Page 2 - Howard Hook News Today

I moved. How do I get a refund of the exit tax? Updated 9:30 PM; Q. I will be 70 in a few months and I just relocated from New Jersey to Michigan four years ago. I recently sold 10 acres of raw, unimproved land in the Pinelands for $11,079. An “exit tax” in the amount of $220.84 was withheld. As a nonresident of New Jersey, I’m not sure what I need to do for my taxes. — Former Jersey boy A. We’re sorry to hear you left the state. You would need to file a New Jersey non-resident retur...

Why did I get a Medicare Part B reimbursement check? Updated Mar 16, 2021; — Retired A. Checks like the one you received are not uncommon. New Jersey pensioners may be entitled to a reimbursement of their Medicare Part B premiums paid depending upon when they were originally hired, when they retired and what department or agency they worked in while employed, said Howard Hook, a certified financial planner and certified public accountant with EKS Associates in Princeton. For example, he said...

There are specific rules to follow when you have a CARES Act withdrawal.

When I take annuity payments, how will they be taxed? Updated Jan 26, 2021; Q. I am 66 and I have two fixed annuities for life with a rider attached. I plan to start my monthly payments for life at age 71. I’m confused about how the payments are taxed. I’ve heard that for federal taxes, it goes by the “last in, first out” rule, meaning I would be taxed on the total monthly payment until all the interest and gains until I was 84, and then it would be tax-free. Is that true? — Taxed en...

Year-end tax moves aren’t just for the wealthy. These strategies can help lower your bill CNBC 12/16/2020 © Provided by CNBC The end of the year is fast approaching, yet there is still time to take charge of your taxes. While that might seem like something only the wealthy would do, there are also ways for the average American to save money — even if you are part of the 90% who take the standard deduction (which is $12,400 for single filers in 2020). "This has been a very interesting ye...