Content tagged "personalfinance"

What were Traditional IRA and Roth IRA Contribution Limits in the Past?

Personal Finance Updated: May 24, 2018

IRAs were established by legislation passed in 1974. Traditional individual retirement accounts (IRAs) first became available in 1975. Anyone with earned...

What Are the Minimum and Maximum Amounts That Can be Saved Each Year in an IRA?

Personal Finance Updated: February 08, 2017

Federal tax law limits 2017 contributions to a traditional and/or Roth IRA to $5,500 for a worker with earned income ($6,500 for those who are age 50 or...

Are Accounts at a Bank Combined for FDIC Insurance?

Personal Finance Updated: February 08, 2017

The Federal Deposit Insurance Corporation (FDIC) guarantees that bank deposits up to $250,000 are safe. All of your single accounts at the same FDIC-insured...

How Long Can Negative Information Remain in a Credit Report?

Personal Finance Updated: February 08, 2017

A consumer reporting company can report most accurate negative information for seven years and bankruptcy information for up to 10 years.There is no time...

Can You Make a Tax-Free 529 Plan Contribution Larger Than the Annual Gift Tax Exclusion?

Personal Finance Updated: February 08, 2017

Although the IRS typically allows people to gift no more than $14,000 a year (2017 figure) to another person without a federal gift tax, you can contribute...

When Can Someone Withdraw Money from a Roth IRA Without Owing Income Taxes?

Personal Finance Updated: February 08, 2017

You can withdraw money that you have contributed to a Roth IRA (i.e., your own money) at any time because the account was funded with after-tax dollars on...

What is the Required Minimum Distribution (RMD) Rule for Tax-Deferred Retirement Plans Like IRAs and 401(k)s?

Personal Finance Updated: February 08, 2017

“RMD” is an abbreviation for “required minimum distribution.” This is the amount of money that retirees age 70½ and older are required to withdraw from their...

How Long do Taxpayers Have to Claim a Tax Refund?

Personal Finance Updated: February 07, 2017

Tax law provides most taxpayers with a three-year window of opportunity for claiming a tax refund. If no return is filed to claim a refund within three...

If You Have Not Earned the Maximum Amount Allowed to be Contributed to an IRA, Can You Still Contribute That Amount?

Personal Finance Updated: February 07, 2017

You are allowed to contribute the greater of 100% of your earned income (salary or wages from a job or self-employment income) or $5,500 to a Roth and/or...

Can You Split Your IRA Contribution Between Both a Traditional and a Roth IRA?

Personal Finance Updated: February 07, 2017

Yes, as long as the total amount of your contributions to more than one IRA does not exceed the maximum annual contribution limit which, in 2017, is $5,500...

How Does Your Age Determine the Amount of Your Social Security Benefit?

Personal Finance Updated: February 07, 2017

Basically, the longer you wait to claim a Social Security benefit, the more money you will receive. Under current Social Security guidelines, the earliest...

Can Money Withdrawn From a 403(b) Plan in Retirement Be Put Into a Roth IRA?

Personal Finance Updated: February 07, 2017

It depends. You must have earned income to contribute to an IRA of any type, including a Roth IRA. This means that you must have a salary, hourly wage, or...

What Are the Income Restrictions to Qualify for a Deductible Traditional IRA?

Personal Finance Updated: February 07, 2017

People with earned income who are not in an employer-sponsored retirement plan, regardless of income level, may qualify for a tax deductible traditional IRA....

What Are the Income Restrictions to Qualify to Contribute to a Roth IRA?

Personal Finance Updated: February 07, 2017

Below are the income restrictions for 2017 Roth IRA contributions:• Roth IRAs are fully available to single filers whose adjusted gross income (AGI) is less...

How Does Losing a Job Affect Your Income Taxes?

Personal Finance Updated: February 07, 2017

There are a number of ways that income taxes can be affected by the loss of a job. Below are descriptions of three common situations and information from the...

What is the Final Deadline to Make an IRA Contribution?

Personal Finance Updated: February 07, 2017

The IRS is firm on the tax filing deadline. An IRA contribution for the prior calendar year must be made by the tax filing deadline, which does not include...

What is FICA Tax and How is it Calculated?

Personal Finance Updated: February 07, 2017

FICA is an acronym for "Federal Insurance Contributions Act." FICA tax is the money that is taken out of workers' paychecks to pay older Americans their...

How is the Five-Year Look-Back Period for Medicaid for Long-Term Care Calculated?

Personal Finance Updated: February 07, 2017

Regulations exist to prevent people from transferring assets that could be used to pay their long-term care expenses. This eliminates, or at least postpones,...

Can Workers' Income Reduce Their Spouse's Social Security?

Personal Finance Updated: February 07, 2017

No. The earnings limit ($16,920 in 2017 for beneficiaries who are age 62 through full retirement age) applies only to the income of the person who is...

How Do You Purchase Stock From a Company That is Going Public?

Personal Finance Updated: February 07, 2017

You are talking about an IPO (initial public offering). You should be able to get information (e.g., company research) from a stockbroker. Also, visit an...

What Types of Records Should You Keep for Tax-Deductible Mileage?

Personal Finance Updated: February 07, 2017

Some people record all their mileage on a calendar, planner, or business diary that they keep in their car. Be sure to jot down the date, the purpose of the...

Can You Direct Deposit a Refund From an Amended Tax Return?

Personal Finance Updated: February 07, 2017

You cannot even have the refund amount direct deposited into any financial account. At the present time (2017), the IRS does not offer a direct deposit...

Can You Split a Federal Income Tax Refund Between a Direct Deposit and a Paper Check?

Personal Finance Updated: February 07, 2017

No. You cannot split your refund between a direct deposit and a paper check. According to IRS tax refund procedures, you can either opt for the safety,...

Am I Locked Into an Investment Option for My 529 Plan?

Personal Finance Updated: February 07, 2017

In the early days of 529 plans, once you selected an investment option within a college savings plan, you could not change that option. Only new...

How Long Do You Need to Work to Receive Social Security Retirement Benefits?

Personal Finance Updated: February 07, 2017

To qualify for Social Security retirement benefits, you must generally have "40 quarters of coverage." This means that you must have been working for 10...

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