Free Advice | Kiely Capital in the news

I didn’t get my stimulus. How can I get it on my 2020 tax return?

Q. I did not receive a stimulus check because my income was too high in 2019. My 2020 income will be lower. Will I be able to get a tax c...

Can I take losses on my stocks and use the standard deduction?

Q. If you elect to take the standard deduction for the 2020 tax year, can you still also deduct financial contributions and losses for se...

How can I get back a penalty taken for 401(k) withdrawal?

Q. I took a 401(k) distribution in April 2020 due to being laid off. At the time the CARES Act didn’t exist and I was charged a 10% early...

Do I have to eventually draw down my IRA account to zero?

Q. This past November I celebrated my 91st birthday. I take yearly IRA withdrawals. In what calendar year must my IRA account move to zer...

What happens to tax credits now that our home is in a trust?

Q. My wife and I are in our mid-80s. We live on a modest pension and social security and do not spend our entire income. Our home is mort...

Some N.J. workers say they are wrongly being taxed at the millionaire rate

Earlier this fall, Gov. Phil Murphy signed into law the millionaires tax, which raises the state’s gross income tax rate on income betwee...

Our primary home became a rental. What taxes will we owe when we sell?

Q. We moved to California in 2012 and rented out our New Jersey home so we don’t qualify for the capital gains tax exemption. We are fina...

I remarried. Should he put my name on his home’s deed?

Q. I was married last year on Aug, 15 to a lovely man. We were both married before. He owns a house in Essex and wants to put me on the d...

We’re separated. Should we still file our tax returns together?

Q. I am married, but separated. I make $42,000 a year but pay my own health expenses, Medicare, dental, etc. Am I better off filing separ...

If I take from my Roth IRA, will I get the pension exclusion?

Q. My wife and I are both over 62 with income of $130,000: $52,000 from IRA distributions, $25,000 in pension payments, $18,000 of invest...

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Featured Posts

Is the stimulus check a loan? Will I owe taxes on my stimulus payment?

What to do with 401(k) right now? Should you change investments as stocks plunge amid coronavirus fe

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