turn 62. How much in state taxes am I required to pay? I think I’m eligible for the pension exclusion. I have n...

Q. Do my spouse and I qualify for the pension exclusion? We are both over age 62, and last year we earned: $75,000 from IRA/401(k) distributions, $25,000 from a Roth IRA distribution, $64,000 in Social Security, $30,000 in capital gains from a brokerage account and $10...

Q. I filed my father’s taxes and they only allowed me to exclude his $39,600 pension. In reading the pension exclusion rules further, it seems that you are allowed to exclude the lesser of your pension or $45,000 of retirement income? It seems a little unfair to those...

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...

If you earn one dollar too many, you won't qualify for this

valuable tax benefit.  (pixabay.com)

Q. My husband and I filed our 2017 state income last year. Our total gross income was $100,333. Our taxable income was $98,333. Our taxable income after property tax deducti...

If you earn too much, you'll lose the pension exclusion.  (pixabay.com) 

Q. New Jersey's pension exclusion is unfair. If you earn $1 over the maximum of $100,000, you get no benefit. What investments are tax-free for state and federal purposes and are recommended t...

Singles face the same income limits as married couples for the pension exclusion. (pixabay.com)

Q. Will a single person who has a pension above the $75,000 cutoff lose the entire pension exclusion?

-- Retired soon

A. You're confusing the numbers a bit.

New Jersey's pension...

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 t...

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How does N.J. tax these retirement distributions?

March 27, 2020

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