Roth IRA

“Taxes – Illustration” by DonkeyHotey is licensed under CC BY 2.0 WASHINGTON — The Internal Revenue Service notes that taxpayers of all ages may be able to claim a deduction on their 2020 tax return for contributions to their Individual Retirement Arrangement made through April 15, 2021. There is no longer a maximum age for making IRA contributions. An IRA is designed to … [Read more...] about Tax Time Guide: Get credit for IRA contributions made by April 15 on 2020 tax returns

United States Internal Revenue Service, IRS, Check and Corner of Envelope. getty A new COVID-19 stimulus payment is on its way. According to the IRS, more than 90 million Americans have already received theirs with additional checks en route to the remainder of eligible recipients. President Biden signed the American Rescue Plan Act into law March 11th, provisioning a … [Read more...] about Putting Your Stimulus Check to Work

Robert “Rob” B. Hughes, 66, of Muncy, died peacefully on Friday, March 26, 2021 at the Gatehouse at UPMC Williamsport. He fought a courageous 12-year battle against cancer with the help of his family, friends and the many doctors, nurses and support staff at the UPMC Hillman Cancer Center in Williamsport. Rob was born August 8, 1954 in Tyrone, to the late Robert C. and Jane B. … [Read more...] about Robert “Rob” B. Hughes | News, Sports, Jobs

Stock image Dear Dave, My wife and I are having a financial disagreement. I would like to go ahead and fully fund our Roth IRAs, even though we have about $10,000 in car loan debt. She, on the other hand, thinks we should pay off the debt first. We can probably have either one completed by the end of the year. What do you think we should do? Mark Dear Mark, I’ve got to go along … [Read more...] about Should we pay off our car loan before we open a Roth IRA?

By CHRISTINE STEPHENSONcstephenson@dcherald.comJASPER — Many Americans received their third stimulus check this month as part of the American Rescue Plan, which aims to speed up economic recovery and help those who may be struggling financially during the COVID-19 pandemic. More than 127 million third stimulus payments have been distributed as of Monday, and several million … [Read more...] about Stimulus could help financial future

Question: How is doing your taxes like piloting a thousand foot ship through the Suez Canal? Answer: If you mess up, lots of people are going to notice! Lots! Which is why… The good news/bad news for 2021 tax filers is the same: You have 32 extra days (until May 17th) to file your federal taxes. People who are due refunds probably filed as early as possible. Those who are … [Read more...] about More time to do your taxes — now what?

Your tax refund could be the biggest windfall you receive this year, but you should remember this sum isn't "free money" at all.The cash you get back at tax time is nothing more than the difference between what you paid in and how much tax liability you have in any given year. With that in mind, it might make sense to think of your refund as savings you've accumulated, instead … [Read more...] about Is paying off debt the best use of your tax refund?

Have you been thinking about saving for your child’s college education? If so, you’ve probably heard of a 529 plan. Is that the best way to save for college? What are the pros and cons? Which 529 plan do you choose? Or — should you use a Roth IRA to save for college. Watch now for Five Q&A style … [Read more...] about Blog: 529 vs. ROTH IRA (Great College Savings Strategy)

Traditional IRAs have been available to retirement savers who have earned income since 1974. That’s 23 years longer than Roth IRAs (introduced in 1997) have been on the scene. The big difference between these two types of individual retirement savings vehicles is when you pay federal (and possibly state) income tax on your savings. With a traditional IRA, if your income is … [Read more...] about Does a Roth IRA, or Roth Conversion Make Sense for You?

By Abbey Slattery, WRAL Digital SolutionsThis article was written for our sponsor, Capital Financial USA. Each state has different rules and regulations when it comes to taxing retirees. In North Carolina, for example, Social Security benefits aren't taxed, but other retirement incomes like pension are usually subject to some amount of taxation. For those worried about … [Read more...] about Looking to retire? You’ll still have to pay taxes