Dear Liz: My mail with a check to the IRS was stolen from inside the post office (I dropped it into the internal wall slot). The envelope was pre-addressed to the IRS P.O. box. The payee on the check was altered. The memo section text was removed, and parts of the upper-left section of the check […]
Recent Blog Posts
Q&A: Are credit card surcharges a tax windfall for businesses?
Dear Liz: Regarding the fees charged to use credit cards. Aren’t the fees charged by the credit card companies considered deductible expenses on the businesses’ taxes? It seems that if the customer pays the surcharge then the business claims a deduction on its taxes, the business is getting a big benefit. It’s nothing but a scam. […]
Q&A: Should grandparents open their own 529 plans?
Dear Liz: My two grandchildren are in middle school and are expected to attend college. I’d like to contribute to 529 plans for them, possibly making five years’ worth of contributions at once. Should I contribute to the plans their parents have established, or open separate 529s so I can maintain control? I’m 86 and live […]
Q&A: Can I switch from my Social Security to a spousal benefit?
Dear Liz: I will be 62 in January. My husband turns 70 in July. If I take my Social Security benefits at a reduced rate at 62, can I switch to half of his benefits once he turns 70 and applies? Let’s say my reduced benefit at 62 is $1,000 per month and my husband’s maximized […]
Q&A: When a new school district has a bad retirement plan
Dear Liz: I have taught for 22 years and recently accepted a position in a neighboring school district. I have a 403(b) retirement plan invested in a low-cost target date fund. The neighboring district’s vendor list does not include this option. Would it be more advantageous to leave my money in the current account or to […]
Q&A: Roth IRA conversions can benefit your heirs—but at a cost
Dear Liz: I have been reading the questions about converting an IRA to a Roth and want to know how it might apply to my situation. I have been getting my required minimum distributions for a while, and I have been paying the surcharges on Medicare because of my higher income. Would it still be worth […]