20 Sep When you don’t qualify for the Senior Freeze
Q. I have qualified for the Senior Freeze for the last three years, but next year I won’t because my income for 2017 will be too high due to an inheritance. Assuming I would qualify again the following year, do I have to establish a new base year, or will my original base year still apply?
— Planning ahead
A. Here’s the clarity you’re looking for.
The program looks at two years of income in order for seniors and the disabled to qualify, said Cynthia Fusillo, a certified public accountant with Lassus Wherley in New Providence.
You’ve indicated an out of the ordinary bump in income for the 2017 year, but Fusillo said the income threshold determining qualification has not yet been set for the 2017 year.
“However, once it is, and assuming that your inheritance bumps you beyond that established figure, then yes, unfortunately, you would need to establish a new base year,” she said. “Once your income has stayed below the qualifying amount for the second year in a row, you would again be eligible.”
Learn more about the deadline extension for the program here.
Email your questions to moc.p1566337351leHye1566337351noMJN1566337351@ksA1566337351.
This post was originally published in September 2017.NJMoneyHelp.com presents certain general financial planning principles and advice, but should never be viewed as a substitute for obtaining advice from a personal professional advisor who understands your unique individual circumstances.