Establishing and contributing to an IRA (Traditional or Roth) is pretty simple and straightforward. There are many institutions where you can establish your IRA accounts: banks, savings and loans, credit unions, insurance companies, mutual fund companies, and brokerages.banks choice companies cost institution insurance investment IRA mutual fund option
Most of us realize that donating money and goods to a charity can be beneficial on our tax returns.
When you do work for a charity, whether building houses, manning a recruitment booth, or picking up items donated, travel may be required.charity costs expense expenses taxpayer qualified taxpayer taxpayer deduct travel trip volunteer
In other articles we’ve covered the Age 55 rule for 401k plans – where you’re allowed to withdraw money from your 401k penalty-free if you leave employment at or after age 55. But there’s a downside to the Age 55 rule that you need to know about.age approximately IRA Married plan Steve tax withdraw withdrawal years
One of the requests we make when doing retirement or Social Security claiming plans for clients is for the clients to bring in their Social Security statements.
If you’re leery of giving your personal information online, you can go into your local Social Security office and verify your ID by showing a valid photo ID.claiming clients online Paper request retirement retrieve security social statement
Saving money via payroll deductions, automatic contributions to IRAs and 401ks, and directly into piggy banks (for kids and adults alike) can be considered ways to save money directly. However, there are some ways to save money indirectly – and convert that money into direct savings towards retirement, college, or other financial goals.buying college directly food grocery items money saving spending ways
For certain types of workers, specifically someone employed as a public safety employee, there is a special exception to the normal distribution rules. Recent expansion of this definition was put in place to include federal employees who work in certain public safety professions.age applies employee exception IRA penalty plan public safety retirement withdrawal
If you’re contemplating hiring a financial planner or advisor or if you’re currently working with one, here are some fair and important questions you may consider asking him or her. Many advisors have designations and some will also have degrees specific to financial planning.advisor asset commission conflict fee financial planning interest means paid questions
After my post last week (Higher Education Expenses Paid From an IRA) I received a question from a reader: “If it’s possible to pay QHEE from an IRA then why would it be beneficial to contribute to a 529 specifically?” In today’s post I’ll cover the reasons you might choose an IRA or 529 plan.
As covered in the prior post, an IRA plan can be used in part to pay for college expenses.contribution Education expenses funds IRA limit plan purpose tax withdrawal
Another way to pull funds from an IRA without having to pay the 10% penalty is to use those funds for Qualified Higher Education Expenses (QHEE). In this portion of the code, the provision is made for an IRA owner to withdraw, without penalty, amounts “not to exceed the Qualified Higher Education Expenses for the tax year”.board Education expenses funds institution IRA QHEE room student tax
Throughout our lives we acquire things. It can also creep into our financial lives – as we acquire different savings accounts, retirement accounts, or purchase things that continue to be automatically deducted from our bank account (a monthly subscription to a gym, perhaps).accounts focus item lives money retirement saving stuff subscription things