Levine, Jacobs & Company, LLC, Senior Member Shares Insight On Retirement Plan Withdrawal

Top Quote Levine, Jacobs & Company, LLC, Senior Member Shares Insight On Retirement Plan Withdrawal. End Quote
  • Newark, NJ (1888PressRelease) November 11, 2022 - Michael H. Karu, CPA/CFF, Senior Member, Levine, Jacobs & Company, LLC., was interviewed on NJ.com where he discussed the effects of withdrawing money from a retirement plan during COVID.

    The conversation focused on those who started the process of removing money from their retirement plans due to COVID in 2020 but the money wasn’t distributed until 2021. What happens? When was the money taxed and were there any deadlines missed?”

    In response, Karu stated, “The CARES Act allowed people to take up to $100,000 from these accounts, even if they were under age 59 ½, and avoid the regular 10% early withdrawal penalty.The withdrawals were still taxed, though, but one had the option of spreading the taxation of the money over three years. You are taxed based on the date the funds are distributed.”

    Additionally, Karu said, “You should have received Form 1099-R from the company retirement plan acknowledging the amount withdrawn. If any federal or state taxes withheld, those would also be shown on the same form.”

    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 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 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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