Dear Liz: I paid for several magazine subscriptions online. At the end of the transaction, I received notice that I had also been signed up for automatic renewal. While I will be notified prior to the end of the current subscription period and given the opportunity to cancel the subscription, this seems like an underhanded way […]
Recent Blog Posts
Q&A: Is a lump-sum Social Security payment taxable?
Dear Liz: Because of the Social Security Fairness Act, my wife got a huge lump sum check (catchup, I suppose) and will now get monthly Social Security benefits. This is good news and bad news, especially if we get kicked into a higher tax bracket and moreover if we have to pay taxes on that lump […]
Q&A: Electronic tax payments don’t require paper forms
Dear Liz: You recently answered a reader whose check to the U.S. Treasury had been stolen and forged to another recipient. You suggested sending electronic checks instead. However, our accountant gives us forms that I thought needed to be included with a paper check to ensure the correct accounting of our taxes. Can we just send […]
Q&A: I’m 59 with no retirement savings. What now?
Dear Liz: I’m 59. In 8 years, I will qualify for an average Social Security income. I have no retirement saved and am not a homeowner but I have been blessed with a modest inheritance. What financial advice would you give in this situation? Answer: The most powerful action you can take for your future retirement is […]
Q&A: How to avoid or reduce taxes on required minimum distributions
Dear Liz: I’m confused about required minimum distributions from my retirement accounts. I’d like to avoid taxes on my withdrawals, but it seems there is no way to avoid them. Please give me some guidance. Answer: If you got a deduction for contributing this money, and you want to keep the funds you’re required to withdraw, then […]
Q&A: Mistaken HSA withdrawal is fixable until April 15
Dear Liz: I need some help understanding health savings account distribution rules. I was injured and bought medical supplies with my credit card, then reimbursed myself from my HSA. When I didn’t need the supplies, I returned them for a refund. What now? It seems like the money should go back to the HSA, but it’s […]