Dear Liz: At age 70½, when I must withdraw money from my IRA, may I donate those dollars to a charitable organization without paying tax on the withdrawn funds? Answer: The short answer is yes, but you should know there have been some recent changes to retirement plan rules. Required minimum distributions now start at […]
Recent Blog Posts
Q&A: A tricky Social Security plan
Dear Liz: In a recent column, you described the difference between withdrawal and suspension of Social Security benefits. I am 64 and want to take Social Security for two months to get out from under a few one-time bills. I’ll then withdraw my application and pay back the money. Do I understand that I’d have […]
Q&A: How to keep tax benefits when renting out your primary residence
Dear Liz: If my wife and I sell our primary residence of 12 years, I understand we can exclude up to $500,000 in home sale profits from taxes. But if we rent it for a year or two, then sell, have we lost that tax break by converting it to income property? Answer: As long […]
Friday’s need-to-know money news
Today’s top story: Alter your buying habits in 2020 and keep the change. Also in the news: When the gift of giving brings a tax on receiving, student loan forgiveness and taxes, and 7 alternatives to costly payday loans. Alter Your Buying Habits in 2020, and Keep the Change Cutting back on impulse buying. When […]
Thursday’s need-to-know money news
Today’s top story: How to get traction paying off your credit cards in 2020. Also in the news: 8 moves to consider for IRAs and 401(k)s under the new Secure Act, using points and miles for wedding travel, and the 5 best states for retirees in 2020. How to Get Traction on Paying Off Your […]
Wednesday’s need-to-know money news
Today’s top story: Smart ways to establish credit in 2020. Also in the news: 3 strategies to recover from holiday overshopping, the pros and cons of merging money when married, and how to downgrade your Chase card without losing your points. Smart Ways to Establish Credit in 2020 Sorting through the options. Overshopped in December? […]