By Karin Price Mueller | NJMoneyHelp.com for NJ.com Q. I am 67 years old, married, and have $800,000 in traditional IRAs, 401(k)s and 403(b)s. Over decades, I have jockeyed assets within these funds, but never took a taxable withdrawal. I started doing mid-December traditional-to-Roth conversions. Reporting the conversion to the IRS is a piece of cake, but New Jersey stymies me. How do I calculate the excludable portion of the conversion of old, intermingled money? I have bee
By Karin Price Mueller | NJMoneyHelp.com for NJ.com President Trump said in an address last week that the Internal Revenue Service would extend the federal tax filing deadline. But filing before April 15 could mean increased security and decreased fees. (TNS) — During his Oval Office address last week to address the nation’s coronavirus concerns, President Donald Trump said the Internal Revenue Service (IRS) will extend the April 15, 2020 federal income tax filing deadline. T
By Karin Price Mueller | NJMoneyHelp.com for NJ.com Q. If we lease a car in Florida and are charged taxes on a monthly basis, do we have to pay taxes on the car to New Jersey, which is our home state? — Driver A. It’s a good question. New Jersey assesses a tax when you purchase certain goods or services. This tax is called the sales tax, said Bernie Kiely, a certified financial planner and certified public accountant with Kiely Capital Management in Morristown. Forty-four oth
By Karin Price Mueller | NJMoneyHelp.com for NJ.com Q. I am a Korean War veteran. What veteran tax breaks are available? — Still working A. Thank you for your service. New Jersey offers several benefits to veterans. In 2016, New Jersey increased the tax on gasoline. That bill had a number of other items tacked onto it, said Bernie Kiely, a certified financial planner and certified public accountant with Kiely Capital Management in Morristown. Want more personal finance news?
U.S. stocks are expected to freefall when the markets open Monday, following an overseas selloff when an oil price war added to coronavirus fears across the globe. The fast plunge triggered what’s called a circuit breaker for the New York Stock Exchange, which temporarily pauses trading. As of 8 a.m., the Dow Jones Industrial Average, the S&P 500 and the Nasdaq were all poised to open nearly 5% lower than Friday’s close. Meanwhile, the yield of the 10-year Treasury continued