The pension exclusion for singles

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 exclusion allows seniors who are 62 or older to exclude all or part of their pension income, plus other income, from their state income tax return. The amount you can exclude is going up between 2017 and 2020 as long as your gross income is not more than $100,000, said Bernie Kiely, a certified financial planner and certified public accountant with Kiely Capital Management in Morristown. "If your income is one dollar more

IRA distributions when records are missing

Cost basis matters when you're getting ready to take IRA distributions. (pixabay.com) Q. When I was a public employee and in the 1980s, my wife and I contributed to a non-deductible traditional IRA. I did not keep good records of these contributions and did not file Form 8606. The company that handled our IRA accounts went out of business and the accounts were transferred to a new company. Later, I stopped making contributions to the IRAs and changed to contributing to a 457B plan through work. Is there a way I can find out how much we contributed to these IRAs and if not, what do we use as our basis? We are both 70 1/2 and have to start taking distributions this year. -- Investor A. Ah, the

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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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