Dear Liz: I sold some stocks from a Roth IRA to pay for some bad debts. Is this going to count as taxable income for this year? Answer: You can always withdraw the amount you contributed to a Roth IRA without owing income taxes or penalties. For example, if you withdrew $10,000 but your contributions over the years totaled […]
Recent Blog Posts
Q&A: What happens to joint credit cards after your spouse dies?
Dear Liz: My husband died last year and we have three credit cards in his name with me as authorized user. When applying for new credit, do I still use his name or my name now? And should I remove his name and put my name only on all accounts? Answer: You’ll apply for new credit in your own […]
Q&A: IRA investments and minimum distributions
Dear Liz: I have an IRA invested in stocks, bonds and Treasury bonds. I’m 60 now and am hoping to retire in a few years. When I stop work and start pulling money from my IRA, can I withdraw a security or Treasury bond? Or must I first sell the security or Treasury bond, and then […]
Taking these financial steps could help post-divorce recovery
Jamie Lima remembers his divorce six years ago as one of the most emotionally draining and financially challenging experiences of his life. As a result, he resolved to use his professional background as a certified financial planner to help other people going through similar situations. “I want to make sure other people don’t step on […]
This week’s money news
This week’s top story: 2022 mortgage applicants sought larger loans, faced deeper debt. In other news: 5 roadblocks to improving credit, reframe gift traditions, and a passport renewal by mail. 2022 Mortgage Applicants Sought Larger Loans, Faced Deeper Debt A look at 2022 mortgage application data from the Consumer Financial Protection Bureau shows some of the […]
Q&A: A capital gains surprise
Dear Liz: My son has decided to settle abroad and wants to purchase a home. I made a gift of stock valued at $17,000, which had significant gains. My broker indicated that giving him the stock would avoid capital gains on my part, and he could cash the stock in at that value, also without accruing […]