How does N.J. tax these retirement distributions?

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 been ball-parking but can I continue to do this without attracting unwanted attention? I am being honest, but don’t want to hire a nest-egg forensic analyst. — Stymied in New Jersey A. Thank you for your question. Let’s take this step by step. We’ll start with you IRA. When

For Those Who Can, Ignore the Tax Deadline Extension

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. The IRS has not yet announced a new date, and it’s not yet clear if the new deadline will apply to all taxpayers. Tax experts expect the new date to be somewhere between June 15 and October 15. But is waiting to file your taxes a good idea? But first, will New Jersey chang

Do I pay New Do I pay New Jersey tax on a car leased in Florida?Jersey tax on a car leased in Florid

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 other states also have sales taxes, he said. Only Alaska, Delaware. Montana, New Hampshire and Oregon do not. New Jersey also has a “use tax,” he said. This tax is assessed on goods or services obtained out of state that were not subject to any sales tax. “The use tax applie

What veteran tax breaks are available in New Jersey?

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? Enter your email address to be the first to know: One was a new income tax deduction for all veterans who have served on active duty and have an Honorable Discharge from the armed forces, National Guard or reserves, he said. “This deduction is actually an additional perso

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

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 to fall as investors looked for safety, momentarily reaching a new low of 0.318% overnight. So it looks like last week’s roller coaster ride of 1,000 point swings is back. When will the stock market’s volatility end? No

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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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