Levine, Jacobs & Company, LLC, Senior Member Demystifies State Taxes on Pensions

Top Quote - Michael H. Karu, CPA/CFF clarifies how tax on pensions vary by state - End Quote
  • Newark, NJ (1888PressRelease) September 10, 2022 - Michael H. Karu, CPA/CFF, Senior Member, Levine, Jacobs & Company, LLC., was highlighted on NJ.com where he provided clarity on state taxes on pensions.

    In the event of someone relocates to a different state, one does need to consider if their pension will be state taxed.

    According to Michael H. Karu, “In New Jersey, Keogh plans and federal pensions are treated the same as private sector employee pensions and annuities. But the taxable amount is dependent on your age, marital status and total income. It’s called the pension exclusion.”

    In addition, “It’s important to note that just like New York, Social Security benefits are not taxed in the state of New Jersey,” he said.

    To read the full 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.”

    Media Contact:
    Amy Delman
    Amy Delman Public Relations, LLC
    amydelmanpr ( @ ) verizon dot net

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