Levine, Jacobs & Company, LLC, Member Offers Advice on Pensions
Michael Karu, CPA/CFF quoted on NJ.com.
- Newark, NJ (1888PressRelease) May 21, 2020 - Michael H. Karu, CPA/CFF, Senior Member, Levine, Jacobs & Company, LLC., was highlighted on NJMoneyHelp.com where he answered the question: “My husband and I moved from New Jersey to Massachusetts two years ago. He has been receiving a retired police pension from the New Jersey Division of Pensions and Benefits since 2004. Would his pension be taxed in New Jersey or Massachusetts?
“You pay tax on the pension, regardless of which state it originated, to the state in which you live. For pensions and other retirement income received on or after Jan. 1, 1996, federal law prohibits any state from taxing pension income unless you are a resident of that state,” Karu stated.
Karu emphasized that only the state in which you live will tax the pension due to residency. In this case, it would be Massachusetts instead of New Jersey.
He elaborated further, “But if you moved back to New Jersey, depending on your age and income level, the pension could be tax-free. That’s because New Jersey now has a pension exclusion. If you’re 62 and older and your total income is less than $100,000, you won’t owe income taxes to the state."
To read the article, please click here.
To speak with and/or set up an interview with Michael Karu, please contact Amy Delman, Amy Delman Public Relations, LLC, 201.563.4614 or amydelmanpr ( @ ) verizon dot net dot
Michael H. Karu, CPA/CFF, is a member of Levine, Jacobs & Company, LLC, a Livingston-based accounting and consulting firm. He is qualified by the Superior Court of New Jersey, Family Part, as an expert witness and as an authority on business valuations, specifically for closely held or family-owned businesses. Additionally, he is a Certified Divorce Mediator and is Certified in Financial Forensics.
Karu received his B.S. degree in Business Administration from The Ohio State University and holds professional memberships in the American Institute of Certified Public Accountants, the AICPA Tax Division and the AICPA Business Valuation, Forensics and Litigation Services Section, as well as the NJ State Society of CPAs. Karu is a published author of numerous articles seen in trade and consumer publications and has been a guest on radio and television shows.
Levine, Jacobs & Company, L.L.C. maintains memberships in the American Institute of Certified Public Accountants and the New Jersey Society of Certified Public Accountants. The firm prides itself on its teamwork abilities where “every account receives the talent and expertise of the whole firm.”
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