Roth IRA

May 20, 2021 6 min read This story originally appeared on MarketBeat Families spent an average of $30,017 on college during the 2019-2020 academic year, according to the Sallie Mae report How America Pays for College. More than one-third of families used a college savings account such as … [Read more...] about Should I Use a Roth IRA to Pay for College?

Dear Liz: Our 16-year-old daughter has been frugal since she started understanding money at about age 6. She works and makes a decent income for a high school student. Her savings are now quite substantial. She wants to open a Roth IRA while she is young and has no income tax liability. My wife and I have pensions and substantial savings but only one IRA account. So we have no … [Read more...] about Does a teenager need a Roth IRA?

Wealthy taxpayers are scrambling to figure out what they can do now to soften the blow of higher tax rates in the future. They would be wise to hold off on one tactic that's getting a lot of buzz: Converting savings in a traditional individual retirement account to a Roth IRA.With a traditional IRA, those planning for retirement are eligible for tax deductions for their … [Read more...] about Personal Finance: Roth IRAs, Traditional IRAs and Looming Tax Increases

This story is part of CNBC Make It's Millennial Money series, which details how people around the world earn, spend and save their money.When Jason Y. Lee was a kid growing up in Kansas, he thought earning $100,000 a year would make him rich. His parents had immigrated from South Korea to the U.S. to attend grad school, and they were still students earning very little for a lot … [Read more...] about Jubilee Media founder and CEO Jason Y. Lee lives on $97,000 in LA

If you buy through our links, we may earn money from affiliate partners. Learn more.At the risk of stating the painfully obvious, most people go to financial planners for good advice on what to do with their money. You expect that an expert in finance could tell you the best actions to take, especially when you're a newbie yourself and need guidance to get started with what … [Read more...] about How Terrible Advice From a Financial Advisor Led Me to My Dream Career

--(BUSINESS WIRE)--Wolters Kluwer Tax & Accounting: What: While we often think of the US Tax Code when our taxes are due, it has several tax provisions intended to help current and former members of the military and their families. Why: Members of the military not only face dangers in their daily duties, they also sacrifice through separation from their loved ones. Over … [Read more...] about MEDIA ALERT — Wolters Kluwer Tax & Accounting looks at tax provisions available for members of the military and their families

FG Trade | iStock | Getty ImagesDo you enjoy watching your nest egg grow? Depending on the type of account, the U.S. government probably does, too.That's because if it's a 401(k) plan or individual retirement account holding pre-tax contributions, the IRS expects to get a cut at some point. "All too often, investors look at their traditional 401(k) statement forgetting that … [Read more...] about These plans can reduce how much tax you will pay on retirement account

Many families could be looking at more money than they've ever seen at once when you add stimulus cash of up to $1,400 a person on top of a healthy income tax refund.So — if you haven't already spent it — what's a solid plan of attack to save it?"If someone has credit card debt, I think the best use of any money would be to pay it off," according to George Papadopoulos, a … [Read more...] about Susan Tompor: Put your stimulus cash towards credit card debt, not student loans: Here’s why | Personal Finance

With the stock market near record highs, it may look as if there are no opportunities. But the best investors can find opportunity in any market condition. Investing in exchange-traded funds (ETFs) that track a specialized segment of the stock market that's poised to take off is a savvy move. You don't have to worry about hand-selecting individual stocks. Instead, you get a … [Read more...] about 3 Vanguard ETFs for Opportunistic Investors to Buy Right Now

For now, this is the last in my series of columns discussing tax issues that Congress is likely to consider in the coming months. One of the most important of those issues is the capital gains tax.   A capital gain is the appreciation in value of an asset. Capital gains are generally taxed when that asset is sold. If the asset was held for over a year the gain is taxed at a … [Read more...] about Jim de Bree | Tax Reform Must Include Capital Gains