Levine, Jacobs & Company, LLC, Senior Member Offers Advice on Pension Tax Upon Moving Out Of State
Levine, Jacobs & Company, LLC, Senior Member Offers Advice on Pension Tax Upon Moving Out Of State.
- Newark, NJ (1888PressRelease) July 01, 2021 - Michael H. Karu, CPA/CFF, Senior Member, Levine, Jacobs & Company, LLC., was quoted on nj.com where he discussed the intricacies of being taxed on your pension after moving out of state.
“There is actually good news. Under federal law, pensions, regardless of the source, are only taxable to the state in which you live. If you reside in New Jersey, you pay tax on that pension to New Jersey, even if it was due to employment in another state. The same is true in reverse.”
Karu continued, “Once you move to another state, you only will pay state gross income tax to your resident state.”
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Michael H. Karu, CPA/CFF, Senior 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 Certified in Financial Forensics a Chartered Global Management Accountant, and a Certified Divorce Mediator.
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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