The Credit Card Debt Forgiveness Act and the Obama Student Loan Forgiveness Program don’t exist. The IRS won’t erase your tax debt just because you say you can’t pay it. Even when debt forgiveness options are available, they can be loaded with traps such as hard-to-follow rules, unexpected tax bills and damage to your credit […]
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Tuesday’s need-to-know money news
Today’s top story: How life insurance companies learn all of your secrets. Also in the news: How to avoid overwhelming student loan debt, questions parents should answer before paying for a wedding, and financial tips to ease the transition from military to civilian life. How Life Insurance Companies Learn Your Best-Kept Secrets It’s all in […]
Monday’s need-to-know money news
Today’s top story: College counselors spill financial aid secrets. Also in the news: How to tell if you’re on track for retirement, why new grads have a huge retirement savings advantage, and the 401(k) mistakes that could cost you a bundle. College Counselors Spill 6 Financial Aid Secrets Get the inside scoop. Do the Math […]
Q&A: Spreading out the tax hit from capital gains
Dear Liz: We are in the lowest tax bracket. If we sell a capital gains asset worth several hundred thousand dollars, does that put us in a higher bracket and we pay 20% or do we remain in the lower bracket and pay 15%? Answer: In the two lowest federal income tax brackets, the capital […]
Q&A: Cerebral slide can hit your wallet
Dear Liz: As a practicing attorney, age 72, I take exception to your advice to the grandmother who complained about her husband co-signing for his granddaughter’s deadbeat boyfriend’s auto loan. You said, “He is showing signs of cognitive impairment.” She never gave his age. Even if he was past 70, an impairment may or may […]
Q&A: Do the math on retirement benefits
Dear Liz: My full retirement age for Social Security benefits is 66. To receive that amount, do I have to keep working until I am 66? I was going to retire at 63 and receive a state pension and wait until 66 to apply for Social Security. I wasn’t planning on working full-time from 63 […]