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Income limits for the pension exclusion

NJMoneyHelp - 1/10/2018

There are actually two exclusions that can apply against income on your New Jersey tax return. The first is the pension exclusion that’s available to taxpayers who are 62 or older on December 31, said Cynthia Fusillo, a certified public accountant with Lassus Wherley in New Providence. “Such taxpayers may exclude some or all of their otherwise taxable pensions and IRA withdrawals as long as gross income does not exceed $100,000,” she said. “Gross income does not include Social Security benefits that you or your wife are collecting. It is specifically exempt from New Jersey State taxation.” read more »

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Biz Brain: Income limits for the pension exclusion

NJ.com - 1/10/2018

The other retirement income exclusion is also available for taxpayers 62 and over on Dec. 31 with gross income not exceeding $100,000, Cynthia Fusillo, a certified public accountant with Lassus Wherley in New Providence said. Again if only one spouse is 62 or older then that spouse only may exclude under this provision. "This allows you to exclude other types of income, not just retirement income, from state taxability," she said. " This one has two parts to the exclusion." read more »

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In what year is stock swap taxable?

NJMoneyHelp - 1/4/2018

The acquisition of Reynolds American by British American Tobacco was completed in July 2017. The holders of certificates will receive instructions from Citibank on how to receive their cash and BAT American Depositary Shares, said Dawn Brown, a certified financial planner with Lassus Wherley in New Providence. “A representative from Citibank informed us that owners of Reynold American shares will receive tax forms for the transaction in 2017,” Brown said. “The tax form is created for the year in which the acquisition occurred and is not dependent on when the shareholder hands their certificate into BTI.” You should look out for the form and provide it to your tax preparer when your 2017 taxes are being prepared, Brown said. read more »

njMoneyHelp-thumb.jpg

Biz Brain: In what year is stock swap taxable?

NJ.com - 1/4/2018

The acquisition of Reynolds American by British American Tobacco was completed in July 2017. The holders of certificates will receive instructions from Citibank on how to receive their cash and BAT American Depositary Shares, said Dawn Brown, a certified financial planner with Lassus Wherley in New Providence."A representative from Citibank informed us that owners of Reynold American shares will receive tax forms for the transaction in 2017," Brown said. "The tax form is created for the year in which the acquisition occurred and is not dependent on when the shareholder hands their certificate into BTI." You should look out for the form and provide it to your tax preparer when your 2017 taxes are being prepared, Brown said. read more »

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