Q&A
Asked by Jessica
Answered by Pamela J. Horack, PRO+
CFP® in Lake Wylie, SC
Hi Jessica! Sounds like you have a great family - what a gift! As I read your question, I hear two concerns. One - I want to grow this money as much as possible. Two -...
Q&A
Asked by Lynn
Answered by Donn Sharer
CFP ChFC CLU in Millstone Township, NJ
Thanks for your question Lynn. While I can't speak specifically to PA, I can say that I'm not aware of a "return of premium" feature for whole life policies. That said...
Q&A
Asked by Kathleen
Answered by Dan Crimmins
Financial Adviser in Woodcliff Lake, NJ
Kathleen - It is great that you are saving for your retirement. The difference between a Roth IRA and a traditional IRA is when the tax is due. When you contributed...
Q&A
Asked by John
Answered by Barry Rabinowitz
Financial Adviser in Plantation, FL
There is a big difference. A 529 has special tax rules, whereby if the funds are used for tuition, laptops, etc, all growth can be withdrawn income tax free. Also, in...
Q&A
Asked by an anonymous user
Answered by Kim Miller PRO+
CFP® in Redmond, WA
Hi - You should check with a Certified Public Accountant (CPA) in your local area for specific tax advice. There was a forgiveness program for canceled debts that ex...
Q&A
Asked by Connors Sue
Answered by Kim Miller PRO+
CFP® in Redmond, WA
Hi - I like those words "large profit". If this is a personal residence and you've lived in the house for at least two years, there is no federal income tax on a gai...
Q&A
Asked by Tamer
Answered by Kim Miller PRO+
CFP® in Redmond, WA
Hi - It sounds like this is your personal residence. As long as you have lived in the home for at least 24 months (two years) the sale of a personal residence receiv...
Q&A
Asked by an anonymous user
Answered by Michael Hoffman PRO+
RFC, CLU, ChFC in Grass Valley, CA
Good question! You are close, the 1035 tax free exchange will allow you to exchange an existing annuity or permanent life insurance contract to a new one that has a L...
Q&A
Asked by Bill
Answered by Kim Miller PRO+
CFP® in Redmond, WA
Hi - Yes, contributions to a Health Savings Account (HSA) are tax deductible in the year the contribution is made. Keep in mind that you must first be covered by a...
Q&A
Asked by Jim
Answered by Michael Hoffman PRO+
RFC, CLU, ChFC in Grass Valley, CA
Jim, You may want to defer taking Social Security until later (age 70) if you do not need the income now. Your benefits will increase by as much as 25%. In addition...
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