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I can't feel sorry for those who have lived here the majority of their lives thus are well aware of NJ's insane taxes and their perpetual climb and yet, after choosing to retire here despite it, spend their time boo hoo-ing about it. While I hate how expensive taxes are, none of this is new information. No one is stopping you from moving.
Do you know if that includes SS income along with pension?
What happens if retirement income is over 100k? I've been searching all over for an answer to that but can't find it.
I believe the 100K limit does not include SS. Unfortunately, if you go one dollar over 100K, it's all taxable, that is, none is excluded. An extremely crazy way to do things.
Quote:
"You need to be 62 years of age or older on the last day of the tax year and have gross income lessthan $100,000 before subtracting the pension income exclusion,” Maye said. “As a side note New Jersey excludes Social Security from gross income and therefore Social Security would not be part of the $100,000 gross income calculation.” (my emphasis)
While its definite to be concerned about possibility of taxes going up. We all should be more concerned about tax reform being pushed by senate and house majority GOP. Senate version includes crap like eliminating itemized deductions from state and local level.... aka you cannot deduct your prop taxes...
This supposed tax reform (crooked in my opinion) is what we should worry more and take action on more so than just about anything. That nice ~2.2% valuation of prop taxes you were paying and getting deduction on...disappearing? Do the math. See what'll hurt more...
While its definite to be concerned about possibility of taxes going up. We all should be more concerned about tax reform being pushed by senate and house majority GOP. Senate version includes crap like eliminating itemized deductions from state and local level.... aka you cannot deduct your prop taxes...
This supposed tax reform (crooked in my opinion) is what we should worry more and take action on more so than just about anything. That nice ~2.2% valuation of prop taxes you were paying and getting deduction on...disappearing? Do the math. See what'll hurt more...
I thought I read no property taxes deductions over $10.000
I thought I read no property taxes deductions over $10.000
The Senate plan says none at all. And has higher tax brackets. And delays reducing the corporate tax. Actually it's pretty much a straight tax increase, not sure WTF they're thinking.
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An extremely crazy way to do things.
