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March 2010
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Two Itemized Deduction Questions Best place for yearlong investment Shoud I Annuitize an Annuity to Roll it Over to an IRA? Tax treatment of an inherited annuity and IRAs
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March 9, 2010
Question: Hello. My husband and I are 48 years old and have just recently sold both our business and our home. We are currently leasing a home. We have about 60K in retirement savings, 35K debt on a credit card and 200K debt to the IRS which we are currently working on an installment payout. We have 2 children in college and 2 more in high school. We do have Texas Tomorrow purchased for them so tuition is not a worry (one of the ONLY things we have done right. My husband expects to earn about $200K this year, so we see ourselves basically starting over. Obviously the IRS tax burden is devastating, but we hope to be able to dig ourselves out with some very hard work. "Click below for Answer" March 8, 2010
Question: I itemize medical expenses each year as part of my itemized tax deductions. On my tax return for 2008, I claimed the amount I paid for a medical test. At the end of December, 2009, my medical insurance refunded some of the amount I paid for this test after correcting an error in coverage that they made. The check was dated December 29, 2009 but I received the refund check during the first week of January 2010. Should I reduce the amount of medical expenses claimed for 2009 by the amount of the refund since the check was issued in 2009, or should I reduce medical expenses claimed for 2010 since I did not receive and cash the refund check until 2010? I made a cash donation at work to a Salvation Army Angel Tree Christmas campaign. Can I count this donation as part of my itemized deductions. I do not have a statement from the Salvation Army for the donation, but I can get a statement from the coordinator at work who collected donations. Is that sufficient documentation of the donation? "Click below for Answer"
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Expert advice,
Taxes
The entry "Two Itemized Deduction Questions" is tagged: Tax Deductions
Question: My husband and I are 55 and 57 - we have been invested in the market directly and also in mutual funds. We are being approached about investing in annuities which I find somewhat hard to understand - do you think annuities are a good investment. -Janie "Click below for Answer"
Question: I am considering doing a partial IRA to ROTH IRA conversion and I'm concerned about the 5 year rule impact on future withdrawals. Here is my situation. I established and funded my ROTH IRA prior to 2003, so it is now over 7 years old. I made investments in it for all 5 years prior to 2003. My original investments have grown substantially. For argument sake, let's say my original $20,000 contributions are now worth $100,000. I am now age 62 and am considering converting a stock worth $30,000. How will the 5 year rule affect the following: 1. My original $20,000 investment My research on the internet has resulted in two answers. The one I like best is that the 5 year rule does not apply at all since I'm over 59 ½ when I do the conversion. The other is that I will be subject to the 10% penalty if I withdraw anything other than the original $20,000 and the $30,000 conversion before 5 years have expired. I'm concerned about being locked out of my $80,000 earnings to date. Can you clarify? Regards -- Thomas "Click below for Answer"
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Taxes
The entry "Roth 5 Year Rule" is tagged: Five Year Rule , Roth Conversion March 7, 2010
Question In the not too distant future we will inherit a house valued about $125,000 that would lease for approx. $1,000 per month. We would like to know which would be the best return over the long run, sell and invest proceeds or lease it out? We were also considering the tax advantages of either choice. Thank you for your time and thoughts on this. Arthur
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The entry "Inherited Property" is tagged: investing , investments , real estate March 4, 2010
Question Hello, I have approximately $40,000 from cashing in a life insurance policy. I plan to use it for my high school junior's college education next year. Right now, it's sitting in our B of A savings account earning very little. What do you recommend I invest in for about a year until it (at least some of it) will be needed for college expenses? Thanks, Peggy
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Education,
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Investment
The entry "Best place for yearlong investment" is tagged: College Funding , investment March 2, 2010
Question: We have about $136,000 in flexible premium deferred annuities. The rate of new money is 3.50%, however it quickly becomes "old" money and is giving about 1% of interest. Can we annuitize this money and roll it over to an IRA or Roth IRA without having to pay taxes on it? We are 65 & 64 and retired educators working part-time with an annual income of about $115,000. We live debt free and own a home valued at about $200,000. We have CD's and an emergency fund totaling about $150,000 Kaye Click below for answer
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The entry "Shoud I Annuitize an Annuity to Roll it Over to an IRA?" is tagged: Annuitize , Annuity , Investment , IRA , Retirement , Returns , Roth IRA
Question: We recently inherited a life annuity and two IRA's, total amount about 400,000. Both were purchased by my Father in Law with after tax funds. He purchased the funds in the 1990's. He was 89 years old at the time of his death, and has been taking the mandatory withdrawals. The funds show as equal beneficiary's his three children, one of which wishes to withdraw their portion this year. It is my understanding that an immediate withdrawal will make the amount the fund or annuity has earned taxable, while the original amount is not taxed. Is this correct? My wife and I wish to avoid paying any unnecessary taxes, not to mention increasing our tax rate for the year. We are considering continuing the IRA and Life Annuity with our portion of the inheritance, which I understand we can do. Will you please provide us with advice on what you think our next step should be? Horace Click below for answer
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Taxes
The entry "Tax treatment of an inherited annuity and IRAs" is tagged: Annuity , Inheritance , IRA , Taxes March 1, 2010
Question I got laid off in 2009. At the time, I had been contributing to a SEP. I still have money in it. Can I take deductions from my 2009 taxes for contributions made to the SEP in 2009? Thank you
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Taxes
The entry "Deduction of SEP contributions" is tagged: income tax , SEP , SEP IRA
Question Would you recommend? Thanks for your help. L.R.
Question Debt free Is this company ok to work with bulldoze my debt.
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Bankruptcy,
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The entry "Debt free" is tagged: debt settlement companies February 26, 2010
Question: My father-in-law is 85 yrs old and has 12,000 dollars that he wants to put into something relatively "safe" but that gains more interest than a CD. Do you have any recommendations maybe some sort of mutual fund? This is not money that he needs at the moment for income. He also has 20,000 in an annuity that is about to expire. Again, he doesn't really need the monthly income from his annuity. Would it be better to take the 20,000 out of the annuity and put it somewhere else or should he leave it in and start taking monthly payments? What are the tax implications? --Gary "Click below for Answer"
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Taxes
The entry "Advice" is tagged: annuity taxation , Emergency Fund , Retirement Income February 25, 2010
Question My wife and I have had our taxes done by H&R Block Premium the last few years, after having our first child and hiring a nanny for childcare. Our tax preparer was providing us info on how to handle the tax implications of being an employer, but after much confusion this tax season, we feel our preparer is not adequately informing us and is really just preparing our taxes instead of guiding us to the most financially beneficial decisions regarding how we deal with our 'employee'. Josh
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Budgeting/saving,
Expert advice,
Taxes
The entry "Taxes and Nanny Issues" is tagged: financial planning , income tax , tax planning
Question I want to provide a steady monthly income for my wife. I have 150,000 plus to start with but can add $2000 per month if it is possible. The problem I face is that I am 79 years old (30 years older than her) and in good health I do not owe any debts the house is paid for and clear. My income will stop upon my death and I want to provide approx. $2000 per month. I have been adding the maximum to an IRA for her each year but she will not be able to use this due to her age. Louis
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Budgeting/saving,
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Investment
The entry "Income for wife" is tagged: budgeting , investing , money income February 24, 2010
Question I have a short question, should I pay all my utilities for the rest of year, and therefore pocket my social security, check, knowing it is mine, till December 2010
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Budgeting/saving,
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Retirement
The entry "Prepay Utilities Bills" is tagged: budget , prepay February 19, 2010
QUESTION: We are 59 and need help with our large debt. My husband is currently unemployed and we have only $30,000 in savings. I have about $65,000 in mutual funds. We have 2 kids in college and have taken a lot of student loans. We have a lot of debt on credit cards. We now cannot sell our house worth about $360,000 and down size because we can't get a loan. We have already taken a lot of equity out of our house. I am a school counselor making about $60,000. I know there are consolidation programs and people that can help but I don't want to go through a lot of history and it end up costing us money. Where can you direct us? A. G. Click below for answer
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Budgeting/saving,
Debt,
Expert advice,
Investment,
Mortgage/housing,
Retirement,
Stocks
The entry "What Should We Do With Our Debt Situation?" is tagged: debt , mortgage , Unemployed February 18, 2010
Question: In 2009, my company laid me off in March. I got a W-2 for January through March. With the work that I had done while employed during that time, will I be able to take the EITC credit? Click below for answer
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Taxes
The entry "Earned Income Tax Credit" is tagged: Earned Income Tax Credit February 17, 2010
QUESTION: This year I will have to take my first RMD for my traditional IRA. Should I sell stocks that have gained or lost for the distribution? P. W. Click below for answer
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Stocks
The entry "What Should I Sell To Provide For My Required Distribution?" is tagged: IRA , IRA Withdrawals , required minimum distribution , RMD February 16, 2010
Question: My daughter is a full time student and has Series EE savings bonds Jo Ann Click below for answer
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Budgeting/saving,
Education,
Expert advice,
Investment,
Taxes
The entry "Higher Education Tax Benefits for Series EE Bonds" is tagged: benefits , Higher Education , Tax , U.S. Series EE Bonds
Question: I was laid off from my job in 2009. I applied to my mortgage bank for a loan mitigation. After 6 months my bank turned my request over to a loan mitigation processing company. The loan mitigation company reviewed my application and determined that I do not qualify for a loan mitigation according to Fanny Mae rules. They will not explain why I do not qualify and are reluctant to give me written notice. Is there any way to get access to the rules? Thank you. Click below for answer
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Debt,
Expert advice,
Mortgage/housing
The entry "Loan Mitigation Rules and Procedures" is tagged: Foreclosure , Mitigation , Modification , Mortgage , Refinance February 15, 2010
Question I am using TurboTax to file my taxes and generally don't have a problem understanding the interview questions but not on this issue. My wife and I both work. I answered the questions on the interview noting that neither of us received SS, railroad or veterans benefits from Nov 2008 - Jan 2009. TurboTax shows my wife and I are eligible for $689 in Making Work Pay Credit. It goes on to say that most people already benefit from this credit by lower federal income tax deductions on payroll. I work for a major company but have no idea if my company has already figured the tax reduction in my withholding or not and I don't know how TurboTax would know that either. Based on what I entered it says I'm eligible for the credit. Is there something I'm missing here or just more of the government handing out money to us we will eventually have to pay back with higher taxes? Thank you Confused in Rockwall
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Taxes
The entry "Making work pay credit - 2009 Income Taxes " is tagged: IRS , Making Work Pay credit
Question: I know that the limit for an HSA contribution for 2009 was $5950 and I contributed the full amount.
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Insurance/benefits,
Taxes
The entry "HSA Question" is tagged: Heath Savings Accounts
Question: I'm getting close to retirement (within 1 year) and I am confused about asset allocation. I sometimes think I currently have my 401k allocated very aggressively for my age. I have always considered social security and the pension I will receive to be part of my "overall" portfolio, although I realize that these 2 parts are not anything I can self direct or re-allocate. As a result, I've kept my 401K allocation roughly 80-20, (equities-bonds). I'm diversified in my holdings with domestic and international stock funds. Should I be considering the pension and SS this way? Why or why not? Thank you in advance and I'm really enjoying the "Your Money" section in the paper. This type of information is in desperate need in my opinion. -Bruce "Click below for Answer"
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The entry "Asset Allocation in Retirement" is tagged: asset allocation , Retirement Income February 14, 2010
Question My wife and I would like to reduce the amount invested with our FA to save on annual fees. She currently bills us at .90 against our total. This costs us roughly $6000 a year plus we still have to pay load fees etc. on actions taken. About 1/3 of our account is in an IRA which we heard we can remove from the account without penalty but we don't know if the information is true. Nor do we know how to go about actually doing this. We have had an account with our FA for a bout 4 years and feel we want to control some of our own money. Can you help with a suggestion to go about this.
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Investment
The entry "Move money without penalty???" is tagged: Financial Advisor , investment fees , load funds February 13, 2010
Question I have an IRA with KBS REIT. I paid $10 per share for 1900 shares and it was worth $19000. In November 2009 I received a statement saying shares were now $7.00 and value $13000. My financial advisor said not to worry, but I am worried. Should I take my money out or stay in this investment? Additional Question: I know you haven't had time to reply but this is my second request. My question is should I roll over what's left into something else, or leave it there as my advisor says. Thank you. Sara, Senior Citizen
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The entry "Worried about my REIT Investment" is tagged: investment , REIT , retirement
Question I read your (Pamela Yip) column regularly but there is a topic that no one seems to want to address. There are many of us in this economy that have had to dip into or completely exhaust their retirement savings. My future retirement, should I do nothing to recover, will rely on my monthly SS check and renewals from my insurance agency. I will be 65 this month, and am earning at a good level again now and I want to start to contribute at least $500 a month into some vehicle. I am healthy and can continue to operate my insurance agency for the foreseeable future. The savings plans I've investigated pay a whopping 1-2%. Do you have any advice to those of us that are starting over instead of retiring? Thanks. Marc
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Budgeting/saving,
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Investment,
Retirement
The entry "Starting over instead of retiring" is tagged: budgeting , financial planning , saving
Question ref: http://homebuying.about.com/od/buyingahome/a/21808_taxcredit.htm
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Taxes
The entry "Question re: $6500 Tax Credit for repeat home buyer" is tagged: home buyer credit , tax credit , taxes
Question My wife and I have not been good stewards of our finances over the last 20 years. We pay our bills, but, ever since I was unemployed for 9 months two years ago, (I'm employed now), we are paying right on the due date, or a few days late. We have called our mortgage company about modifying our loan, but, we make too much money. We have a high debt to income ratio and we just cannot seem to get ahead. What can we do to put ourselves in a better financial position?
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Budgeting/saving,
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Retirement
The entry "How to improve our financial position" is tagged: budgeting , financial planning , savings
Question I was laid off from my job in 2009. I applied to my mortgage bank for loan mitigation. After 6 months my bank turned my request over to a loan mitigation processing company. The loan mitigation company reviewed my application and determined that I do not qualify for loan mitigation according to Fanny Mae rules. They will not explain why I do not qualify and are reluctant to give me written notice. Is there any way to get access to the rules? Thank you. John
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Debt,
Expert advice,
Mortgage/housing
The entry "Loan Mitigation" is tagged: loan modification , mortgage February 11, 2010
Question: I have several CD's that I need to move into something that has a better return. Do you have any suggestions? Also, what is the best way to help my grandchildren save for college?
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Investment
The entry "Savings" is tagged: Annuities , CDs , investments , savings
Question: My husband and I are both retired with a combined income of over $50,000 from pensions. We have no debt, and we have over $200,000 in CD's. Also, we have about $40,000.00 in Pioneer Mutual Funds. He is 72, and I am 70. Also, we keep about $30,000 in checking accounts. Is there any better place for our money that we put in CD's? Is there any safe annuity? --Linda "Click below for Answer"
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The entry "Financial Planning" is tagged: investments , retirement February 10, 2010
Question: I had a $9,000 IRA at a bank. I withdrew the IRA on it's maturity date and would like to reinvest it in another IRA w/ a mutual fund company. I still want to contribute my $6,000 for this year. Can I transfer the $9,000 without paying taxes and without affecting my contribution this year? Click below for answer
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Budgeting/saving,
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Investment,
Retirement
The entry "How to Properly Transfer an IRA Tax Free" is tagged: IRA Transfer and Contributions
Question: Good Morning- Click below for answer
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Taxes
The entry "Penalty Free Distributions From 401K and ESOP Plans" is tagged: 401K , Age 55 , ESOP , Penalty , Taxes February 9, 2010
Question: I am retired, 61 years old and living on a pension. I did some consulting work this past year for several small businesses and earned $5000. I have not received any tax forms from these businesses and I don't expect to. How do I report this for tax purposes? What expenses can I deduct? Can I put $5000 into my IRA and avoid all taxes? --Dave "Click below for Answer"
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Taxes
The entry "Money Question" is tagged: IRA Contribution , taxable income February 5, 2010
Question: On page 19A in Sundays paper appears an ad for First Fidelity (tax & Insurance). Rates are 4.50apy for a liquid account and 4.06 for a CD/CD IRA. In a previous ad these rates were FDIC insured. In light of what other banks are paying, are these rates too good to be true? Thank you,
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The entry "CD rates and FDIC" is tagged: CD , FDIC , FDIC insurance , Interest rates , Rates
Question I am a Single 59 year-old resident of Texas and was unemployed the full year 2009 and received $20,700 in unemployment compensation in 2009 and had $1,875 in federal income tax withheld from this compensation.
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Taxes
The entry "Tax Return Help" is tagged: 401(k) , income tax , IRA
Question This year I will have to take my first RMD for my traditional IRA. Should I sell stocks that have gained or lost for the distribution?
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Investment,
Stocks
The entry "RMD's from IRA" is tagged: IRA , rmd , selling stocks , stocks February 4, 2010
Question: I am currently unemployed, receiving benefits, and working part time after being layed off a year and a half ago. About four years ago, under similar dire circumstances, I took out a $10,000 loan from HFC at a ridiculous rate (about 27%) in order to pay off back property taxes, catch up on my mortgage, etc. I now find that the $256 mo. note is almost impossible to cover. I got a temporary 6 mo. reduced payment , but no longer. My once good credit has crashed after two layoffs, missed mortgage payments, late HFC payments, etc. I'm not the type to let anything go into collection, but it seems that having a 7-year bruise on my credit might be the only way to go. Should I contact them & tell them that I don't want to take this step but that I'll have to if I can't get my rate reduced? Thanks so much for your help...Bill "Click below for Answer"
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Bankruptcy,
Debt,
Expert advice
The entry "Past Due Loan" is tagged: bankruptcy , debt reduction
Question: I will be retiring at age 55 in April 2010. I have a 401k that I can Thanks --Zoe "Click below for Answer"
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Retirement,
Taxes
The entry "Retirement Plan Distributions for a 55 year old" is tagged: Retirement Plan Rules; Taking money from Your Retirement Plan February 3, 2010
QUESTION: I am currently working for a Texas school district under the Teacher Retirement System and am qualified to purchase an additional year of service credit at the time of retirement if I pay the full actuarial value. If I retire in Dec. 2010 at 65 years of age with 29 years of service credit, I have figured that I should be able to purchase an additional service year for $17,150 which will increase my pension by $130 per month using option 1 (100% payment to spouse if I predecease him). Is this a wise investment for me to make? My pension should be $3,764/mo (without the additional purchased year) and my husband's social security is about $1,200/month. We have about $300,000 in savings. Our home is mortgage free but needs a lot of work! Thanks so much for your help! P. C. Click below for answer
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Education,
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Investment,
Retirement
The entry "Should I Purchase Another Year of Service?" is tagged: Annuity , Service Credit , Teachers Retirement System , TRS February 2, 2010
Question: We are 59 and need help with our large debt. My husband is currently unemployed and we have only $30,000 in savings. I have about 65,000 in mutual funds. We have 2 kids in college and have taken a lot of student loans. We have a lot of debt on credit cards. Click below for answer
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Credit cards,
Debt,
Expert advice,
Mortgage/housing
The entry "Where to get help with large debt problem" is tagged: budgeting , college loans , consolidation , credit cards , Debt reduction , mortgage , spending January 29, 2010
Question I have been unemployed for several months and while employed I made some pay day loans which I paid on time several times, but now I owe these companies these loans and they keep on charging big fines, for example a $900.00 loan now it grew up to $1700.00 and these people are harassing me for not paying, can they actually threat me for not paying now, and can they put a lien on my house, I am not refusing to pay, I have told them that I am unemployed and I can only pay $25.00 per month, but they refused to accept. What should I do?
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Bankruptcy,
Credit cards,
Debt,
Expert advice
The entry "Payday Loan" is tagged: credit card debt , debt , Payday loans January 27, 2010
Question Hello, I'm 58 yrs old and a school administrator. I am planning on retiring in June 2010. My wife is a school teacher but she will continue to teach for a couple of years. We have a 2yr old house that we owe $72,000. It is appraised at $230,000. This is our only debt. I will draw $55,000 a year in retirement. I can take a lump sum payment of $55,000 upon retirement but it will lower my retirement by about $400 a month. I had planned on doing this and then cashing in some mutual funds to pay off the rest of my home. We also have about $200,000 in 403b but did not want to touch them. Is this a sound decision in paying off the home and eliminating the interest of 5.30 % apr for 13 more years but lowering my retirement by $400 per month for life and cashing in almost $20,000 in mutual funds to pay off house and pay taxes? I would appreciate your help. Thanks, Tim
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Debt,
Expert advice,
Retirement,
Taxes
The entry "Paying off mortgage early " is tagged: mortgage payment , retirement
Question Dear Sirs: I am considering bankruptcy. I have debt of $110,000.00 I have no income coming in at this time. I moved from Calif. when the economy got really bad. I was working in my mothers business for several years. She had to close it. I moved to Dallas. I was still getting work from Calif. I have been paying my credit card bills fine up until this month. I have no monies coming in at all, no income. should I call the credit cards and tell them I cannot pay? Tell them anything? I must file bankruptcy. Thanks desperate in Dallas!
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Bankruptcy,
Expert advice
The entry "Bankruptcy?" is tagged: bankruptcy , credit card debt January 25, 2010
QUESTION: I have a small IRA (about $8,000) that I would like to liquidate to cover some current debts. I am 57 yrs. old and a retired federal employee. I have other substantial investments to take care of retirement. What is the cost to liquidate this account now? R. S. Click below for answer
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Investment,
Taxes
The entry "Early Distribution From An IRA" is tagged: Early Distributions , IRA January 23, 2010
QUESTION: I earn under $30,000 so my college son receives college aid. Some are loans and some are grants. He is offered more in loans than he needs. Should he take all the loans and keep the money for the remaining 2 years of college as they are totally uncollaterized and would not be able to get that money by any means? D. G. Click below for answer
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Debt,
Education,
Expert advice
The entry "How Much Should My Son Borrow For College?" is tagged: borrow , College loans January 21, 2010
Question I want to ask your financial adviser about whether it is better to put 40,000.00 in 1% guaranty bank CD for 1 year or capital one l.5% simple savings?
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Investment
The entry "CD vs. Simple Savings" is tagged: CDs , investing , savings accounts
Question Can I move my 401k at my current employer, that no longer matches my Cliff
Question: I am retired and interested in moving some equity investments to a bond fund. I am concerned about the impact of potentially rising interest rates on the principal. "Click below for Answer"
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The entry "Bond Funds" is tagged: bonds , Retirement Income
Question: Should I payoff the mortgage on my house? The house is tax valued at around $165,0000 and I owe $59,000. I am 80 yrs old living on Soc Sec, Teacher Retirement, and a small pension inherited from my late husband. Other income is from CD's and an annuity that is automatically reinvested. If the answer to my question is yes, how would this best be accomplished? --Mary Lou "Click below for answer"
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Expert advice,
Mortgage/housing
The entry "Mortgage Payoff" is tagged: mortgage , Retirement Income |