Q&A: IRA’s and 401(k)’s

Dear Liz: You answered a reader who asked whether to contribute to her IRA, her Roth IRA or her regular or Roth 401(k) account. I thought that if you have access to a 401(k) at work, you couldn’t make a contribution to an IRA or Roth IRA. Answer: That’s a common misconception. You can contribute […]

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Want to protect yourself from tax return theft? You can’t.

A surge of bogus tax return filings has highlighted a grim truth: We can’t protect ourselves from this rising threat. An underfunded, understaffed IRS manages to thwart many attempts, but still sent more than $5 billion in refunds to identity thieves in the 2013 tax year. Most state tax agencies aren’t nearly as sophisticated in […]

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Friday’s need-to-know money news

love-and-money

Today’s top story: How to fall in love with your finances. Also in the news: Filing your taxes for free, the worst money mistakes you can make in the name of love, and how you can create a will for your social media accounts. To Fall in Love With Your Finances, Do This It’s like […]

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What “secret millionaires” can teach us

This column first appeared on DailyWorth under the headline “Lessons from secret millionaires.” Eugenia Dodson grew up on a Minnesota farm, the daughter of poor Swedish immigrants. Her childhood poverty affected her so profoundly that even in her old age, she refused to replace a stove with only one working burner — even though by […]

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Thursday’s need-to-know money news

Today’s top story: The money questions you need to ask before popping THE question. Also in the news: The importance of renter’s insurance, why online tax filers need to pay attention to the fine print, and how to answer your child’s tough money questions. Getting Serious? Five Important Money Questions to Ask The questions to […]

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Wednesday’s need-to-know money news

Today’s top story : How to avoid annoying mortgage hurdles. Also in the news: A financial health checkup, how to keep your online tax returns safe, and what to do if you win tonight’s Powerball jackpot. 4 Annoying Mortgage Hurdles & How to Overcome Them How to have all your ducks in a row. The […]

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Tuesday’s need-to-know money news

Today’s top story: Deciphering your free credit scores. Also in the news: How to keep your frequent flier miles from expiring, the terms first-time homebuyers need to know, and why you should pay with a credit card, not debit, when renting a car. How to Make Sense of All of Your Free Credit Scores Know […]

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Monday’s need-to-know money news

Today’s top story: Every day things that can help improve your credit. Also in the news: Borrowing money for things that won’t last, how lifestyle inflation is hurting your finances, and times when paying more just isn’t worth it. 5 Things You Do Every Day That Can Improve Your Credit Effortless ways to improve your […]

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Q&A: Using a bonus to pay off debt

Dear Liz: I’m expecting a bonus this year of about $10,000. Should I pay off $6,000 in back taxes on which I’m currently paying $428 per month on a never-ending installment agreement? Or would it be better to pay off one of our $5,000 credit cards accruing 19% to 22% interest? Answer: You didn’t mention […]

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Q&A: Maxing out retirement savings

Dear Liz: My husband and I are in our late 40s. We’re in a good financial position and trying to max out our retirement savings. We have small traditional IRAs and are now above the income limit to deduct contributions to it. We have Roth IRAs that we converted from traditional IRAs several years ago […]

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