January 28, 2021 - Michael H. Karu, CPA/CFF, Senior Member, Levine, Jacobs & Company, LLC, was highlighted on NJMoneyHelp.com where he answered the question: “I am 66 years old and collect my pension, Social Security, unemployment, and an early-out retirement package of 50% pay. Are all those sources counted as income?”
“Yes, everything is taxable...Pensions, including IRAs, are taxable income, with the exception of Roth IRAs.” Karu stated. “Unemployment is taxable for federal purposes, but not for New Jersey, as is Social Security.”
Karu explained further, “Per the IRS, to find out if Social Security benefits are taxable, taxpayers should take one half of the Social Security money they collected during the year and add it to their other income.” He further stated, “If you are single and that total comes to more than $25,000, then part of the Social Security benefits may be taxable.”
To read the article, please click here.
To speak with and/or set up an interview with Michael H. 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.”
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